INSIDE YOUR BUSINESS - Most Common Tax Pitfalls That Small Business Owners Should Avoid
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GUEST – Thulaganyo Selokela - Senior Associate, Tax and Exchange Control lawyer at CMS South Africa
There are five common tax pitfalls that owners of small businesses should look out for and avoid. These hazards include three value added tax (VAT) issues, one provisional tax matter, and the fifth item deals with the tax implications for owners of small businesses when they draw money from their company. Failing to avoid these pitfalls can cost small businesses dearly in terms of time, stress, and money, including fines. The cost of sorting out these hazards can even destroy small businesses.
There are five common tax pitfalls that owners of small businesses should look out for and avoid. These hazards include three value added tax (VAT) issues, one provisional tax matter, and the fifth item deals with the tax implications for owners of small businesses when they draw money from their company. Failing to avoid these pitfalls can cost small businesses dearly in terms of time, stress, and money, including fines. The cost of sorting out these hazards can even destroy small businesses.
