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Thread: Keeping SARS's money warm for them

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    Silver Member league_of_ordinary_men's Avatar
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    Keeping SARS's money warm for them

    Hi all

    I recently started a business and money is starting to come in and I would like to know if I should deduct the TAX I need to pay to SARS on a monthly basis and keep it in a separate bank account or what do you suggest?Please help me I really need it.

    Best regards L_O_O_M

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    Platinum Member Mike C's Avatar
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    It certainly makes life easier when it comes to paying one large lump sum. It also stops you spending it if it is a different account. Only major negative is that you have to pay Bank Charges for a separate account.
    An education isn't how much you have committed to memory, or even how much you know. It's being able to differentiate between what you do know and what you don't. - Anatole France

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    Silver Member league_of_ordinary_men's Avatar
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    Hi Mike C,thanks for the input,Yes the bank charges for the extra bank account is a negative that's whey I am asking for people opinion's and suggestions.If you have like a extra bank account to keep the Tax money "save" I think it would be less hassle at the of the year.

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    The only reason to open a separate account is if you require the discipline. If you are the type to spend money as soon as it enters your account, then a separate account is a good idea, despite the extra charges and admin hassles. The last thing you want to do is be late on SARS payments. They penalise you like crazy and its a very unfair fight.

    If however you are more careful with your spending and your books are kept current so you know what you owe at the end of the month and make provision for it, then I see no need to go to the extra effort of opening a seperate account just for SARS.

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    Silver Member league_of_ordinary_men's Avatar
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    Thanks for the input BusFact,by the sound of it you have been in the ring with SARS before.

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