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An accountant’s top tips for tax year-end

This tax year-end, rather than focusing on cutting your tax bill, focus on growing wealth. Discover nine strategies to get you started.

Article written by Jasper Basson (Sage)

It’s that time of the year when many entrepreneurs explore ways to limit their income tax liability before the 29 February deadline. Rather than focusing on cutting your tax bill, I propose a different strategy to my clients: Focus on growing wealth and use the tax year-end time to review your financial situation and make changes, if necessary.

In this article, we highlight nine things to think about to reduce your tax bill and grow your wealth.

Checklist: Preparing for and processing tax year-end

Article written by Inge Barry

Learn about a series of measures to take and important dates to help you prepare for and process your payroll this tax year-end.

Tax year-end is almost here, but don’t stress. If you haven’t already planned for it, you still have time to get everything ready.

Out of all the preparation and processes for payroll year-end, reporting to the South African Revenue Services (SARS) on the previous tax year before 29 February 2024 is the most important thing to remember.

Unless otherwise specified by the Commissioner, all businesses must submit their annual employer reconciliation returns to SARS within 60 days of the start of the employer tax filing season.

In this article, we cover a series of measures to take and important dates to help you prepare for and process your payroll this tax year-end.

SARS non-compliance notices

The Companies and Intellectual Property Commission (CIPC) wishes to clarify the confusion with the non-compliance notices issued by SARS to companies and close corporations, who have not filed their tax returns. The notice issued by SARS is based on tax compliance, and not the same compliance required by CIPC, for the filing of Annual Returns. Although compliance with the two institutions are necessary and are co-related to some extent, they are however independent in that:

Get ready for tax season: Year-end guide for small businesses

Even though the tax-year end can be a daunting time for small businesses, it’s good to know you can have access to sound advice from reputable companies like Sage to help guide you through the process year after year.

The latest Sage ebook titled ‘Get ready for tax season: Year-end guide for small businesses,’ provides a range of topics to equip small businesses to navigate smoothly through tax seasons.

EmPOWER your home and small business: Here’s what you can claim back from renewable energy tax

One moment you’re creating an invoice or presenting on a global conference call, and the next… darkness.

If you’re lucky, your trusty inverter, UPS, or remaining laptop battery saves the day, but many South Africans find themselves stuck between a rock and a dark place when loadshedding hits.

Do we need to adapt to a new life of generator fuel costs and frantic trips to the nearest internet café?

Not if Section 12B of the South African Income Tax Act has anything to say about it.

New VAT e-filing tools go live to help small businesses with digital tax

Article provided by Xero

Xero launches a suite of cloud tax tools in South Africa to support small businesses as they recover and rebuild from COVID-19

Ahead of tax filing season, Xero, the global small business platform, has launched VAT e-filing in South Africa to speed up the process of filing taxes for SMEs and save them time.   

VAT e-filing is live now and is being rolled out to all South African users in the coming weeks. This means that they will be able to submit their VAT returns to the South African Revenue Service (SARS) from within the Xero platform. 

Tax experts offer their top tips for SMEs this tax season

Article written by Colin Timmis (Country Manager and professional accountant, Xero South Africa)

We’re approaching tax filing season here in South Africa, so it’s time for small business owners to get their information in order and ready to file. Everybody knows that filing taxes can be extremely time consuming.

Small businesses are already struggling, so it’s vital that they get tax filing right to avoid any penalties or nasty surprises. This means understanding how to stay compliant and also what special taxes may apply to them.

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