Access to a tax advisory service during tax season adds substantial valueJun 12th, 2019
We all know the drill by now… around this time of the year, tax season, businesses have to ensure compliance with SARS legislation governing the submission of returns.
We also all realise that we are operating in a vastly different economic environment, in which many businesses are struggling with cash flow and unable to pay outstanding tax debt to SARS.
It is not surprising that many business owners choose to take the wrong route as a short-term solution and actually avoid submitting their returns.
Our partner and tax business continuity specialist Tax Debt Compliance is pretty clear when it comes to its advice on this issue: not only is it illegal, but not submitting a return will incur severe penalties and high interest charges for your business.
So what are operators to do? It is a bit of a catch-22 situation – not submitting may ease the pressure on cash flow (albeit temporarily), but it is not a true reflection of the state of the business and will end up costing more – however, submitting may be a stretch too far!
That is why we have partnered with Tax Debt Compliance to provide a tax advisory service.
How does this service help? Well, it comprises a range of tax relief mechanisms:
- Negotiation of affordable instalment agreements with SARS on behalf of your business;
- Compromise applications to SARS which, if approved, will enable your business to settle tax debt at a reduced amount;
- Tax due diligences to ensure compliance with South African tax legislation;
- Formulation of tax opinions for businesses considering entering into complex transactions that could hold significant tax consequences.
These are the immediate benefits to clients looking for some kind of intervention and assistance with tax.
Not only does this mean you are actually being proactive in dealing with the challenges, you are also being realistic in terms of where the business is positioned and have a credible way of influencing the outcome.
Our tax advisory service is there to be used and to help… contact us now for more information!