Filing taxes remains one of the biggest pain points for small businesses in South Africa.
SARS is making good progress towards making it easier to comply, but there is still a huge gap between the number of SMEs and those paying taxes.Using technology to build good habits throughout the year, and working with an accountant or bookkeeper can make tax less of a chore.
“Clients are always looking for the best advice in helping them decrease their tax liability, and as their accountants it is our job to understand the nature of their business in order to provide them with the best advice.” “Setting aside your tax money monthly , even in a separate account if you have to, can help ensure you don’t use your tax money as working capital. Tax penalties and interest are extremely punitive on cash flow, so should be avoided as much as possible.”
“As well as working with an advisor, try and keep up to date on tax updates. For example – through news articles, particularly those which may impact specific industries.”Siyabonga Buthelezi, Managing Director, Outsourced Finance – a Xero accounting partner firm says:
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