Four reasons why you’re not using a budget
You have all heard how important budgets are. But if you have never used a budget, why start now? Here are four reasons why companies do not have budgets or, if they have them, do not use them effectively. 1. They are incorrect or out of date Budgets are much like goals or dreams. They […]
Return on Investment: A Practical Guide for Your Business
In today’s fast-paced business world, understanding the concept of return on investment (ROI) is crucial for every entrepreneur. Whether you’re investing in advertising, purchasing new equipment, or expanding your services, knowing how to evaluate the success of these investments can significantly impact your bottom line. In this post, we will delve into the fundamentals of […]
Understanding Tax-Deductible Donations in South Africa
Donation, What Is It exactly? A donation is defined as any gratuitous disposal of property, which can include cash, assets, or rights. It is crucial to understand that for a donation to be valid: The important aspect here is ownership, you no longer have ownership of it. For example, if you donate R1,000 to a […]
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 […]
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: What you actually can claim but did not know about
“Who loves paying VAT?” Sadly, more often than not, no one puts their hand up. Everyone pays VAT in one form or another. It affects everybody, no matter who you are, read more about this here. That said, here are a few tips in terms of what must be done regarding the VAT requirements. Number one […]
7 Accounting Myths – Busted!
So many times I am out at a restaurant, store, or outing and someone in my family or group of friends says “You’re the accountant, how much is this?” and wants me to calculate something in my head. I am going to let you all in on a little secret… I am not a mathematician, […]
Are you running a cashless business?
Running a cashless business is an ideal in todays world. There are obvious advantages but will it take over completely? Could we have a cashless world? Many businesses, like mine, don’t deal with cash and never have and never will but some businesses rely heavily on the use of cash. The obvious example is the […]
Expenses, what are they and how do they work?
Expenses are costs incurred in order to run your business. They are paid for by the income your business earns from sales. The costs are used in the calculation of nett profit and the taxable income. Expenses and cost of sales are often confused and used for the same meaning. They are different and they […]
To outsource or not to outsource? The debate
The debate whether to outsource. There is a myriad of information out there regarding the use of outside consultants. The debate raging on and probably will do so for years to come. This debate is whether to outsource or not. Some are pro the idea, outsourcing work to others whilst some are against the idea. […]