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Get SARS to give you a tax break using these two steps

by , 09 May 2014
When it comes to running a business, money can often get a bit tight. That's why at the end of the tax period you could really use a tax break from SARS. But do you know how to get it to give you a bit of cash back? Follow these two simple steps and get SARS to give some much needed cash back...

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How many of the tax allowances and deductions available to your business do you actually use?

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The first step to get money back from SARS is to know about tax deductions.

Tax deductions can come from a few things. Here are eight business tax deductions you could use:
 
1. Pension, provident contributions or retirement annuity;
2. Legal expenses;
3. Wear and tear;
4. Business related debt that's become bad in the year;
5. Allowance for doubtful debts;
6. Income continuation or protection insurance premiums; 
7. Home office expenditure; and
8. Car and travel allowances.
 
This article will provide you with more about these deductions. 
 
So, when it comes to actually claiming tax-deductible expenses what's the easiest way to do it?

The second step is knowing how to get some big tax benefits when you claim the easy way

SARS eFiling can help you claim deductions from your small business tax really easily. You can find all the forms and documents you'll need on a very user-friendly site. 
 
Look out for the ITR14 returns and IT14SD forms for tax returns to get deductions from your Corporate Income Tax. 
With eFiling you can fill these out quickly and easily. 
 
SARS won't be printing these forms at their branches anymore so you'll have to rely on eFilling. But it's not a problem because you can complete the return, send it off and wait for deductions, all online. 
 
As you can see, claiming a tax write off for your business is easy. Usethis simple guide when your business is feeling a little short on cash and you need SARS to give you a break. 
 


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