Due to these steep penalties, individuals should endeavour to stay compliant with SARS regulations. If taxpayers become aware of the fact that they have been noncompliant, they should contact a tax consultant as soon as possible to rectify their error. If this is done, taxpayers can possibly avoid penalties and/or interest if their outstanding liability is paid in full and they have followed the correct process when doing so.
Common mistakes to avoid
For first time taxpayers, some typical mistakes include:
- Making a late payment
- Underestimating your payable tax
- Late submission of tax returns
- Late payment and underestimation of payable tax
At MMS Group we take a personalised approach to our tax consultancy services. If you require reliable assistance for your income tax matters, please feel free to get in touch with our team.
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