Use these four tricks to fill in your company's tax return correctly
Completing your company's taxes return can be a tedious process. You have to spend hours going through your documents to find proof of the deductions you want to claim.
When you're running a business, you don't have time to waste on this mindless paperwork.
But before you pick up the phone to hire a tax consultant, look at these four tricks. They'll help you fill in your tax return quickly and correctly without the help of a tax consultant...
Four tricks that will help you do your tax return without the help of a tax consultant
1. Organise your documents throughout the year
One of the reasons your tax return takes you so long is because you have to go hunting through your documents. If you keep them organised, you'll find the information you need for your tax return quickly.
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2. Create a record of tax deduction claims
Have a spreadsheet or word document where you record the deductions you want to claim such as repairs you did on your office.
This helps you enter the correct amounts and details on your tax return in a matter of minutes.
3. Use SARS eFiling
SARS eFiling enables you to sync your information with your electronic documents. This means you don't have to waste time printing out and physically submitting all your documents.
It also helps save time when your employees do their taxes because they don't need an IRP5 if SARS already has your information on its system.
This product from our tax experts is just like having a tax pro on your computer. If you run into any problems, don't call a consultant, simply open the handbook and find the information you need.
With these four tricks you'll never need to struggle with your company's tax return ever again.
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