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Stay out of trouble with SARS by remembering these two important rules

by , 19 August 2014
When it comes to dealing with SARS, you must be careful. If you get any information wrong or you try to hide anything you could land in serious trouble.

Trouble with SARS means audits, penalties and even possible legal action.

No business owner needs all that! It could all lead to a massive financial loss. That's why it's better to just stay out of trouble with SARS.

Here are the two most important rules to do this...

 

Follow these two rules to stay out of trouble with SARS

 
Rule #1: Always be honest with SARS
It's vitally important that you're always honest about your company's finances when you deal with SARS. If you try to hide money or avoid tax and it finds out, you may face tax evasion or avoidance charges.
 
These charges are very serious and could send your company into financial crisis. Rather disclose all of your taxable income and let SARS take what it needs. 
 
You also have tax deductions and allowances to get some of it back.
 
This brings me to the second rule.
 
*********** Reader's choice  ***************
 
 
Avoid costly tax issues
 
 
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Rule #2: Only apply for tax deductions and allowances you qualify for

 
Never try to claim a tax deduction or allowance that you don't qualify for. If you do and SARS picks it up, it could trigger a SARS audit. If the audit findings are unfavourable, you'll face serious fines.
 
You need to check all of the rules regarding qualifying for tax deductions and allowances (you can find these rules in the Practical Tax Loose Leaf Service) and then work out the deductions correctly. 
 
If you follow these two rules you'll be able to stay out of trouble with SARS and avoid any costly punishments. 
 

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