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 [...]
It’s no secret that the COVID-19 pandemic has turned our world upside down and we are yet to understand the huge impact it will have on our country’s economy and its people. It does seem, though, that Treasury is trying its best to bring relief measures to South Africans and boost companies’ cash-flow and [...]
All income tax calculators are based on the tax tables from SARS for the specific period of taxation and this is what is used to work out your tax liability, that is the amount of money you need to pay to SARS. The formula to calculate your base tax liability is simple: Base Tax [...]
Finance Minister Tito Mboweni delivered his maiden budget this afternoon which offers little in the way of relief from the tax hikes of previous years. It also involves a surprise carbon levy pushing fuel prices even higher. Read on to learn about the changes affecting you: Income Tax Changes: For the first time [...]
Each year, the South African Revenue Service (SARS) releases a set of tax tables to assist you in calculating your tax liability from your taxable income. What is my taxable income? Your taxable income is not necessarily a tax you are only liable to pay on a salary or wage. You may also be [...]
As of April 1st 2018, VAT increased from 14% to 15% bringing with it the likelihood of a major administration headache for you and your business. The degree to which you will be affected will depend on whether you are a VAT vendor or not. What is a VAT vendor? You are a VAT [...]
Finance Minister Malusi Gigaba delivered the budget speech today that has been described as responsible and balanced under the current circumstances and likely to put South Africa in a healthier fiscal position. Ratings agencies are also looking at it favorably however the budget isn’t without its surprises, namely the hike in VAT for the [...]
As an employer, you have a tax obligation to deduct employee’s tax in the form of PAYE (Pay as you Earn) from any remuneration paid to employees and settle this amount with SARS on a monthly basis. In this blog article, we will focus on the steps you will need to follow to calculate [...]
