by Liza Moorcroft | May 19, 2021 | Income Tax, Small Business Tax
Turnover tax is a simplified tax system developed for micro businesses. Tax is calculated on the turnover of the business (revenue + VAT – refunds) for the financial year albeit at more favourable rates. This tax regime replaces income tax, capital gains tax...
by Liza Moorcroft | May 18, 2021 | Income Tax, Small Business Tax
Generally, the profits of companies and close corporations are taxed at a standard 28% whilst the profits of trusts (other than special trusts) are taxed at 45%. A Small Business Corporation (SBC) may qualify for more favourable tax treatment however, to qualify for...
by Liza Moorcroft | Sep 16, 2020 | Company vehicle, Fringe Benefits, Income Tax, PAYE, Payroll, Tax, Travel allowance, Travel reimbursement
The basic premise is: if an employer requires an employee to use their private vehicle to travel for business purposes, the employer should compensate the employee for this. But what is unclear to many is whether it is cheaper to: Reimburse the employee for...
by Liza Moorcroft | Aug 12, 2020 | Filing season, Income Tax, Provisional Tax, Sars, Tax, Tax Relief
In this article we will address some of the most common questions we receive regarding provisional tax. In publishing this article, we hope to place valuable information within reach of more people and in doing so indirectly assist more taxpayers with their...
by Liza Moorcroft | Aug 5, 2020 | Home office expenses, Income Tax, Income Tax deductions
Introduction Commission earners can claim the non-capital home office expenses they incur in the production of income as home office deductions when submitting their annual income tax returns. There are however some factors to consider before claiming this...
by Liza Moorcroft | Jun 18, 2020 | Accounting, Outsourcing, Tax
If you perform a Google search for accountants in your area, your search will return hundreds of results. You may think an accountant is an accountant so you contact a few and hire the cheapest one. What you may not realise is not all accountants are created equal...
by Liza Moorcroft | May 20, 2020 | Employer Reconciliation, Income Tax, PAYE, Sars, UIF
From the 2020 year of assessment SARS will perform an Employment Tax validation on the IRP5/IT3(a) certificates submitted by employers. Should SARS determine that an incorrect amount of tax was deducted from an employee, a letter will be issued to the employer,...
by Liza Moorcroft | May 19, 2020 | covid-19, Income Tax, Sars, Tax Relief
Large businesses with a gross income of > R100 million may now apply for a tax payment deferral without incurring penalties. Requests to defer tax payments can be directed to SARS using the following email address: COVID19IPAaboveR100m@sars.gov.za. Proof of the...
by Liza Moorcroft | May 11, 2020 | covid-19, Income Tax, PAYE, Sars
In recent days there have been unconfirmed information doing the rounds that the South African Revenue Service (SARS) is planning changes to the coming tax filing season due to the impact of the Coronavirus. We have since publishing this original article been able to...
by Liza Moorcroft | Apr 30, 2020 | Accounting, Outsourcing
The outsourcing of administrative functions is highly under-rated in the current marketplace but this can be an untapped resource for many small businesses. One valuable lesson the Covid-19 pandemic has taught us, it is that we need to change the way in which we do...
