As a start up business, capital is everything. You can’t waste money on unnecessary expenses and penalties. It’s due to this, it pays to partner with a professional services that files your SARS return on time. This saves you time, money and resources. If you aren’t aware of what the most common SARS penalties are, here is a brief explanation:
Understanding The Three Most Common SARS Penalties
Although sufficient notice is given, if you’re not on top of your business finances, there’s a good chance you’ll run out of time or be late in submitting your tax return to SARS. For businesses who are late in making their payment, they can be charged a penalty of 10% of the total tax amount payabl
Under-Estimating Your Tax Return
A penalty SARS has come down hard on is when business owner under estimate on their tax returns. If you’re not careful and try to submit lower figures, you could find yourself in a difficult situation as SARS have introduced a large penalty for this.
Similarly to the late payment, you can also find yourself in hot water if you submit your tax return after the cut off date. SARS have become strict on this and even if you’re a day late, it’s considered a nil return. Even if you haven’t made any money, you’ll need to make provision for a 20% underestimation penalty.
It Pays To Partner With A Professional Company
As you don’t want to be wasting money on factors of your business you’ve full control over, it makes sense to partner with a seasoned service provider. They’ll take care of your SARS requirements for you, while you focus on other things. Here are some of the benefits to partnering with a professional company:
Avoid Having To Deal With More Than One Service Provider
Talk about making it convenience for yourself. If you’ve reached out to a professional company to manage the secretarial aspects of your business, you should find out if they offer services relating to tax returns as well. By doing this, you make it more convenient for yourself as you only have to deal with one service provider. As they are already managing your finances, it makes sense to request they do the tax return as well.
They Submit Your Returns For You
By partnering with a professional company, you no longer have to worry about doing the tax return for your business. The most work you’ll need to put into the process is to gather all the necessary information. This allows you the opportunity to remain focused on other aspects of the business.
If you’re looking for a way in which you can save your business from spending unnecessary money, then you should consider the services of Kilgetty. With their variety of knowledge, skills and abilities, they’re known as being experts within the industry and will assist you ensuring you’re SARS compliant. Contact the team today to discuss your SARS requirements.