Any industry has its own standards and regulations. This is especially true of the financial sector. It is a strictly controlled section of industry
It is unfortunate that a lot of business owners do not believe there are regulations when preparing their accounts. Accounting principles have not changed since they started over 100 years ago. Regulations to control these principles and the application of thereof, are international standards. THEY DO NOT CHANGE EVER! Apart from the country’s language, accounting records ans reports can be read the same the world over.
Another area of strict controls. However, these are country specific. The basic taxation principles are the same and the technical side of those principles differ in different countries.
There are always people that will find loopholes in the tax law of South Africa. This can be a grey area teetering on the line of illegality. B.C. Accounting Services will help you avoid tax through legal application of the tax laws as set out by SARS (South African Revenue Service). That is where our involvement ends. As registered SARS tax practitioner, we have a mandate to report any suspicious activity.
Again, this is country specific. B.C. Accounting Services is constantly refreshing our knowledge on these rules. These rules and any changes are enforced by SARS. They normally change once a year in the budget speech given in February by the Minister of Finance. They take effect on 1st of March unless otherwise stated by the Minister. All payroll software used by B.C. Accounting Services is updated with any changes immediately. Again, there no grey areas here.
BC According Services will assist you in navigating these regulations and make sure you and your company are compliant.
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