Sound accounting principles for SMEs – Your tax obligations
This, our fourth and final article on sound accounting principles for SMEs looks into ways to legitimise and minimise your tax obligations.
The three types of taxes that small businesses pay are turnover tax, employee taxes (PAYE, UIF and SDL) and VAT (value-added tax). Tax is one area where professional help really should be sought as penalties are severe if one doesn’t comply with tax laws.
What more can be done to provide tax-related relief to your business?
The introduction of special tax tables for small businesses has brought a lot of relief to them, but a lot more can be done with a tax expert on your side, as they understand legitimate ways to minimise your tax burden.
Leave it to your V.A
Many people don’t know that tax assistance, like so many other things, can be obtained from V-Assist. Handling tax matters takes valuable time most business owners can’t afford. Our motto is ‘It’s about time,’ so let us handle, or source the right people to handle them for you.
We hope this series has helped you to practice more sound accounting principles. Contact us to find out more about this – and so much more that we can do for you!