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.
Technology will save me!
Even accountants like technological advancements. They don’t just sit in the corner smashing away on the keyboard. It is true. Technology has brought a whole new level of convenience to a lot of life, even accounting, but it is also true that it does not solve everything. Accounting packages Accounting packages simplify the accounting process […]
Mixing personal and business accounts
Why separate? Failing to separate personal and business accounts is a common and sometimes dangerous mistake people make. To some, it might seem obvious to separate the two accounts. However, some people will expose their business to risks by combining the two accounts. Ideally, there should be two different bank accounts – one for business […]
Do I need to pay tax on assets, donations or inheritance money?
Inheritance can be a complex topic, especially when it comes to understanding the legal and tax implications. This article outlines the key terms and tax considerations relevant to South African taxpayers when dealing with a deceased estate. Key Terms of an Inheritance Deceased Person: The individual (taxpayer) who has passed away. Estate: All assets owned […]
Top 6 Signs of an Unreliable Tax Return Practitioner
When money is tight, as it is currently, there are people seeking to earn extra income as “tax practitioners”. This despite their lack of training and experience. Some of these people are aiming to use their so-called expertise to defraud the SA Revenue Service (SARS) and/or you as a client. Whenever you seek financial advice […]
Provisional Tax – What is it?
There are always questions about provisional tax as it’s a relatively obscure subject. We are going to run through a few of the basic questions about this tax. What is provisional tax? Provisional tax is not a separate form of tax. It is in fact, one of the methods used by the South African Revenue […]
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 […]
Personal Tax. What, who and when?
Apparently, there only two certainties in life – death and taxes. Taxes. Death is something outside our scope but tax (and personal tax in particular) is one of our main focus areas at BC Accounting Services.
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 […]
5 points to make your tax return easier
Tax season happens every year and there are certain items that are important to remember when submitting your tax return. Whether you do this submission or even if you get a tax practitioner to do it on your behalf, the below are important points to remember: You do not have to submit a Tax return. […]