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Letter of Demand from SARS? Handle With Care!
“A senior SARS official may authorise the issue of a notice to a person who holds or owes or will hold or owe any money, including a pension, salary, wageRead More →
Small Businesses: Reap the Benefits of Cashless Transactions
“Mobile devices, high-speed data communication, and online commerce are creating expectations that convenient, secure, real-time payment and banking capabilities should be available whenever and wherever they are needed” (Chair ofRead More →
How to Build Your Business with Freelancers
“The gig economy is empowerment. This new business paradigm empowers individuals to better shape their own destiny and leverage their existing assets to their benefit” (John McAfee) The modern worldRead More →
Crypto Assets and Tax – From the Horse’s Mouth
“The future of money is digital currency” (Bill Gates) If you are thinking of buying – or have bought – any “crypto asset” such as a crypto currency like Bitcoin,Read More →
Emergency Tax Relief: Is Your Business Eligible and What Should You Consider?
“SARS will implement these tax relief measures because compliant taxpayers have paid their fair share of tax, making it possible for government to provide such a temporary safety net inRead More →
Business Combinations: A Path to Exponential Growth and Profitability?
“If everyone is moving forward together, then success takes care of itself” (Henry Ford) Initiating, setting up and launching a new, typically, small business is a challenge and can beRead More →
The Top 5 Leadership Skills Every Entrepreneur Needs
“The pessimist complains about the wind. The optimist expects it to change. The leader adjusts the sails.” (John Maxwell) To be a good leader in the small business environment aRead More →
SMEs and Microinsurance: Benefits and Risks
“Do you know the difference between education and experience? Education is when you read the fine print; experience is what you get when you don’t” (American singer and social activist,Read More →
Home Office Expenses: To Claim or Not to Claim?
“We would simply ask taxpayers to consider carefully the longer-term implication of defining an area in their primary residence as a home office for tax purposes” (Edward Kieswetter – SARSRead More →
6 Tips on Surviving the Failure of a Big Client
“Generosity is a virtue, but unlimited generosity is a fast route to bankruptcy” (Bret Stephens) Healthy cash flow is what keeps a company afloat. The ability to pay suppliers andRead More →
Alternative Funding for Your Small Business
“When looking for funding, don’t just look for cash. Look for the right people” (American fashion entrepreneur, Jodie Fox) According to South African Reserve Bank data, the low level ofRead More →
Audit Your Employee Taxes, Before SARS Does
“One of our strategic objectives is to make it easy for taxpayers to comply with their tax obligations, and hard and costly for those who willfully do not comply” (EdwardRead More →
Making Life Easier In The Cloud
It makes absolute sense that we should look back and reflect on the success (or failure) of strategies implemented in the past. Great strategists do this regularly, others reflect lessRead More →
How 67 Minutes on Mandela Day Can Change Our World and Benefit Your Business
“What counts in life is not the mere fact that we have lived. It is what difference we have made to the lives of others that will determine the significanceRead More →
Tax Filing Season 2021 Opened 1 July: Start Preparing!
“The secret to getting ahead is getting started.” (Mark Twain) To avoid the last-minute rush, the risk of errors and omissions, and the cost of late submissions, penalties and audits,Read More →
4 Ways to Measure Your Company’s Performance, Beyond Profit
“Even if you are on the right track, you’ll get run over if you just sit there” (Will Rogers) In the hostile business environment in which we find ourselves, everyRead More →
What You Should Know About Airbnb and Tax
“All forms of rental income must be declared to SARS … We are … determined to make it hard and costly for non-compliant taxpayers not willing to meet their obligations.Read More →
Got Cryptocurrency? Here’s How Much SARS Wants…
The future of money is digital currency” (Bill Gates, Co-founder of Microsoft) Note: The risks and consequences of willfully or negligently failing to make full and true declarations to SARS,Read More →
Youth Day: Why Our Young People Are So Important to Your Business
“If [business is] not listening to the youth, they are not listening to their future competitors, employees, or customers” (Wadia Ait Hamza, head of Global Shapers at the World EconomicRead More →
How SMMEs Can Benefit Financially from the Fourth Industrial Revolution
“Digital is the main reason just over half of the companies on the Fortune 500 have disappeared since the year 2000” (CEO of Accenture, Pierre Nanterme) With the increased buzz aroundRead More →
8 Tips for Marketing Your Business on Instagram
“You are what you share” (Charles Leadbeater, We Think: The Power of Mass Creativity) Instagram is a popular photo and video-sharing social media platform with over one-billion active users aroundRead More →
Uncertain, Costly Power Supply: How to Mitigate Your Risk
“The more that energy costs, the less economic activity there can be” (Robert Zubrin) It has been 13 long years since we first experienced load shedding in 2007. Since then,Read More →
A Basic Guide to PAYE and Four Common Mistakes
“The point to remember is that what the government gives it must first take away” John S. Coleman If it weren’t for the PAYE system, which forces employees to payRead More →
POPIA and Your Business: A Practical 5-Step Action Plan to Implement Now
“By failing to prepare you are preparing to fail” (Benjamin Franklin) The media is awash with warnings about the dangers of not complying with POPIA (the Protection of Personal InformationRead More →
Where does Fairness Belong in Your Business and Why Should You Care?
Many decisions are made on the basis of careful research and considerations about a variety of issues. Not all these deliberations will necessarily turn out to be correct. That inRead More →
MORE RISKS TO TAXPAYERS!
In the 2021/2022 Budget Speech delivered on 24 February 2021, the Minister of Finance stated: “We owe a lot of people a lot of money. We must shore up ourRead More →
Equipment Rental Finance Applications On The Rise
MediCoop started to market equipment rental finance in January 2019. Despite the challenges of Covid-19, the cooperative has concluded transactions across various disciplines. The equipment rental model allows the practitionerRead More →
Selected for SARS Verification or Audit? Here’s What to Expect… and What to Do
“Is there a phrase in the English language more fraught with menace than a tax audit?” (Erica Jong, American novelist) A number of recent tax developments strongly indicate that taxpayersRead More →
Raising Small Business Finance in 2021: 5 Common Mistakes with a High Impact
“Designing a presentation without an audience in mind is like writing a love letter and addressing it ‘to whom it may concern” – Ken Haemer In these challenging times, raisingRead More →
Leadership, Ethics and Governance: The Benefits for Your Business
The European (and South African) authorities (refer to governance codes below) opted for a principles-based approach. However, governance cannot be truly effective without the integrity of purpose and actions which drive theRead More →
SMME Owners: Your Training and Education Will Boost Your Business
“An investment in knowledge pays the best interest,” (American politician and inventor, Benjamin Franklin) Most SMMEs (Small, Medium and Micro Enterprises) in South Africa fold in the first two yearsRead More →
Employers: Compensation Fund Return of Earnings Deadline Extended
The Compensation for Occupational Injuries and Diseases Act (COIDA) provides a statutory insurance policy for your employees and pays them compensation if they are killed, injured, disabled or contract anRead More →
Budget 2021: What It Means to You
“Hope is being able to see that there is light despite all of the darkness.” (Archbishop Emeritus Desmond Tutu) It was with a sense of trepidation that South Africans awaitedRead More →
Budget 2021: Your Tax Tables and Tax Calculator
How much will you be paying in income tax, petrol and sin taxes? Use Fin 24’s four-step Budget Calculator here to find out. Have a look at the tax tables below forRead More →
3 Survival Tips for Your Small Business In 2021: Little Things with A High Impact
“If we believe that tomorrow will be better, we can bear a hardship today” (Thích Nhất Hạnh) According to a press release issued this year by the World Bank, theRead More →
The Department of Small Business Development’s Lifelines to Suffocating SMMEs
“It’s been said that government doesn’t create jobs, business does. For the most part, this is true. But government creates the environment in which businesses can excel and expand” (AmericanRead More →
New National Minimum Wage and Earnings Thresholds From 1 March 2021
(N.B. The increases highlighted below are extracted from the Employment and Labour Minister’s announcement of 9 February 2021, and emphasis has been supplied where helpful in enabling quick identification ofRead More →
DO YOU HAVE A GOOD RELATIONSHIP WITH YOUR ACCOUNTANT OR TAX CONSULTANT?
We all know that successful businesses rely upon good relations with their suppliers. In the past, smaller businesses have tended to focus on their relationships with all kinds of suppliersRead More →
Provisional Income Tax Due 26 February: Do’s and Don’ts for Companies
“The only thing that hurts more than paying an income tax is not having [an income on which] to pay an income tax” (Thomas Dewar) Provisional tax is not aRead More →
Sales Reps Are the Lifeblood of Your Business – 10 Interview Questions To Ask
“Sales are contingent upon the attitude of the salesman – not the attitude of the prospect” (W. Clement Stone) With the world experiencing its toughest business environment in decades, yourRead More →
Independent Non-Executive Directors: A Value-Add for Your SME?
Many small and medium-sized enterprises (SMEs) are owned and managed by the founder(s), sometimes with the involvement of family members, and in the early stages of the life of aRead More →
How to Find and Secure Tenders for Your Small Business – 5 Expert Tips
“There are no secrets to success. It is the result of preparation, hard work and learning from failure” (Colin Powell) The obvious starting points to securing tenders would be theRead More →
Companies: How to Manage Your Greater Tax Risk in 2021
“If you think compliance is expensive – try non-compliance.” (Paul McNulty, former US Deputy Attorney General) The extent of corporate taxes – from income tax, employment taxes and value addedRead More →
Five Mistakes to Avoid When Investing Offshore
“An investment in knowledge pays the best interest” (Benjamin Franklin) It can be tempting to look at South Africa and the bad news that seems to hit us like freightRead More →
What Should You Do If a Creditor Tries to Liquidate Your Business?
Due to the recession, there are a rising number of local companies in financial distress and facing threats or applications from creditors to liquidate their businesses. The latest Statistics SouthRead More →
The Way Forward: More Virtual Meetings?
“Any sufficiently advanced technology is indistinguishable from magic” (Arthur C. Clarke, English science writer and inventor) Virtual meeting platforms have their pros and cons, but the standout advantages seem toRead More →
A Remote Working Danger: Independent Contractor or Employee?
The prevalence of remote working since the start of the national lockdown in March has brought to the fore the need to distinguish between an employee and an independent contractor.Read More →
Accounting Tips for SMMEs in a Rocketing Tax Future
“The avoidance of taxes is the only intellectual pursuit that carries any reward”: John Maynard Keynes While there are diverse reasons why SMMEs ultimately fail, financial mismanagement and poor performanceRead More →
6 Tips for Getting the Most from Your Tax-Free Savings Account
“He said that there was death and taxes, and taxes was worse, because at least death didn’t happen to you every year.” (Terry Pratchett, Reaper Man) Tax-free savings accounts (TFSAs)Read More →
Employees Working Abroad: How to Avoid Double Tax
“Every advantage has its tax.” (Ralph Waldo Emerson) The purpose of the foreign remuneration exemption, which was introduced in 2000, is to provide relief from any possible double tax thatRead More →
THE IMPORTANCE OF COMPLIANCE
It is no secret that the future of the Accounting Profession can no longer rest upon compliance work only. As systems evolve and become more automated, less importance is placedRead More →
Options in the aftermath of the COVID crisis
The shutdown of Planet Earth has caused not only a health crisis but also an unprecedented drop in economic activity, the extent of which we haven’t seen in recent history.Read More →
Avoid COVID and catch a tax break
The year 2020 has seen a drastic change in our lifestyle both professional and personal as the world tries to contain and control the COVID-19 outbreak. The most notable changeRead More →
Are You a Slave To Your Business?
While this article focuses on entrepreneurs, it applies equally to those following a career. A common trap for most entrepreneurs is to become bogged down in the daily operations ofRead More →
Don’t Lose Out This Tax Season (2019)
Bernard SchoemanRead More →
OMW…I was wrong!
So, you’ve made a mistake with your taxes and the revenue authority imposed a hefty understatement penalty. This misstatement could be as a result of a default in submitting aRead More →
What is Happening with Tax on Expats?
Expats working abroad are concerned by the proposals laid out by Treasury in 2017 on how such taxpayers should be taxed. The historical and current (2019) position is that SouthRead More →
The Tax Benefits of Bursaries/Scholarships for Employees
The challenge for any employer is how to keep their employees happy. There are many things an employer can consider, but, extra cash in the backpocket of any employee willRead More →
Do We Need a Tax Calculator?
The answer, without a doubt, is a resounding YES. For too long, practitioners have relied on the results kicked out by the online tax calculation facility on eFiling. It isRead More →
Interest Rates in 2019 – Which Way Will They Go and Why?
“Prediction is very difficult, especially if it is about the future” (Nils Bohr – Nobel Laureate) Normally the market and economic commentators react favourably to interest rate decisions of theRead More →
Directors’ Duties and Responsibilities!
Directors of companies enjoy a privileged position in that they are responsible for the running and administration of the entity entrusted to them. This includes being aware of the commonRead More →
Work-Life Balance in the Wave of Technology
Whoever imagined having a work-life balance has to admit that it hardly exists in any successful business today and at best, does not mean an equal balance. Some smart andRead More →
Don’t dare mess with the tax ecosystem!
We’ve entered an era where disclosure of foreign income to the taxman, is trending. In 1776, Adam Smith a Scottish philosopher and economist, wrote An Inquiry into the Nature andRead More →
SARS’ lifestyle audits dig deep to find hidden assets
SARS has the power to gather information to ensure that taxpayers have complied with their fiscal obligations. Besides, SARS may require taxpayers to submit documentation in substantiation of the taxRead More →
2018 SARS tax deadline is looming!
By now your personal tax filing is done and dusted and you have already received your refund from SARS. Right? We know that this best-case scenario may not necessarily beRead More →
Can your small business afford a professional to do the books?
The real question is – can you afford not to? Starting a business is an exciting prospect, after all, we know that being your own boss is the best. However,Read More →
Is the burden of Annual Financial Statements compliance overwhelming?
Contrary to popular belief, the compilation of Annual Financial Statements (AFS) of small businesses is not only necessary for a company’s tax compliance needs, but also a requirement of theRead More →
Minimise tax money through deductions
Tax legislation provides for an individual taxpayer to claim certain expenses incurred during a year of assessment against the income received. However, the type of expenses you can claim isRead More →
South African Crypto Tax in a Nutshell
While crypto trading and mining are prohibited in many countries, digital currency seems to be just taking off in South Africa, with President Cyril Ramaphosa announcing his support of the ideaRead More →
South African “expat” tax and you!
Currently, South Africans who work overseas must disclose all their income to SARS; however, they may then claim exemption on their employment income physically earned outside South Africa. The issueRead More →
What you need to know about South Africa’s current tax law
With no major new tax legislation making headlines in 2018, you may assume the tax laws are staying much the same. We however know that’s not quite true. It partRead More →
Tax tips for smart money people
From 1 July it’s that time again – when you must present your hard-earned…erm…earnings to SARS and hope for a return somewhere between a pair of Froggies and a pairRead More →
Complex tax or tax complications? Done.
Tax by its very nature is complicated. Yet if you thought the South African tax system is difficult to navigate, think again. According to the Financial Complexity Index for 2017,Read More →
Tax: simply sorted
Important notice: 2018’s (shorter) tax filing season is here and this year you have 18 days less to submit your tax returns, with tax season now open for filing fromRead More →
Financial IQ beyond tax
Between 1 July and 31 October, anyone who earns a salary or whose salary is structured with benefits such as a travel allowance, provident fund or medical aid have toRead More →
How to Grow Your Business – Top Tip # 12 – Work hard or Work smart?
In this, the last part of a series of tips of how to grow your business, I deal with “working hard versus working smart” to achieve success, in fact, IRead More →
How to Grow Your Business – Top Tip # 11 – Find yourself a Mentor
Did you know that 75% of business owners admit that they should have consulted an expert at an earlier stage of their business journey? Many have admitted that they eitherRead More →
How to Grow Your Business – Top Tip # 10 – Have a Brand strategy
The brand of your business is not just a visual representation of your products or services; it is the essence of your business. It represents your core business, which, asideRead More →
What to do if you have no IRP5/IT3a certificate?
By the end of May each year every employer is meant to have uploaded the IRP5/IT3a certificates of their employees to SARS via the EMP501 reconciliation process. For this reasonRead More →
How to Grow Your Business – Top Tip # 8 – Exceed Expectations
In today’s competitive business environment, meeting your clients’ expectations just isn’t good enough. The golden rule is to listen to what your clients need and then give them more. TheyRead More →
IS BITCOIN / CRYPTOCURRENCY A CURRENCY LIKE $ OR RANDS?
Bitcoin / Cryptocurrency- I hold Bitcoin / Cryptocurrency in a Bitcoin / Cryptocurrency wallet and exchange them for another currency (Rands) when I arrive in South Africa to pay forRead More →
How to Grow Your Business – Top Tip #9 – Look Ahead and Keep Focus
There’s a saying that goes, “Don’t look back, you’ll miss what’s in front of you.” Don’t keep looking back at setbacks, always move on and focus on what lies ahead.Read More →
How to Grow Your Business – Top Tip # 7 – Take Action
The conventional wisdom about entrepreneurs, is that following the textbook approach to entrepreneurial success is your biggest mistake of all. Well known entrepreneurs have created products & services that we’veRead More →
How to Grow Your Business – Top Tip # 6 – React to What the Market Wants
Customers want to associate with the person behind the business product or service. Share your journey, vision, goals and personal story of inspiration. They will reward your personal attention toRead More →
Who May File a Tax Return?
The Tax Administration Act now requires tax practitioners to register with a recognised controlling body and with SARS. This means that only the following parties may legally submit a taxRead More →
How to Grow Your Business – Top Tip # 5 – Is this really to make money or to do the good?
Supporting the duty of care, renders big benefits for any business. Just as we choose to associate with good people in our lives, customers like to associate with good companies.Read More →
All you Need to Know about the EMP501 Reconciliation Process
The process of submitting the EMP501 reconciliations to SARS does not have to be complicated as long as you know how. Let’s start at the beginning… Who Should Register forRead More →
What are Payroll Taxes?
Employees may find that their payslips reflect various deductions. Some deductions are for loans or advances they took during the month or an earlier period. Some may be for contributions toRead More →
How to Grow Your Business – Top Tip #4 – Be the Focus of Your Customers’ Attention
Research has shown that the average person may have up to five social media accounts and spend 100 minutes a day on various forms of social media. So, don’t beRead More →
A ‘Growth Mindset’ versus A ‘Fixed Mindset’ in Business
A ‘growth mindset’ person A ‘growth intelligence mindset’ person seeks challenges and believes that failure is not a proof of unintelligence but an encouraging springboard for growth and development. ARead More →
How to Grow Your Business – Top Tip #3 – Take Risks
As business people often say, “There is no perfect road or one less travelled on.” Take a chance and push those boundaries, it is the best way to learn aboutRead More →
How to Grow Your Business – Top Tip #2 – Create Value
You need to spend your time, energy and resources on something that creates and delivers value. Remember, it’s whether your customers find value in what you offer. Value in thisRead More →
Do We Need All These Taxes?
It goes without saying that Governments require their citizens to pay tax in order to contribute to the development of the country. The question of how much tax to payRead More →
The Digital Economy – An Opportunity or a Threat for Business Executives?
Yet most of those executives are shying away from such a challenge. According to a recent study by MIT Sloan and Capgemini, only 15% of CEOs are executing a digital strategy, evenRead More →
How to Grow Your Business – Top Tip #1 – Back Your Own Strengths
Be brutally honest and acknowledge your specific personal weaknesses. Then surround yourself with the right people to balance those weaknesses with their own specific strengths. You can’t do it allRead More →
Is there a fail proof recipe for success in starting a new business?
But then finding the right “ingredients”, a good and well-tried recipe together with the effort that it will take, can turn an opportunity into a successful and sustainable business. TheRead More →
Questions to Ask When Choosing an Online Payroll Provider
The problems experienced in old-fashioned payroll systems are well documented. Locating employment contracts, making manual errors and reporting inadequacies are but a few to mention. So, given that we areRead More →
Are the Current Approaches to Strategy Really in Need of ‘Revolutionary’ Change?
Flow from IoT in the next 10 years, B2B applications will account for approximately 70% of the value. Global dimension, and emerging markets, whose manufacturing-intensive economies often flow to finalRead More →
Using the Right Tools in Your Job
It’s often surprising to see how little business owners and employees invest in the tools available to them. Perhaps they have devoted a great deal to their education/qualification, yet theyRead More →
When Can You Deduct Home Office Expenses?
The working landscape has changed. More employees than ever before work from home in order to avoid time wasted commuting to/from the office. People working for themselves also elect thisRead More →
Big Brother is Watching You!
A lot has been written for example, “The Best Way To Become Rich Is By Trading Using This Cryptocurrency” by http://cryptocurry.com and many others to the extent that it has now becomeRead More →
When Should I Register a Trust?
People have registered trusts in the past for various reasons. At one stage, it was even fashionable in SA to register a trading trust which operated just like any business. Read More →
Is Your Business Geared for XBRL?
What is XBRL? “What barcoding did for products is what XBRL will do for financial information – Consistency and uniformity in financial reporting is key for our future” – ServiceRead More →
Unfair Tax on People Working Abroad
Many South Africans today, make a living of working offshore, for various reasons that I will not elaborate on in this article. People more and more work in countries whereRead More →
Cyberspace Challenges the Physical Presence Test (Tax)
Bill Gates, the entrepreneur, philanthropist and co-founder of Microsoft, warned in December 2000 that “The Internet will have (a) profound effect on the way we work, live and learn” andRead More →
Cloud Accounting Software – Reasons why you need a Professional Accountant
The introduction of cloud accounting software has caused quite a disruption in the accounting industry. Many small business owners believe that it is a luxury to have a professional accountant.Read More →
Accounting and Bookkeeping Tips for Small Businesses
Separate Your Income and Expenses from Business Income and Expenses If you are an individual freelance contract worker and pay provisional tax, it becomes essential to keep your personal expensesRead More →
The Business Setup and Registration Process in Compliance with SA Laws
Though it is possible to register the business at CIPC without assistance from tax practitioners and accountants, it is certainly not recommended. Knowing exactly which documentation is required, how toRead More →
The Basics of How to Register a Business in South Africa
Instructions on how to register a business are shared below to make the process a bit easier. However, should you want professional assistance or simply prefer the convenience and efficiencyRead More →
Business Plans!
A well-drafted business plan has the following advantages for your business: It provides a detailed understanding of how your business works. It helps you to monitor progress in your business.Read More →
Venture Capital Companies and Section 12J
Section 12J was introduced in 2009 already, but, following changes to legislation in 2014, it has started gaining momentum. This section now allows for a 100% write-off of any investmentRead More →
Are you using your accountant as you ought to?
Business owners often see their accountant as a person who helps them to prepare their financial statements and may even have a begrudging attitude for this function. We have seen the radicalRead More →
The Importance of a Tax Calculation
As at today’s date individuals who work for a single employer and who have no other income e.g. from investments are not required to submit a tax return if theirRead More →
Do You Need a Payroll System?
SARS has come to realise that one way of tightening controls over the collection of employees tax is through their annual and bi-annual PAYE reconciliations (EMP501 process). This has ledRead More →
Change Management
Let’s look at these stages in more detail: Unfreeze: The first stage of the process of change per Lewin’s method involves the preparation for the change. This means that atRead More →
The Difference Between a Puzzle and a Problem
However, when faced with a problem, it is often difficult to visualize the outcome. In fact, the result could be very different from what one anticipates or expects. One mayRead More →
Tax Exemption on Foreign Earnings
The main change is that “the first R1 million of foreign remuneration to be exempt from tax in South Africa if the individual is outside of the Republic for moreRead More →
Non-Compliance of a Tax Client
Although a taxpayer may make use of a tax practitioner, the ultimate responsibility still rests with the taxpayer to ensure that its tax affairs are in order. The only instanceRead More →