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Use these three tips to stop your company's tax return from turning into a horror story

by , 31 October 2014
If you make a mistake on your company's tax return, SARS will penalise you in the form of a 200% penalty, interest and even an audit.

This is a horror story you don't want to live through. SARS will turn your whole business upside down and consciously search further errors.

You don't have to let this happen to you though. It's easy to prevent tax return mistakes.

Read on to discover three tips you can use to prevent this nightmare...

 

Prevent a tax return horror story with these three tips

 
1. Use supporting documents to verify your details and information
 
Supporting documents such as invoices or bank statements must contain the correct details. If you want to claim a deduction or state an amount of income, you can be  sure the information is correct if it comes from correct supporting documents.
 
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2. If you're not sure about something, call a SARS branch for help
 
It's better to ask a SARS official for help with your tax return and avoid all the hassles of mistaking a mistake. For example, if you don't know what percentage you must pay as Capital Gains Tax (CGT), call SARS and ask.
 
3. Double check all the information before you submit
 
Check everything you put on your tax return, including your company's details to ensure there are no mistakes.
 
Even if you use eFiling and the return pre-populates some of this information, check it. After all, even eFiling could have old and outdated information on it. 
 
You don't have to live through a tax return horror story. Just take the time to carefully enter and check everything you put on it before you submit it to SARS.
 
Check out the Practical Tax Loose Leaf Service for more help on how to manage your company's taxes correctly.
 

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