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 […]
Employee tax returns: understanding the basics
The employee is the most important part of the business engine. Look after them and they will drive your business forward more than you will ever expect. They can be the greatest asset or the biggest liability. This all depends on how they are treated. Employee tax returns: Basic tax types PAYE: Pay-As-You-Earn Calculated according […]
How to Evaluate Your Accounting Needs
Maintaining a proper and accurate record of your business finances, will keep your business in a proper financial shape. On the flip, disorganized accounting practices can cause an otherwise excellent business to lose speed and even close their doors. Not only does it hinder cash flow, but it also affects your relationship with the suppliers […]
VAT in a nutshell
Whatever your entity is registered as there are various tax requirements you have to meet and one of these could be value-added tax (VAT). Here is a broad explanation of what VAT is and how to meet your tax obligations as a small business. It is mandatory for any business to register for VAT if […]
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 season 2019 – updated systems and processes
Who must submit an Income Tax Return? This year taxpayers who meet ALL of the following criteria need NOT submit a tax return: Their total employment income for the full year before tax is not more than R500 000 They only receive employment income from one South African employer for the full tax year The […]
5 reasons why you should still submit a tax return
In June 2019, SARS announced that if you earn less than R500 000 in a year, you may not have to submit a tax return for 2019. Terms and conditions apply (as usual in life) so you must comply with a strict set of criteria. BC Accounting Services advise you to take GREAT CARE when […]