VAT in a nutshell
If VAT feels intimidating, don’t stress. Here’s a clear, practical breakdown of what it is, when you need to register and how to stay compliant.
Are you happily married to SARS?
SARS and you? For the purposes of this article, “marriage” refers to any relationship. In this article, we focus on your relationship with SARS. For the purposes of this article, SARS is the tax man in South Africa. This can be changed to the local tax authority in your country. For all marriages to succeed […]
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. […]