31/01/2023
You don’t know what you don’t know.
I recently had a chat with a friend (not a client…yet) who packed off about how it now came to light that his previous accountants neglected to submit certain returns, and how he came to realise that despite outsourcing certain compliance and management functions that, as director of his companies, the buck still stops with him regardless.
This individual, like so many out there, is good in what he does, but have not undergone training on how to run your own business. How must he know what the questions are to ask? How must he know what deadlines there are?
This is the case with so many business owners out there. So let us try and just get a checklist in place for February that you at least know what to look out for. This list is by no means comprehensive, but should help you to start conversations.
- You need to pay your employees tax by 7 Feb.
- Last chance to do your retirement annuity top up to gain the maximum tax benefit. This usually needs to be done by mid Feb.
- if you’re doing the 45th like myself and a few clients, TRAIN!!!
- Your VAT returns for the Dec/Jan period needs to be submitted and paid by 28 Feb.
- Your company as well as your own final provisional tax return and payment needs to be submitted by 28 Feb. If you are running software like Xero, it makes this a relative easy process.
- Check your actual business travel for the 12 months and make sure that you claim the correct travel allowance.
- If you have not yet finalised your Feb 2022 annual financial statements, these need to be submitted to SARS by 28 Feb.
- Check your vehicles odometer, and make notes of your asset and liability values in order to get an annual balance sheet going for yourself as at 28 Feb.
We’ll be explaining some of these items more in details in the next few weeks, so follow us!!!