Small businesses must be proactive in their tax affairs

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Small businesses must be proactive in their tax affairs: There are numerous means by which errant taxpayers can start the new year on a clean slate

The North Coast of KwaZulu-Natal inspires with its complex palate of greens. From lush wood forests, and sugar cane fields to a cornucopia of fruit trees. My favourite is that of the young mango, which, when sliced and salted and offered up with vinegar and curry powder, serves as a time travel device to childhood. I recall devouring bite after bite, sitting in a tree, as my little feet gently pendulum swung in ecstasy.

It is important that if you lack basic bookkeeping skills you may need to hire one or bring in the services of an accountant or tax practitioner. This does not mean you get to leave it all in their hands while you concoct your next move; in the end it is still your responsibility to ensure you remain tax compliant with the. And here is where many lose the plot.

How do we become proactive, in correctly handling our tax affairs, especially if we have to remedy non-compliance? One of the ways is to ask those who know. Jashwin Baijoo, the legal manager at, advocates staying tax compliant from the outset. And here’s his five point plan on how you do that. 3. Double-check all calculations pre-submission, even if they are completed by a qualified accountant or tax practitioner. Remember, the buck stops with you as the business owner.

But let’s say you misstepped, overlooked or just didn’t know all these things and Sars is knocking on your door, either through a Letter of Final Demand “, a third party appointment or some other means of collection.

 

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