The Business Tax Return Survival Guide

Filing your tax return as a small business owner doesn’t have to be overwhelming. With the right preparation, systems, and expert guidance, you can reduce tax liability, avoid penalties, and stay compliant.

Whether you're a freelancer, startup, or SME, this guide is your go-to resource for submitting your return with confidence.

Step 1: Know Your Tax Return Type

There are several returns you may need to file:

● Provisional Tax (IRP6)

● Income Tax Return (ITR14 or ITR12 depending on entity)

● VAT201 for registered vendors

● EMP501 for employers

✔ What to do: Confirm your business structure and deadlines based on your SARS profile.

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Step 2: Organise Your Supporting Documents

The biggest cause of delays and mistakes? Missing documents.

Prepare:

● Income statements

● Bank statements

● VAT calculations

● Proof of expenses and deductions

● Asset registers

● Payroll records

✔ Tip from our award-winning team: Digital copies reduce audit stress. We recommend cloud storage with auto-backups.

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Step 3: Reconcile Before You Submit

Don’t file blindly. Reconciliation ensures that your numbers match across:

● Your bank accounts

● Your invoices and receipts

● Your payroll records

● Your VAT claims

✔ What to do: Match every expense and income line item. Clean data = lower audit risk.

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Step 4: Maximise Deductions Legally

Most small businesses don’t claim everything they’re entitled to. These are often missed:

● Home office costs

● Office supplies

● Staff salaries

● Internet and telephone

● Depreciation on equipment

✔ What to do: Review your general ledger and chat to a tax expert if unsure.

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Step 5: Submit On Time. Avoid Penalties.

Late submissions = automatic penalties and interest. And SARS doesn’t negotiate.

✔ What to do:

● Set a calendar reminder 10 days before each deadline

● Use eFiling for faster submission

● Work with a professional to avoid delays

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Bonus: SARS Red Flags to Avoid

● Large expense claims with no proof

● Discrepancies between EMP501 and ITR14

● Unregistered income streams

● Frequent late filings

✔ What to do: Review submissions line by line. Don’t copy-paste last year’s return.

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Final Word: Your Tax Return Doesn’t Have to Be Stressful

With the right strategy and a qualified team, tax season can be a breeze. The key is preparation, clean records, and expert support.

📌 Download our FREE Tax Return Survival Checklist to keep everything on track.

📞 Need help filing? Contact us via WhatsApp or email today and let our multi-award-winning team handle the stress for you.