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: […]
Tax Planning versus Tax Evasion
Tax avoidance and tax evasion is a sensitive topic. One is legal and the other illegal. Can you guess which is which? I hope you got it correct! Below is a more detailed explanation: Tax EVASION Is ILLEGAL. It is the purposeful and intentional evading of taxes to be paid. This is in any kind […]
One reason that you WANT to PAY TAX!
Why should I want to? The purpose of a company is to make a profit. Every business owner wants to make a profit. However, when you make a profit, you need to pay taxes. The overwhelming consensus from business owners and individuals is that they don’t want to pay tax. By extension of that thought […]
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 […]
Financial roots: why should they run deep?
In trees: When is the best time to plant a tree? 25 years ago, BUT the next best time is now.” Deep roots are imperative to a tree for 2 reasons: 1. They provide stability to the tree in tough conditions. A strong wind or rough storm will easily blow trees over but if the […]
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 […]
Tax Returns. Why pay and why get paid?
I don’t know many people that enjoy submitting their tax return. Having said that, I know many people who like the results of their labour. There are 3 types of results when it comes to tax returns. 1. You must pay a certain amount to SARS. 2. You receive an amount back in the form […]
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.