Discover how a tax practitioner can help you
Starting up a business is not a 1-2-3 process. Instead there are a number of steps involved that need to be followed for your new venture to be tax compliant.
Are you thinking of starting your own business? Have you run into a tax dead-end? The solution you are looking for may just be a tax practitioner.
Starting up a business is not a 1-2-3 process. Instead there are a number of steps involved that need to be followed for your new venture to be tax compliant.
“Nowadays entrepreneurs start up a business without knowing the risks and responsibilities that go with it,” said head of tax debt management, Conrad Viljoen.
Warren Buffet once said: “You only have to do a few things right in your life so long as you don’t do too many things wrong”.
Viljoen said one of crucial steps anyone starting a new business should follow is to appoint a registered tax practitioner.
Read: COVID-19 relief may complicate provisional tax for some
“Your tax practitioner will be able to assist and guide you through the various processes around launching a new business.
Following the right processes will ensure that you, as a taxpayer, are compliant with the Receiver of Revenue. “
Appointing a registered tax practitioner has the following benefits for tax payers as well as business owners:
- Tax practitioners have a deep understanding of the relevant Tax Acts in South Africa.
- Making use of a tax practitioner will also mean that you are able to avoid queues at your local SARS branch. Your practitioner will ensure that relevant appointments are made to deal with tax related matters.
- Registered tax practitioners have the knowledge to object unfair or incorrect assessments from SARS.
- Your appointed tax practitioner will be able to guide you through the process of becoming tax wise as well as implement a number of tax saving measures.
- When you appoint a registered tax practitioner they will help you set up a number of options to repay any tax arrears accumulated against your name.
“There is really no doubt that a registered tax practitioner should be your right hand when dealing with all tax matters,” said Viljoen.
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