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Three tips to speed up your company's tax management

by , 19 November 2014
If you struggle to manage your company's taxes, it could land you in trouble with SARS. After all, mistakes in tax management could lead to mistakes on your tax return. If SARS spots these, it could penalise you and audit you to find out what went wrong.

That's why you need to be on the ball when it comes to your company's tax management.

Today, we're revealing three tips you can use to speed up your company's tax management without making any errors...

 

Use these three tax management tips to speed up the process without making any errors

 
Tip #1: Keep all your tax documents organised and in one place
You need to do your filing throughout the year so you have everything in order when you do your tax return. The most effective way to do this is to create a folder for physical documents and use SARS e@syFile to manage all the digital ones.
 
This ensures you know where everything is.
 
Tip #2: Keep a record of your different kinds of tax
If you have to pay several different types of tax, you need to keep track of them. For example, if you need to by donations tax, keep a record of when you made the donation and how much it was as well as who you gave it to.
 
This way, when you do your tax return you know all the different types of tax you must include on it.
 
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Tip #3: Use your payroll system to your full advantage
Your payroll system acts as a supporting document for SARS. It shows SARS who you pay, what and why. Use this to your full advantage so you have all the relevant information on hand when you need it.
 
These three tips will turn you into a tax management pro and keep SARS at bay.
 
Recommended Product: The Practical Tax Loose Leaf Service
It will tell you everything you need to know to effectively manage your taxes.


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