VAT registration: How and when to cancel it

Why cancel your VAT registration? A vendor’s VAT registration may be cancelled if certain requirements are met. Who can cancel a VAT? The cancellation of VAT registration can be initiated by either the vendor (individual, company or any juristic person) or the Commissioner (SARS). Most commonly, it is done by the vendor though. When can […]
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 […]
What are fixed assets in your business?
What are fixed assets? Fixed assets are also called non-current assets or even capital purchases. These are items in your business that will generate income for a period longer than one year. They are all the “big things” in your company that you use to make or sell your service or products. Examples of fixed […]
Long Term Assets – The Basics.

What are long term assets? They are also called non-current assets or fixed assets. Fixed assets are the “big things” in your company that you use to make or sell your service or products. Technically they are items that will generate income for a period of longer than one year. Examples of fixed assets These […]
Do you have the accounting know-how required to run your business?

Many entrepreneurs who feel confident about their accounting know-how take it upon themselves to do their own accounting function. The thinking behind this is actually sound: “keep your fingertips on the numbers the business is producing”. Producing the goods Unfortunately, many business owners (despite having the skills to do so) don’t fully understand the rigours […]
Nothing to fear

“There is nothing to fear but fear itself” Anon “Tax compliance ensures no fear of the tax man.” Bruce Laister (BC Accounting) I have come to realise that there are few things in life that can instantly cause panic in someone’s life. Apart from the obvious events like war, natural disasters etc, possibly one of […]
4 mistakes to avoid when submitting your personal tax return

Submitting a personal tax return can strike fear into anyone! It does not have to be like this though. There are a number of things you should avoid when completing your personal taxation return. Here we explore four of the biggest mistakes you are likely to make. And how to make the claims. Mistake 1: […]
The Importance Of Outsourced Accounting Services

Why outsourced accounting? Accounting is the most vital aspect of any business because it ensures that financial decisions made are based on a sound base. However, many people either do not understand accounting or just do not want to do it. Hence, most business owners would rather hire a full-time accountant than outsourcing accounting services. […]
SARS refund: Travel Expenses Can help

Most South Africans’ budgets are getting tighter by the minute with rising travel costs, including fuel prices, fuel levies, e-tolls and the possible implementation of carbon taxes, receiving a SARS refund of these expenses is always welcome! SARS Refund Rumours Contrary to many rumours, such a welcome refund is possible. If of course you can […]
Unfounded Fear: the dreaded Tax Man!

Get the facts! An unfounded fear is often exactly that, UNFOUNDED. In business, as in life, it is always better to get all the facts before acting. This is especially true when it comes to the “dreaded tax man” Most people do not like SARS (South African Revenue Services). As an tax and accounting practice […]