How to Make Your Business Payments Correctly

As a business owner, finances are central to the well-being of your company. According to SARS, business owners are always responsible for filing and making payments accurately irrespective of access to a tax practitioner.

We know there are many SARS payment options for your business and due to the COVID-19 pandemic, there is now a greater demand for business owners to adapt to a new digital payment structure. To avoid penalties or interest being charged, we recommend the following to make your business payments go smoothly every time.

Register for e-filing. E-filing makes transactions efficient without the fuss of long lines and fragile paperwork, they’re also advantageous for small business owners because you create a digital trail so you can always keep track of the payments that you’ve done and what you are yet to do – a big plus.

Registration is easier than you think, just go to the SARS e-filing website click on REGISTER, you will be redirected to let SARS know whether you’re acting on behalf of yourself or a registered representative for a company. When your information is verified your e-filing registration is a success.

Know your payment options. SARS payments can be made at the following banks: Absa, FNB, Nedbank, Standard Bank, and Capitec. Remember to quote the correct beneficiary ID and payment reference number (PRN). If you want a more automated system, we recommend e-filing or a credit push option, this simply means that the payment is made by you then e-filing instructs the bank to make a payment to SARS, this can also be done via the MobiApp. Always authorize and double-check the amounts that are approved, and keep track of your proof of payments to stay safe!

Stay up to date (literally). We always help our clients make their lives easier this is why we continue to emphasize this important practice- Know the correct submission dates even if the submission date falls on a weekend or public holiday your payment will still need to be submitted – to avoid penalty SARS recommends payment by the last business day before the weekend or public holiday.

You can stay updated with general submission dates via the SARS website  or browse through our taxation services if you’re looking for more personalized support for your business .

While we know it is difficult to stay up to date with new digital payment structures, here at The Acumen Group we are passionate about taking the hassle out of accounting, making it our business to keep your finances where they should be – healthy for the long run. If you think you require a customized solution for your finances, let’s get in touch .