Very few business owners we’ve ever met consider the SARS a friend. In fact, given the option, the majority would happily overpay their taxes if it meant that they never heard from the Tax man 😊
So, if you’re one of the unlucky few who’s tax affairs are not in order, what options are open to you?
If it’s a simple case of non-submissions of Income Tax, PAYE, VAT, forms etc. for a dormant business, then hurry down to the SARS and submit the required NIL returns and be done with it. If you don’t want to wait in the very long queues, then pay a professional to do this for you.
Failure to submit will unfortunately still lead to a summons as this is the only way the SARS is able to compel you to adhere to the law.
If, however your non-submissions or inaccurate submissions are as a result of monies owed to the fiscus (SARS), then the route to redemption is a little more complicated.
Traditionally those fearing prosecution, would submit amended returns showing their full exposure to the SARS and then fall on their mercy or the mercy of the courts to avoid very stiff penalties and or prosecution.
So, what’s the difference, I hear you asking?
Our experience has shown that just like snowflakes, each tax payers circumstances are unique, therefore do not attempt your application as a DIY project, rather consult a professional.
At Phezulu VBO we do more than just assist clients with tax planning, we are your “one stop SME shop”, assisting with everything from Accounting, Business Management, BEE, Consulting, Company Registration to Payroll and Mentoring.
For more information, please visit our website or give us a call on 010 003 8558