With a tough economic climate over the past year
small businesses throughout the country haven’t had an easy time.
Unfortunately, with this year’s National Budget Speech stating possible tax increases for next year, small businesses need to find ways to save in order to find some relief.
Says chartered accounting and tax advisory firm Octagon: “What’s important is that businesses need to know what exemptions are applicable to them.” [See our article on the relief that Income Tax Act brings to small businesses.]
“On top of this, you need to track your expenses. Keep in mind that Sars often provide deductions based on certain expenses, so having proof and/or a record is pivotal.”
Often, however, one of the biggest mistakes that many small businesses make is not hiring a professional tax and auditing firm. This is often a costly mistake and can either make or break the future of a business.
Tax and auditing companies often come with a lot more experience than those who are running their own small business. Aside from being well versed in all things tax-related, most often they can advise you on the correct financial path for your business.
What an external tax and auditing firm can add to a small business is invaluable. Explains Octagon: “Aside tax and tax planning, we provide a range of services, such as audit and assurance, financial statements preparations, company secretarial services, business advisory services and BEE accreditation and advisory services.
“But, while our individual solutions are designed to help grow your business, the real advantage of our offering lies in our ability to deliver a wide variety of specialist skills to support your ultimate bigger picture.”
If small businesses wish to thrive in 2017, they need to have a game plan in hand now. Having a professional services company at your side will ensure that you not only stay up to date on the latest tax updates and news, but will help you to surge ahead and ensure that you comply with the ever-changing amendments to tax and increases which Sars is known for.