What should Business Owners be aware of this tax season
So you have started your small business and you find start realising that maitaining compliance is a task. This is why finding a good tax and accounting practitioner is a great idea. Many people fall into a "compliance-pit" after they start a business. Why? Simply because they have not accepted the fact that maintaining a company's compliance is key to reducing penalties and maintaining a clean compliance status. AI is improving and so is tax collection as a result, make sure you have your ducks in a row for the taxman. Here are some basic tips/focus points for the small business owner this tax season:
- Don't rely on old information
- Compliance is key: Become compliant, then, stay compliant
- Foster a healthy relationship with your tax and accounting practitioner, maintaining a successful and ethical business relationship
- AI is improving information sharing and thus tax collection, make sure you declare correctly
- When you register a company it is registered with SARS as well and you become immediately liable to submit returns
- UIF registration is a must
- Manage your payroll - You and your employee are subject to PAYE
- Don't stick your head in the sand
- Hire the right accountant
- Keep adequate records
- Separate business from personal expenses
- Understand the difference between net and gross income
- Correctly classify your business
- Seek your Accountant's advice on your business plan
- Take advantage of capitalization rules
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