Non Profits DO make money!
We all know about charities and Non-profit organizations and the amazing work they do worldwide. While we know they bring in money in way of donations and other sources, this does not mean they do not make a profit. On a technical note: Non-profit organizations are entities created for purposes other than making a profit, […]
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.
EMP501: What is it and how does it impact employees?
The EMP501 is a culmination of all the documents issued in payroll processing. Let’s breakdown this process. The EMP501 is done twice a year. There is an interim reconciliation for the period of March to August followed by a final reconciliation for the remainder of the year (September to February). Only the final reconciliation issues […]
Trusts – should you have one?
Changing the rules on trusts To anyone involved in a trust, It is now no secret that SARS has identified trusts as a targeted source for extra tax revenue. This is based on the fact that they were used as tax havens for taxpayers as trustees or beneficiaries. As they have become to know this, […]
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. […]
What is the skills development levy?
SDL, or skills development levy, is a levy imposed to encourage learning and development in South Africa. It is determined by an employer’s salary bill. These funds are to be used to develop and improve skills of employees. Who must pay SDL? SDL is due by employers who have been registered. You can register once for […]
The Tax MAN! The fear attached
The Tax Man? Noooooooo! If you say tax man (SARS (South African Revenue Services) to South Africa) to anyone, they will shudder in fear which, in a lot of cases is unfounded. There are various reasons for this fear: Because they have not submitted tax returns in years, The believe that the tax man or […]
Do you stand on correct Accounting Principles?
Accounting principles versus absolutes I don’t like absolutes. Absolutes are it when people make statements that are said with authority and are generally taken as gospel truth. These statements are often incorrect anyway, eg: ALL businesses should be on TikTok. REALLY? Why? Is there data to confirm this? NO! With technology and everything in everyday […]
VAT impacts everyone!
South Africa implemented Value Added Tax (VAT) on the 30th of September 1991, replacing general sales tax as the indirect taxation system (1). VAT has since been the second most important source of government revenue in South Africa (2). The adverse effects of VAT on poorer consumers have been continuously debated by unions and departments […]