The taxman does not sleep
35 till christmas…
but the taxman doesn’t go on holiday
Set up a calendar.
With the rush to our December shutdowns, that reminder will help you remember to submit and pay early in December and on time.
Update your accounting information and make your calculations early and ahead of time
You know how many employees you have, and when you calculate your PAYE requirements early, you reduce your workload, and are simply left with the filing and payment closer to the time.
Use eFiling
When using eFiling, you have the convenience of filing online from anywhere, and when it comes to VAT payments, you have up till the last business day of the month to do so.
When you should file and pay your VAT and PAYE
On or before the 25th day (Submissions) – Payments before the last day of the month
As a person who deals with company tax, you know that you would normally have to submit your VAT returns and payments on or before the 25th day, after the end of the tax period. You also know that when submitting and paying your VAT201 by eFiling, you need to do this by the last business day of the month.
In addition, your next PAYE will be due early in the very first week of the New Year and as per SARS, you must submit and pay within seven days, after the end of the month where the amount was deducted.
Well, to avoid filing on Christmas Day, New Year’s Eve and possibly before your company even reopens in the New Year, we suggest you continue reading.
3 Top tips to submit your SARS VAT and PAYE reconciliations on time:
BONUS TIP
Outsource through Business EvolutionWe keep all your accounting information up to date on a weekly and monthly basis, so we can submit on time, every time. Go on and put your feet up. We’ll submit your VAT, Income tax and other submissions ahead of time, and will send you a reminder for payment before the due date.
Avoid paying over 10% penalties and interest
Did you know that if your return is submitted just one day late, SARS can and will impose a penalty of 10%? Even if you submit your VAT and PAYE on time, but still do not pay within the deadline, they will still levy that 10% penalty?
That’s not all, SARS will also levy interest from the first day of the month following the month in which your return and payment were due, at the rate which is prescribed by the Commissioner from time to time. So, by the time you get back to work in the New Year, you may find yourself owing SARS before 2021 has truly begun. It’s not worth it!
Take the stress of financial upkeep off your shoulders by outsourcing with Business Evolution avoid unnecessary penalties and interest.