If you are a sole prop or a company registered with a year end of February, the next month is a very important month for you.
Provisional tax is due.
This is a submission to SARS and a payment of tax on profit that you have made over the past six months in your business. Now you may be thinking, that following the ostrich method of accounting, and ignoring the submission is the best way to go.
But I can tell you it ends up costing you way more in penalties and interest.
Provisional tax is your annual income tax for the year split into two payments, which means it is not an additional tax, nor is it related to VAT.
Check on SARS website for detailed guides to assist you, and remember …
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