Tax season opens on 7 July for auto-assessments, and 21 July for individuals and provisional taxpayers, but smart business owners don’t wait for the clock to start ticking.
Whether you file on your own or hand it over to your accountant, there are a few things you should already be gathering to make your life easier.
Key Documents to Organise
- Annual bank statements
- Supplier and customer invoices
- Loan schedules and interest certs
- Annual Financial Statements if you’re a sole proprietor or in a partnership
- EMP501, IRP5/IT3(a) summaries
- VAT201s if you’re registered
- Business expense receipts
Avoid Common Mistakes
Many business owners overlook deductions, fail to retain documents, or submit incomplete EMP501s. That’s a red flag for SARS and can be easily avoided with some early preparation.
What You Can Claim
You might be eligible to claim:
- Home office space
- Travel costs (logbook needed!)
- Medical aid credits
- Retirement contributions
One Thing You Need to Know
SARS holds you liable. Stay informed and stay ahead.
Need help? That’s what we’re here for. Book a consult, hand it off, and breathe easier this year.
No Comments