Sars 101 for small businesses: Tips to get through tax season

'Timely planning and preparation can help alleviate stress' - expert.Getting through the tax season can be an administrative storm for most entrepreneurs, requiring sufficient information for smooth sailing.

“The numbers are very low in both of these areas. This is a huge, missed opportunity for smaller businesses, as there are benefits they could be missing out on, like paying less tax,” he explained.However, the expert said that small firms could leverage technology and strategic planning to make taxes work for their benefit.

“Accountants can assist in navigating financial regulations, tax compliance, and can introduce digital tools for streamlined operations and real-time insights,” said Timmis.Timmis also emphasised the importance of keeping track of deadlines and knowing the different tax types, saying it allowed for better cash flow management and provision for pending payments.

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