With SMEs still recovering from the effects of Covid and the weight of load shedding, it’s important to get tax filing right to avoid penalties and possibly save money.
While it’s not always easy to stay compliant, SARS has tried to digitise most of its services. Allowing businesses to file online through eFiling, make internet bank transfers, review their tax status, and pay SARS online for free and at any time.Â
Streamline Your Business Tax Filing with These Top Tips
- Work with professionals
- Lean on technology
- Become tax-efficient
Work with Professionals on Your Business Taxes
Trying to save money by submitting your own tax returns might sound like a good idea at first, but remember that there are trained professionals who better understand the ins and outs. Rely on them so that you can focus on what you do best (and love the most) which is running your business.
In many instances, they’re able to help you save on more than you had initially considered, by noticing where you can get valuable refunds. Doing your taxes yourself can lead to costly financial mistakes that can be avoided when commissioning an accountant or tax consultant.
It is crucial for your SME to bring in a professional as early as possible for timely submission and be sure that your registered details are correct with SARS. Incorrect details can lead to unnecessary penalties.
SMEs to Lean on Technology Â
Become Tax-Efficient
Having well-rounded knowledge of your tax risks gives you the opportunity to understand the tax implications of daily transactions. For instance, managing cash flow to accommodate taxes payable throughout the financial year can help you avoid penalties, interest, and other unexpected consequences along the way.
Other advantages of becoming tax efficient include knowing which exemptions your business qualifies for from SARS, depending on the size and annual turnover.
Cultivating tax efficiency fosters a culture of fiscal responsibility within your business. It also encourages prudent decision-making and transparency in financial dealings.
By proactively managing tax risks, you not only safeguard your business’s financial health but also lay the foundation for sustainable growth. Mastering tax efficiency isn’t just a necessity – it’s a strategic imperative for businesses striving to thrive in today’s competitive landscape.Â
Continuously monitoring activities and making sure that tax is paid regularly while ensuring that returns are filed on time, helps business owners avoid fines from SARS.
This year, we’re aiming to make your money matters as simple as possible.  Follow us on our Website, Twitter, Instagram, and Facebook for more great tips.
