Payroll: What you did (or did not) know
Payroll is critical part of a business. It involves the process of paying salaries and the payments that involved with them. IF not done – no one gets paid and the deductions are not paid to SARS. What is your most important asset? It may surprise you but the answer is: YOU AND YOUR STAFF You […]
EMP501: What is it and how does it impact employees?
The EMP501 is a culmination of all the documents issued in payroll processing. Let’s breakdown this process. The EMP501 is done twice a year. There is an interim reconciliation for the period of March to August followed by a final reconciliation for the remainder of the year (September to February). Only the final reconciliation issues […]
Accountant – friend or foe?
An Accountant does what? The burning question that gets asked frequently is this: “What do accountants actually do”? The answer can be as simple and as complex as the accountant wants it to be. I do not like answers to questions to be complex. This is because 9 times out of 10, it just confuses […]
The Company Car
The company car is often an employee’s favourite perk In reality, it is an accountant’s little ticking time bomb A company car is a great perk but the tax that is levied on this perk, is not as simple as many of these employees might think. Travel expense claims and deductions are one of the […]
Is that employee the correct fit?
In business, your employees are your greatest asset but your greatest enemy too. If they are the right person for the job, they are a productive part of your team. They are then driving the company forward. On the other side of the coin, if they are not the right person or the right fit, […]
Payroll function? Do you know what it is?
What is the payroll function? Payroll is a critical part of a business in that it pertains to all the salaries and the payments that are involved with them and there is often confusion between payroll and HR (Human Resources). Payroll is the payments side of the department whereas HR is the more legal side […]
Payroll: how to avoid penalties at SARS and the Department of Labour
Payroll in South Africa is not as simple as it seems. Getting payroll penalties is common and they are easily picked up and go unnoticed. Payroll Requirements There’s a long list of requirements and submissions for payroll that your company needs to comply with to avoid penalties from both SARS and the Department of Labour […]
Employee tax returns: understanding the basics
The employee is the most important part of the business engine. Look after them and they will drive your business forward more than you will ever expect. They can be the greatest asset or the biggest liability. This all depends on how they are treated. Employee tax returns: Basic tax types PAYE: Pay-As-You-Earn Calculated according […]
Five reasons why every small business needs an accountant
Many small business owners think that paying for an accountant is too expensive and won’t benefit their business in any way. Here are five reasons an accountant may save you money – and possibly your business.
5 reasons why you should still submit a tax return
In June 2019, SARS announced that if you earn less than R500 000 in a year, you may not have to submit a tax return for 2019. Terms and conditions apply (as usual in life) so you must comply with a strict set of criteria. BC Accounting Services advise you to take GREAT CARE when […]