Tax Year-End

Many small business owners have their hands full with tax paperwork. If you’re one of them, the admin probably ranks low on the list of your favourite things to do.

However, filing accurate tax returns and meeting the South African Revenue Service (SARS) deadlines is one of the most important responsibilities you face.

The interest accumulated and penalties payable on late or inaccurate VAT, pay-as-you-earn (PAYE), or company income tax returns can be harsh.

That means it is in every small business’s interests to prepare the relevant submissions on time and ensure they are accurate.

In this article, we highlight three ways to get it right.

Here’s what we cover:

1. Speak to an accountant
2. Know the deadlines
3. Automate processes and keep electronic records