Some common errors that businesses face when managing their finances:

• Not registering for VAT, or leaving the registration too late

• Insufficient valid tax invoices to claim on your expenses

• Cash flow – Forgetting that income received in advance is taxable, perhaps a deposit and needs to be included in your provisional tax disclosure to SARS

• Drawing money from the company – this becomes an issue when the director takes loans from the company instead of just taking a monthly salary