February 28 (or 29 if it's a leap year, because your receipts needed an extra day to leap out of your cubbyhole). That's when SARS expects your story straight.
Everything before this date? Handle it.
Everything after? Future you's problem.
Before Year-End: Your Checklist
1. Match Your Bank to Your Records
Bank says R5,000 went out. Your records say R4,800. Find the R200.
How: Go line by line. Hunt duplicates. Fix mystery charges. That R200 from three months ago? Yeah, find it now or it will be lost in the ether forever.
2. Chase Money You're Owed
That late Jan invoice? The "I'll pay you next week" one?
Chase it. Money owed before year-end = taxable income. Whether they paid or not.
(Taxable income = Taxable income is the money you earned minus your business expenses - that’s what SARS taxes.)
3. Go Through Your Expenses
Every legitimate business expense you prove = less tax.
Business or personal?
- Client lunch: Business ✅
- That last-minute Valentine’s gift: Personal ❌ (unless your sweetheart is also your accountant 💘)
Don't forget you may be able to claim:
- Car (If 40% of your driving is for business, you can claim 40% of fuel, maintenance, insurance, and other running costs.)
- That Udemy or GetSmarter skills course you took
- Bank fees, software, marketing
No receipt? Can't claim it. SARS doesn't do "trust me bro" (we know, it sucks).Your phone camera is your new best friend.
4. Count Your Stock (If You Sell Products)
Physically count everything. Write it down. Calculate value.
50 candles × R30 (cost amount) = R1,500 stock value.
No guessing. SARS wants numbers.
At Year-End: What Happens
Three things you should know
What you made: Money in - money out = profit (or loss)
What you own vs owe: Look at what you have (money, stock, stuff) versus what you owe (bills, loans). Are you growing your business or falling behind?
Where money moved: You might be making money, but if it’s all owed to others or not yet paid to you, you could still have very little cash to spend?
File Your Taxes
Tax is on PROFIT, not total income. You now have 7 months to submit your returns to SARS (September for most).
Don't wait until September like some adrenaline junkie. Close off this last year - get is sorted, focus on the future
Look Back, Plan Forward
- What products made money? (Probably not what you thought).
- What expenses drained money?
- What product is being binned faster than a salad at a potjie?
Mistakes That Cost You Money
Waiting until February 27th: Do 2 hours monthly instead of 20 hours in panic mode.
No receipts = no claims: Photo every receipt. Upload it to stub. Be a receipt hoarder.
Not saving for tax: Move 25% of profit to a separate account immediately. Label it "DO NOT TOUCH." This isn't a hard and fast rule but it will make sure you have started saving.
Mixing business and personal: Separate bank accounts. Separate cards. Never mix - your books will thank you and this will save you a bunch of admin.
The Bottom Line
Financial year end is basically like a homework check in from SARS. They want to see everything you’ve been up to.
You can do it, this is just a part of the journey of keeping a business alive. And if it really feels that bad - reach out to us, we’re always here. 💜
Get it done.