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Do you feel like you're in a tax minefield? Here's how to avoid wrong steps

by , 24 June 2014
We speak so much about SARS penalties and all the money they could cost you, it's enough to feel like you're in a tax minefield. One wrong move and everything could blow up in your face.

The truth is there aren't that many wrong steps you can take. As long as you're entitled to deductions you claim and you get your returns in on time, you should survive.

But to ease your mind, we'll show you the major wrong steps to avoid...

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Simply follow the tax rules to avoid the tax minefield

 
SARS' rules are generally pretty straight forward. The first and most important is pay and submit your income tax returns when you have to.
 
The tax schedules are very clear about when you need to submit your returns. If you're able to do this, you'll be able to avoid a great deal of interest on your tax. With the use of SARS eFilling, it's easy to ensure you pay and submit when SARS expects you to.
 
The second important rule to follow is ensure you qualify for a tax deduction before you try claim it. There are 47 different types of deductions and allowances you can claim so you need to ensure you claim the right ones. 
 
The Practical Tax Loose Leaf Service can help you claim for your tax deductions and tax allowances correctly. 
 
But there's one more important rule you have to follow to avoid the tax landmine effect...
 
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Follow the rules around your employees' tax to avoid tax landmines

 
SARS has very clear tax rules around your employees Pay As You Earn (PAYE) tax. If SARS catches you for over - or under - deducting your employees' taxes, you'll face serious penalties. 
 
So follow the rules and you won't have to ever face the wrath of SARS and its penalties. 

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