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 […]
Company Tax Returns: what you need to know
To many small business owners, their company tax return is the last item on their to do list but the one that is likely to cause the most anxiety. This may be the feeling to you but it is really unfounded. The Last Item The company tax return is actually the last item in a […]
Company (entity) structures used in SA
There are a lot of questions that can be asked when someone advises you to “open a company”. It is a great piece advice but depends on various factors. This depends what kind of entity you want to run and why. Sole Proprietor Characteristics Most common and the most simple Owned and operated by a […]
Change is not restricting
Technology of today Currently the technology is changing almost daily. Whether you like or not, you have to keep up. Standing still in the river (of technology) is actually going backwards. What about in the accounting world? Historically, things do change but extremely slowly. The basic principles of accounting have not changed and will never […]
Out-of-pocket – Claim them BACK!
DID YOU KNOW that you can claim back from SARS out-of-pocket medical expenses! What are you talking about? Surely they are not going to pay for these expenses? Anyway, what are these out-of-pocket medical expenses? This answer is simple. They are expenses that your medical aid did not cover. Maybe your savings ran out or […]
It’s all about tax efficiency.
What does tax efficiency mean? Tax efficiency is not a new concept and practice that helps you claim the allowances and deductions that SARS have put in place. A common deduction is the medical tax credit and ‘of our pocket’ medical expenses. Another is claiming ‘home office’ expenses when you work from home. This is […]
Tax Glossary – do you speak Tax?
Do you speak tax? You may not like talking about tax for many reasons. Many people simply just do not understand the tedious or very technical terms and jargon so before you try to get your taxes in order, it’s important to be familiar with that technical jargon you’re about to be bombarded with. This […]
Reports: What’s the point?
Reports and gym? This may seem like a funny start to an article about business reports but the gym I go to is on the first floor of the building (second if you park in the basement). In any building if I can, I will take the stairs, to a reasonable floor that is. The […]
Home office – how to set it up
Home office – why Having a home office may be an attractive option if you’re running a small “one-man show” or starting out small with a view to expanding once the business is off the ground. There are, however, some practical issues to consider before you start setting up your office. Home offices can be […]