Do I Need to Submit a Tax Return in South Africa?
Tax season can be confusing. Every year, thousands of South Africans ask the same question: Do I actually need to submit a tax return? The answer depends on your personal circumstances, income sources, and whether SARS requires you to submit a return. Understanding your obligations helps you avoid penalties, missed deductions, and delays with SARS. […]
Bad debt: How to best handle it in your business
It is good business practice to have a policy in place that stipulates how your company deals with bad debts. In case you aren’t aware, a bad debt is when an invoice is not going to be paid by a client or customer. It is a debt to you that has gone bad. Besides hindering […]
Tax Calendar – Keep on top your tax obligations
Missing a SARS (any tax) deadline is an expensive mistake. Penalties are triggered the moment it is late and then interest accrues on top of that at the prescribed rate from the day a submission or payment is late. For a South African SME owner who is already managing cash flow pressure, an unexpected SARS […]
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.
The Basics of VAT
VAT is a broad topic, sometimes confusing, here are the basics of VAT for you to get started with. It can be complicated can be simple too.
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 […]
Urgent accounting – Fact or Myth?
What is urgent? In a society that is instant we have everything at our finger tips. This can be amazing because you know you can sort it out quickly. There are, however, some parts of life and business that don’t contain emergency situations. Accounting, tax and payroll are a good example. There may be some […]
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 […]
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 […]