How to settle your debt with SARS

When they are intertwined it can be even more difficult and it could possibly plummet into debt at SARS without knowing the way out.

But, you should not panic, as Kruger and Partners have the solution to your problem. Here are a few tips to assist you when you run into debt trouble with SARS.

1. Make sure you respond quickly – As soon as you know that you are in debt, gather all your financial documents and go to and auditor. The longer you wait the deeper in debt you will be.
2. Try to reach a compromise with SARS – Make an appointment with a SARS official and try to settle your debt by reaching a compromise. For example if you owe SARS R50000 try to reach a compromise by paying a lesser amount to settle all debts. You can also try to figure out a payment plan where you can pay off the amount you owe in monthly instalments that will suite your pocket.
3. Plan ahead – Financial planning is very important. The keeping of assets in a trust might be beneficial should you run into some debt. Should SARS come to reclaim their debts by seizing your assets, a trust could protect your business from your personal debts or otherwise.
4. Liquidation – This is the very last resort when in debt, but it is also an option for starting a fresh page.

The competent team at Kruger and Partners are able to assist you in implementing these various tips and to help you write off your debt.

Contact us at: 013 745 5300

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