What does tax compliance mean?
Tax compliance means meeting the registration, record-keeping, reporting, payment and communication responsibilities that apply to your business.
Tax-related areas small businesses may need to manage
Depending on the business, these may include income tax, provisional tax, VAT, payroll-related taxes and responses to SARS correspondence.
Records your business should organise
Businesses should keep sales invoices, supplier invoices, bank statements, receipts, payroll records, asset information, previous submissions and SARS correspondence.
A practical tax-preparation checklist
Keep transactions separate, update bookkeeping regularly, store supporting documents, reconcile bank records, review correspondence and ask for help before deadlines become urgent.
When should you get tax compliance help?
Professional support may be useful if you are unsure which registrations apply, have fallen behind with records, received SARS correspondence or need help preparing information for a submission.