Why you should not fall behind with compliance 

The pressure for Individuals, Organisations, Practitioners, and the Political sphere to comply is immense. However shy away we should not. Non-compliance can have devastating effects on a business, a community and country. And the damage to economies is always harder to repair and could devastate generations due to the inability to operate at desirable outputs. 

What are the most common reasons for non-compliance 

• Lack of Leadership 

• Compliance is not aligned with the organisations goals 

• There is no accountability in the organisation 

• Compliance is treated as a box-ticking exercise 

• When compliance is viewed in out-dated terms or philosophies 

Whatever the reason you should try to rather find a strategy instead of choosing non-compliance as your strategy, it just costs more in the long run “Prevention is better than Cure”. The risk is that should you ignore your compliance you could accumulate tax debt, penalties and interest, professional fees to catch up, and real risks to managing your cashflow and credit rating (basically a ticking timebomb).

So instead of opting for taking a “holiday from your compliance rather speak to your practitioner and ask for a restructure. 

Many taxpayers opt for the short-term relief of simply not focusing on their compliance only to leave it until it accumulates and this often means they have to try and find someone to do their catch up work. Often price becomes a deciding factor where the taxpayer makes another error. As they say, cheaper is not always better? You should look for quality services at reasonable prices and this should be a better yardstick. If you accumulate your non-compliance you should understand it will cost you money and time to get it resolved as you would have to carry on from the last point you were compliant.

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