Additional income and tax: Rental income
But what about all the expenses I pay for the property?
Yes, the taxable amount (rental income) may be reduced as you may incur expenses during the period that the property was let. Only expenses incurred in the production of that rental income can be claimed. Any capital and/or private expenses won’t be allowed as a deduction.
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 […]
Time is money, but how much is it worth?
You are valuable, there is no doubt about that. But do you know that value? What is value? This is a simple concept. Your value is the amount in Rands (or other currency) you can earn per hour (week/month etc). The amount is based on what you can expect to earn from a third party, […]
3 Reasons you don’t have business records?
What are Business Records? No, not the musical kind that spin around and create great music. Have you got records of your business, or personal, activities? Insert your answer here . Here are te top 3 reasons why people don’t have business records: 1. […]
A 2 step guide to guaranteed increase in profit
Profit, what is it? In order to understand how you can guarantee to increase your profit, you need to know what profit is. For the purposes of this article there will be no tax implications, so profit is the “amount left over” after you have taken all the income and taken the expenses from it. […]
Cash flow drought? It can make you stronger…
No one can expect clear skies every day. This is especially true in business. There are going to be periods where cash flow is tighter than normal, and it may even dry up to a mere trickle. With the right preparation and measures though you can weather the cash flow drought and you can come out the other side stronger than ever.
Do you need to submit a company income tax return?
What is a company income tax return, and do I have to submit one? The short answer is yes. There is a misconception that if a company does not have to submit a company income tax return every year. It is a legal requirement for all registered companies to submit a company tax return on […]
Private and Confidential
All private and confidential as a standard. The term “private and confidential” is of the upmost importance when it comes to financial matters and especially personal finance or money, With any financial information, being personal or company, people are generally skeptical about handing their information over. This is especially true now with all the scams […]
Facing a VAT Audit?
VAT Audit: what is it? A VAT audit is not something that a company wants but is a reality. There is nothing to be scared about really, provided that you have everything accurate, complete and ready to be handed in. For most companies, this is the case. If you are under the guidance of an […]
Tax Compliant – why is this so important?
Tax compliant – what is it? This process of tax compliance, or the status of being tax compliant, is SARS (South African Revenue Service) stating to you that you are all “up to date” with your tax affairs. This refers to your personal or companies tax affairs. In this article, ‘you’ relates to your personal […]