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Four simple tips to avoid end of year tax stress

Mon Nov. 21st 2016

Hear that? It's the collective shudder of South Africa's tiny profession. Yes, the November tax season deadline is quick approaching, heaping pressure on accountants and bookkeepers across the land – and probably wreaking mayhem on your company's Christmas preparations. The point in time for non-provisional taxpayers is twenty five November 2016 and therefore the point in time for payers of non-public conditional tax is 31 January 2017. Time is of the essence.

But the method of activity yourself and your company for the tax season doesn't need to be quite therefore nerve-racking. Follow these four steps to form it easier.

1. E-file

E-filing makes life easier for people and businesses by facilitating the web submission of monthly, biannual, and annual returns to sars. It's way more economical than providing paper records, and goes how towards streamlining the method for you and your organisation.

E-filing conjointly permits the immediate deduction of taxes from your company's account. This automates a number of the a lot of annoying components of the method and reducing your body burden. It permits you to associate individual payments with their corresponding taxes, it makes historical records simply and like a shot, accessible, it provides immediate proof of dealing to severe acute respiratory syndrome – and it saves you a visit to the post workplace.

2. Gather your documents

Of course, as a small business owner, it's obligatory you store physical documents too. making an attempt to dig them out the second tax season arrives invariably results in stress and frustration.

Your invoices, your payroll documents, your bank statements, and the other document you'll want in November ought to be firmly organised and simply accessible all year spherical. It'll improve your accuracy – and avoid any problems associated with lost records.

3. grasp your exemptions

Unless you prefer paying a lot of tax than you lawfully need to, you must most likely become at home with the assorted exemptions on provide to tiny businesses. South Africa includes a long history of encouraging entrepreneurship, and if you run a corporation that operates during a specific trade or sector you will qualify for sure reliefs. prices associated with analysis and development, as an example, square measure a hundred and fiftieth deductible – although you've got to induce approval from a government committee first; if you're placed during a special economic zone, you'll like a reduced corporation tax of 15%; if you pay your workers but R500,000, you won't need to pay the talents Development Levy.

4. Seek help

We know, we tend to know: tax stuff is overwhelming. Unnecessarily therefore, in fact. therefore why not source the robust bits? A SARS-registered tax professional, registered comptroller, or one thing similar, will assist you keep your accounts in order: they'll provide strategic recommendation on your business, and they'll beware of the detail-oriented tasks like editing and getting ready monetary statements and reports.

However, it goes on the far side mere people. Our amazing accountants will assist you alter the a lot of frustrating components of submitting your tax returns. Get in contact with us now to ensure your Christmas is stress free!

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