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Three ways THIS secret weapon can help you avoid these common tax mistakes

by , 15 April 2014
The taxman strikes fear into the hearts of most business owners. He brings with him the threat of an extra tax penalty. But there is hope. You can keep one step ahead of the taxman just by watching out for and avoid these three mistakes. Read on to find out how you can keep the taxman at bay with one simple solution....

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How to pay R23 963.20 less tax on your travel allowance
 
The obvious first step is to keep an accurate logbook.
 
But what SARS doesn't want you to know is how you can save R23 963.20 just by doing so.
 
 
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The three common mistakes that get you a tax penalty
 
For most businesses, tax returns can get extremely confusing because money's constantly changing hands. If you're not 100% on the ball with tracking everything, you may be miss something come tax time. This makes the taxman rather grumpy, as do these three mistakes:
 
1. Hiring a bad tax consultant, who gets it horribly wrong. Investopedia says that you're still responsible for inaccurate tax returns.
2. Late tax returns. You have a good period of time to submit your tax return so don't miss it.
3. Incorrectly calculating your Capital Gains. FSP says that getting this wrong could result in SARS fining you and a business audit.
 
These are three very common mistakes that often result in the taxman, a.k.a. SARS, penalising your business.

Here's how you can avoid making these mistakes yourself…
 
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I discovered the power of Excel
 
As I pushed open the door, my better half came rushing into the passage: 'Babe, I have a crisis on my hands! I've got a HUGE meeting with potential new investors tomorrow and they want to see what my projected sales will be for the next five years. And I haven't done a thing! Please help!'
 
'It's a lucky thing I have a copy of the Practical Accountancy Loose Leaf in the study because it'll tell us how we can put together a five-year sales forecast in under 10 minutes,' I said to him with a tired smile on my face. 
 
Follow this link to see how the Practical Accountancy Loose Leaf can help you do your sales forecast in Excel – and much, much more.
 
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Here's how one solution can help you avoid making all three of these mistakes
 
SARS efiling is a great way to manage your tax returns. It'll help you: 
 
1. Do things yourself instead of letting a bad tax consultant do it. 
2. Get your returns in on time. 
3. And calculate your Capital gains correctly. 
 
But most importantly, SARS efilling will help you avoid an extra tax penalty caused by tax problems. SARS efiling registration is easy to do and makes keeping the taxman at bay. And you won't have to ask for debt rescue after all of the SARS penalties. 
 


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