The perception of most Business owners is that changing Accountants is as difficult and disruptive as changing banks. However, we have taken on a number of new corporate clients who are always surprised at how easy and smooth our changeover has been. So, if you feel your current accountant is not giving you the [...]
"Now is not the time to increase taxes and put the economic recovery at risk. Accordingly, we have decided to keep money in the pockets of taxpayers," said Finance Minister Enoch Godongwana in his National Budget address on 23 February 2022. He said this in the context of the continuing effects of the Covid-19 [...]
Before we get down to the questions and answers, let's just make sure we're all on the same page. When we talk about PAYE, we are talking about the Pay As You Earn system, whereby your employer withholds your income tax amount and pays it directly to SARS on your behalf, every month. PAYE [...]
Remote working and flexible employment have really taken off in the last year and a half. Perhaps we can categorise this as one of the very few 'pros' we've seen coming out of the Coronavirus pandemic. This kind of employment involves workers working part or all of their time from an at-home office. Of [...]
In January of this year, the government signed the Taxation Laws Amendment Act, doing away with the distinction between residents and non-residents for exchange control purposes. What exactly does this mean? It means that the SA Reserve Bank is doing away with financial emigration, which involves accessing your retirement annuities before they are matured [...]
You can't deny that there is a lot of hype and interest about Cryptocurrencies at the moment. One of the loudest questions being asked right now is, are Cryptocurrencies taxed? Many South Africans have made millions with Cryptocurrencies recently and everyone is asking, is there a SARS Cryptocurrency tax? The answer is, yes, there [...]
On 24 February, Finance Minister, Mr. Tito Mboweni, delivered the National Budget Speech outlining the government's priorities for 2021. Due to the COVID-19 pandemic, the government was forced to re-evaluate the economic outlook of the economy, and things have taken a challenging turn. Budget speech highlights include the expectation that the total consolidated spending [...]
The importance of businesses, both large and small, for our economy, goes without saying, especially their role as taxpayers. All businesses have tax obligations to meet, including paying Value Added Tax (VAT) to SARS, but don't fear, it's not all bad news, as there are several benefits to acquiring a VAT number. This post [...]
No one likes a surprise from the Taxman, because we know it is hardly ever good. The year we've made a profit should be one for celebrating, not for sharing with SARS. Understanding Capital Gains Tax (CGT) and how it works is key to saving pennies when you are looking to sell an asset [...]
They say change is as good as a holiday. Well, it seems that the new bills being proposed by the South African Revenue Services in its draft Tax Law Amendment Bill (TLAB) and draft Tax Administration Laws Amendment Bill (TALAB) may not be changes worth celebrating. The changes include a three-year lock-in period for [...]
For small businesses starting up or wanting to expand, the most effective help they can receive is funding. Without funding small businesses fail or just can’t move forward. This is where the section 12J Venture Capital Companies (VCC) tax incentive has been so helpful for SMMEs. The focus of the tax incentive is to [...]
We’ve all probably had that parent telling us how important it is to save for a rainy day; that if you put money away in a savings account or an emergency fund, you will be able to stop adding to your debt with every financial obstacle you face. You know the kind of bump [...]
