The April 1st Deadline: Two Things Your Business Needs to Do Right Now
We are officially in the final stretch of March. For most business owners, the first quarter of the calendar year is a blur of operational catch-up, but from an accounting perspective, the next week is critical.
If you run a fast-paced business in Johannesburg, we know how easy it is to push the "admin" to the bottom of the pile while you focus on operations. However, with major tax shifts taking effect next week, ignoring your books right now could cost you.
Here are the two things you need to prioritize before we hit April 1st.
1. Prepare for the New VAT Threshold (Effective 1 April)
As we’ve mentioned in previous updates, the compulsory VAT registration limit is jumping from R1 million to R2.3 million on April 1st. This is a massive shift for the SME landscape.
If your turnover is between R1m and R2.3m: You now have a strategic decision to make. Do you stay registered to claim input VAT on your expenses, or do you deregister to save on the heavy compliance admin and make your pricing more competitive?
The Catch: You cannot simply "stop charging VAT." Deregistering involves notifying SARS and potentially paying output tax on the assets and stock your business currently holds.
The Action Step: Do not make this move blindly. Let’s look at your current supply chain and customer base this week to see if deregistration actually makes financial sense for you.
2. Close Out Your February Financial Year-End
If your company’s financial year ended on 28 February, the clock is ticking. You officially have six months to submit your annual corporate tax return (IT14), but waiting until August is a dangerous game.
Why do it now? Your memory of the last 12 months is fresh. Tracking down a missing invoice from last April is hard enough today; it will be nearly impossible in five months.
The Growth Angle: Closing your books early means you actually get to use your financial data. You’ll have a clear picture of your profit margins, cash flow bottlenecks, and where you need to pivot your strategy for the rest of 2026.
Let Us Handle the Heavy Lifting
You didn't start your business to spend your weekends stressing over SARS deadlines and VAT deregistration forms.
At Accounting Simplified, we take the guesswork out of compliance so you can focus on scaling your business. Whether you need a final push to close out your 2026 books or you want to map out a tax-efficient strategy for the new year, we have you covered.
[Click here to book a strategy session with our team today.] Let’s get your finances organized before April 1st.