With the 28 February tax year-end now behind us, many businesses are taking stock of their financials. If this tax season felt more stressful than it should have, you’re not alone. Let’s unpack the key lessons and how you can position your business for a better, more efficient tax year in 2025/2026.
Common Mistakes We Saw This Year
- Late submissions and scrambling for documents
- Incorrect or incomplete recordkeeping
- Failure to make provisional tax payments
- Missed deductions or allowances
Top Tax Lessons for SMEs
1. Keep Records Updated Monthly: Don’t wait for year-end to organise receipts, invoices, and bank reconciliations. Cloud-based systems like Xero or QuickBooks make this easy and real-time.
2. Budget for Tax Obligations: Many businesses fail to ringfence tax liabilities, leading to cash flow pressure. Use tax calculators and set aside funds monthly.
3. Get Expert Help Early: A proactive accountant or tax advisor can help you plan better and minimise your tax burden.
What to Focus on for the Year Ahead
- Track provisional tax deadlines: The next major deadline is August.
- Consider restructuring or incentive opportunities: Such as Section 12H or youth employment incentives.
- Improve your financial systems: It’s never too late to upgrade.
At Primorial, we offer personalised tax planning, bookkeeping, and advisory services tailored to small and growing businesses. Let’s make the next tax season your smoothest one yet.
Disclaimer: The information provided herein should not be used or relied on as professional advice. No liability can be accepted for any errors or omissions nor for any loss or damage arising from reliance upon any information herein. Always contact your professional adviser for specific and detailed advice.
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