If your palms are starting to sweat at the thought of the looming tax deadlines, you’re probably one of many small businesses which struggle with tax.
Filing a tax return is an important task if your business is to be compliant and is necessary to successfully claim benefits. A good tax record also builds credibility for your business. Submit correctly and on time and you should avoid scrutiny, penalties and other tax headaches.
The 2018 tax season opened on 1 July.
There are key tax season dates you need to know, but also some changes SARS has introduced this season, the most important being the filing period has been shortened.
Tax Season 2018 will be shortened by three weeks, running from 1 July to 31 October and impacts all individual non-provisional taxpayers.
According to SARS, the shorter filing season allows additional time for them, taxpayers and the tax fraternity to deal with return verifications before most taxpayers go on the December holiday break. Often there are delays with taxpayers having to respond to queries and requests over the holiday break.
Key tax season dates you need to know:
- 21 September: Manual submissions via post or at a SARS branch (non-provisional and provisional)
- 31 October: eFiling or electronic filing at SARS branch (non-provisional)
- 31 January: eFiling (provisional)
5 “tax lifesaver” tips from QuickBooks:
- Using a basic spreadsheet for your accounting and data management isn’t sustainable and can’t support a growing business. Invest in a quality accounting software package, like QuickBooks, to help you to maintain proper accounting processes and confidently capture all the information necessary for tax and other compliances.
- Make proper financial accounting an everyday priority. By diligently recording your financials using accounting software which meets the needs of your business, an accurate picture of your financial health is always just a click of a button away.
- Tax preparation isn’t something you do just before the deadline; it should be done throughout the year as part of your financial planning. In this way, there are fewer surprises and you have time to concentrate on taking advantage of tax benefits and savings. Many small businesses aren’t even aware of the benefits and savings and miss out on these year after year. If in doubt, ask a tax expert to advise you.
- Find out about special tax benefits for small businesses. The government has incentives in place for start-ups. You can also deduct expenses related to your home office and the equipment you use to run your business from home.
- Don’t forget about your community while growing your business. If your business makes a donation to a charity, it could be up to 100% tax deductible. Being charitable is good for business, not only because you can reap tax benefits from your generosity but because it builds a good reputation.
QuickBooks is helping 4.3 million customers globally prepare for tax season and leverage benefits and savings. Let us help your business too.
Call 010 203 4300 or email firstname.lastname@example.org today.