Following on from our recent post: SARS Requirements for 2025: What Your Business Needs to Know – heres a spefic look into Enhanced Record keeping Requirements for Audit Readiness in 2025
With SARS focusing more on audits in 2025, maintaining accurate and comprehensive financial records is crucial. SARS requires businesses to retain records, such as invoices, bank statements, and payroll data, for at least five years. Failure to meet recordkeeping requirements could result in fines and other complications during an audit.
Key Recordkeeping Requirements for 2025
- Invoices and Receipts: These documents provide proof of all transactions, whether income or expenses.
- Payroll Data: Payroll records, including UIF (Unemployment Insurance Fund) and PAYE (Pay As You Earn) details, must be accessible and accurate.
- Bank Statements and Financial Statements: These are essential to demonstrate overall business financial health and to support income and expense entries.
How Boatwright Consulting Can Help
Boatwright Consulting helps businesses implement systems to organize, categorize, and store all required records. We ensure that your records are audit-ready by maintaining up-to-date documentation, facilitating easier access to information if SARS initiates an audit. Our recordkeeping service reduces the stress and potential penalties associated with audits.
At Boatwright Consulting, we specialize in providing personalized tax advice and solutions tailored to your business needs. Whether you’re starting a new venture or looking to optimize your current tax position, our expert advisors are here to help.
For professional guidance on maximizing your tax deductions as a self-employed business owner, contact Boatwright Consulting today. Let us empower you to navigate the complexities of tax laws with confidence and achieve your financial goals.
Disclaimer: This blog post is intended for informational purposes only and should not be construed as professional tax advice. Individual circumstances may vary, and consultation with a qualified tax advisor is recommended for personalized guidance. Boatwright Consulting is a Chartered Accounting Firm in East London, RSA.
