Despite 2020 being a turbulent and devastating year, business owners and individuals around the country are preparing to play their part in making 2021 a successful year ahead. One such tactic to ensure a prosperous year for us all is preparing your SARS tax returns. Doing so, regardless of your feelings about tax protocols, should make a positive difference in the long-term and help support the community you live within and the areas your businesses serve. 

Alas, so many people fail to submit their tax returns and there are several reasons for this. It is sometimes a disregard for tax protocols, a behaviour that can have significant consequences for those failing to submit their returns, and other times because individuals have simply not made the time to get all their necessary documentation together. Failure to submit your documentation on time can have a compound effect over the years and lead to financial problems down the line. As such, it is imperative that you follow government protocol regarding tax returns year in and year out. While this can be an incredibly time-consuming process, you could have the operation outsourced to companies like MBS who will handle the submission of your company or personal SARS tax returns for you. But before we look further into the ways in which you can submit your returns, let’s first take a look at the purpose of a tax return in our simple guide to preparing your SARS tax returns.

What is a Tax Return?

Quite simply, a tax return refers to the documentation submitted by an individual or company that outlines the person’s or entity’s income as well as the tax payable to the government. A tax return is a legal document that is required by all individuals meeting a minimum monthly income figure as well as all registered companies. Therefore, tax returns are essential and failure to submit one could lead to several consequences. In saying so, it is essential that one knows how to submit a SARS tax return and there are two primary ways to do so. 

How Do I Submit My Tax Return?

Individuals can submit their tax returns personally through the SARS e-filing system. The process is not tremendously difficult but it does require time and access to the necessary documentation. Companies may find it more difficult to submit a tax return as there are many pertinent documents to deliver to tax representatives through the system. For this reason, the second and most efficient means of submitting a tax return is working alongside a third-party specialised. A company like MBS offers tax return facilitation for individuals and companies wishing to submit their tax returns. Using these services, you can rest assured knowing that all of your documents will be submitted on time and in a professional manner.

What are the Benefits of Submitting My Tax Return?

There are several benefits of submitting a tax return and we have outlined them below to help you determine whether or not you would need the assistance of a third-party company such as MBS:

• Time-Saving: With the worries of accumulating the necessary documentation taken off your hands by the specialists, you can save time to focus on other areas of your personal life or business.
• Secure and Safe: By working alongside a third-party expert, you can rest assured knowing that your necessary documentation will be submitted on time and filed professionally, meaning you will not face the legal consequences of failing to do so.
• You Receive Money: The purpose of a tax return is two-fold: one of the major reasons is to determine how much one owes to SARS and how much SARS could potentially owe you through smart tax-saving financial investments made by you and your company. By consistently submitting your tax returns, you could be instead for a large return from your tax representative. 

Preparing for the New Year

In preparation for the new year, it is advisable that you seek assistance from third-party specialists such as MBS that can facilitate efficient and effective tax return submissions. Doing so will help you take off pressure and stress from submitting it yourself, allowing you to focus on more important areas of your personal and professional life. Alas, you can head into 2021 eager for what lies ahead rather than worrying about outstanding documentation. 

There you have it, a simple guide to preparing your SARS tax returns that will help you achieve greater financial transparency. With this guide and the help of companies like MBS, you can support your local community and prepare for the business year ahead!