Staying tax compliant: Understanding and unpacking tax relief packages and their implications on your business
Buchule Sibaca, the Director of SMTAX - a digital accounting firm, shares tips of how your business can stay tax compliant and get the funding it needs during this time on the FNB Business podcast with Lynette Ntuli.
What tax reliefs are available to SMEs?
SARS introduced a 35% deferral on the monthly PAYE owed to SARS from months April to July. In addition, your business will not incur any penalties or interest on the deferred amount.
Please note that this is not a waiver of the tax, you still need to pay the deferred amount once the deferment period is over and your business must be tax compliant to access this relief.
How to get tax compliant
Your business can get tax compliant by firstly registering for tax, then consolidating all your financial records so you can submit your tax returns and if you are unable to cover tax debt make payment arraignments with SARS.
We know this sounds overwhelming for some entrepreneurs, but you can get the services of a tax professional to help you with this process. Get tax compliant and help your business access the funds it needs.
Once your business is tax compliant, you need to stay tax complaint by keeping financial records of your business transactions, filing your returns on time and apply for penalty remittance if you are worried that you might default on tax payments.
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Download the SARS guide for more information at www.sars.gov.za
Listen to the podcasts below about how tax relief packages affect your business: