Compliance

3 tips to make Tax Year-End easier for small business owners

Discover why speaking to an accountant, being clear on deadlines and automating your processes will help at Tax Year-End time.

Feb 12, 20264 min read Share

Many small business owners have their hands full with tax paperwork.

If you’re one of them, the admin probably ranks low on the list of your favourite things to do.

However, filing accurate tax returns and meeting the South African Revenue Service (SARS) deadlines is one of the most important obligations you face.

The interest accumulated and penalties payable on late or inaccurate VAT, pay-as-you-earn (PAYE), or company income tax returns can be harsh.

That means it is in every small business’s interests to prepare the relevant submissions on time and ensure they are accurate.

In this article, we highlight three ways to get it right.

Here’s what we’ll cover

1. Speak to an accountant

Unless you’re an accountant, it’s wise to seek help from a qualified professional to understand your tax obligations, including annual ITR14 SARS submissions.

The ITR14, or Income Tax Return, is a form that SARS requires all registered companies to complete and submit once a year.

This submission is where you declare your income and expenses so SARS can calculate how much tax your business needs to pay or how much of a tax refund SARS needs to pay to you.

If you’re operating through a sole proprietor or through a partnership, you can submit your annual ITR12 Income Tax Return and provisional tax submissions yourself. 

However, a registered tax practitioner can help you ensure you’re compliant with SARS regulations and provide advice about reducing your tax bill by maximising the tax deductions you’re entitled to.

Look for a firm or a professional registered with recognised bodies such as The South African Institute of Professional Accountants (SAIPA) or the South African Institute of Chartered Accountants (SAICA), Southern African Institute for Business Accountants (SAIBA) or South African Institute of Taxation (SAIT).

Look for someone with good references and who has an established base of small business customers.

2. Know the deadlines

It would be best if you met some important deadlines each financial and tax year.

Registered companies

You must file a compulsory provisional tax return six months from the start of the financial year and another at the end of the financial year.

You may make a voluntary submission and top-up payment six months after year-end.

Submit your Company Income Tax Return (ITR14) within 12 months of your financial year end.

For a February year‑end, file by 28 February of the following year.

Provisional taxpayers (sole proprietors)

Provisional tax (IRP6) dates for individuals:

• 1st payment by 31 August.
• 2nd payment by 28/29 February.
• optional 3rd/top‑up payment by 30 September (effective date for a February year‑end).

Filing Season for individuals normally runs from July to October for non‑provisional taxpayers, with provisional taxpayers having until January to file via eFiling.

Check the SARS Tax Season page each year for exact opening and closing dates.

PAYE

Submit your EMP201 by the 7th of the following month.

If the 7th falls on a weekend or public holiday, submit and pay by the last business day before that date.

EMP501 reconciliations:

• Interim (1 March–31 August) must be submitted from 1 September to 31 October.
• Annual (1 March–28/29 February) must be submitted from 1 April to 31 May.

VAT

VAT201 due dates:

• Manual submission and payment by the 25th
• eFiling submission and electronic payment by the last business day of the month.

3. Automate processes and keep electronic records

Many small business owners still use Excel spreadsheets and paper bank statements, bills and receipts to track their assets, liabilities, inventory, expenses and payments.

This approach is time-consuming and prone to error.

And it also means you may end up paying an accountant more to capture and reconcile your transactions in a proper accounting system.

You can save time and frustration for yourself and your accountant by capturing every transaction in an electronic accounting system as it takes place.

A sound accounting system will make it easy for you to send invoices, track outstanding payments, and monitor expenses – today’s cloud-based solutions are easy to use and affordably priced on a monthly subscription.

Look for a solution that lets you import transactions from your bank account directly into the accounting software.

This will make it easy to generate profit and loss statements when you need to file SARS submissions.

Editor’s note: This article was originally published in February 2024 and has been updated for 2026 to reflect SARS guidance and current deadlines.