Tax season can feel scary, but don’t worry — there’s still time to fix things before it’s too late! By doing a few smart steps now, you can stay calm, avoid penalties, and keep your business running smoothly. Let’s go through what you can still do.
Reviewing Your Tax Obligations Before Deadlines Hit
First, take a deep breath and check what you owe. Many people wait until the last minute, but that can cause stress and mistakes. So, start early!
Go through your records, invoices, and bank statements. Make sure every cent of income and expense is written down correctly. Then, look at SARS deadlines again — these can sneak up faster than you think.
If you’re unsure about something, it’s always better to ask for help now rather than guess later. A quick chat with your accountant or tax consultant can save you big trouble down the line.
Catching Up on Overlooked Submissions
Next, think about what you might have missed. Maybe you forgot to send in an EMP201 or didn’t submit your VAT return on time. That happens — but don’t panic!
Simply log in to your SARS eFiling account and check which returns are still outstanding. Once you find them, submit them right away. Even if you’re a bit late, it’s better to submit now than to ignore it.
Remember, SARS likes honesty. When you fix things quickly, it shows that you’re trying — and that can sometimes make penalties smaller or easier to handle.
Planning for Final Provisional Tax
If you’re a business owner or freelancer, you probably pay provisional tax. This means you pay tax twice a year instead of once.
Now is the perfect time to plan for your final provisional tax payment. Go over your income and expenses again and check if your numbers are still correct. If you earned more than expected, you might owe a little extra. If you earned less, you could even save money.
To make this easier, you can use a simple spreadsheet or ask your accountant to double-check your figures. The goal is to make sure you don’t underpay — because that’s when penalties start showing up!
What SARS Penalties to Avoid and How
Finally, let’s talk about what everyone fears — SARS penalties. These can happen when you forget a deadline, pay the wrong amount, or submit wrong information.
Some common penalties include:
- Late submission fines
- Interest on unpaid taxes
- Penalties for underestimating provisional tax
The best way to avoid these? Stay organised and act fast. Set reminders on your phone, mark your calendar, and check your SARS account regularly.
Also, always double-check your numbers before submitting. A small mistake, like typing one wrong digit, can cause big headaches later!
In Short
Even if tax season feels stressful, you still have time to catch up and avoid trouble. By reviewing your obligations, fixing missed submissions, planning your final payments, and watching out for penalties, you’ll be safe and stress-free when deadlines arrive.
So, don’t wait — start today! Every little step you take now can save you time, money, and worry later.
