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Want to ensure your 2014 tax season runs smoothly? Here are two tips that'll help you

by , 25 March 2014
Submitting tax returns is no joke. Some tax payers are still recovering from some of the madness they had to deal with last year. Don't let this happen to you. If you want to streamline your 2014 tax season, use these two tips.

Do you know about the upcoming tax deadlines?

SARS says the upcoming tax deadlines are as follows:

  • 01-04-2014 is the start of the annual employers tax season
  • 30-05-2014 is the end of the annual employers tax season
  • 01-07-2014 is the start of the tax season for individuals
  • 01-09-2014 is the start of the interim employers tax season
  • 31-10-2014 is the end of the interim employers tax season
  • 21-11-2014 is the end of the tax season for individuals

We're telling you about these dates so you can plan ahead for the upcoming deadlines. This will in turn help ensure your 2014 tax season runs smoothly.

So how do you do this?

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Every year, SARS rejects 90% of all Vat Registrations.

Don't become a statistic.
 

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Use these two tips if you want your 2014 tax season to run smoothly

In an article on the South African Institute of Professional Accountants (SAIPA) website, Jannie Marais of CQS Technology Holdings outlines two important tips to help you streamline your tax season:

#1: Provide accurate information

Marais says the type and quality of company information that you submit to SARS will determine how well you sleep at night.

If, for example, you're completing the ITR14 (Income Tax Return for Companies) make sure that your business details are updated.

Marais recommends you refer to SARS' website for the page 'Keeping my business details up to date' as failure to do so could open the door for fraud at your expense.

'While you're there, spend some time on the SARS website as it's a great place to find everything you need to file your ITR14 return. The website also provides tax schedules, guidelines and submission tools, all of which are there to assist you in the filing process.'

#2: Get it right the first time

Marais says in your dealings with SARS, the one thing you really want to get done right is your e-Filing status. This is important because it can determine how much you pay (or save) in taxes. If you get it wrong, it will come back to haunt you.

Marais adds that if your information isn't consistent and accurate, analytics software used by SARS could result in your account being flagged for the dreaded audit.

'Should that happen (for whatever reason); you will really want to be certain that your filings are impeccable.'

There you have it for now. Visit us again to discover even more tips to help you streamline your tax season.



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