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Five Business Saving Tips

Five Business Saving Tips

Jan 8, 2021

Reduce Cost

  • Go paperless, instead of printing unnecessary documents just for them to end up in a file or folder, rather save them on the cloud where they cannot be stolen or lost.
  • Create a budget and learn how to stick to your budget.
  • Try and buy second hand where possible. Furniture, technology and vehicles are all very expensive to buy new, have a look at second hand vendors, some are even just as good as new.

Outsource

  • Don’t employee separate people for tasks that can be done by a single service provider.
  • Hire consultants on a need to know basis. This way you will you pay them when you need to.

Buy in bulk

  • When buying office supplies rather buy in bulk than buying weekly or monthly.
  • You will save fuel costs as well as time spent having to buy supplies.

Cut down on meetings

  • There are a lot of meetings that could have just been emails.
  • Employees waste time that could have been spent more productive.

Focus on quality

Don’t sacrifice quality to save money.

Even if it may cost more to have better quality service, this will be paid back by loyal customers who will refer you to other people who in turn will be satisfied by your service.

The taxman does not sleep

The taxman does not sleep

Nov 20, 2020

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.

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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 Evolution

We 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.

Contact us and avoid any unnecessary penalties or interest.

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.