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  • Facing a Vat audit? Make sure you have these ten financial records at hand...
  • Facing a Vat audit? Make sure you have these ten financial records at hand...
    Nothing causes more panic in a business owner than receiving notice from SARS that your business faces a Vat audit. But most of the panic comes from uncertainty of what to expect. You may not even have done anything wrong, so don't worry. Your Vat audit may have been triggered simply because your accountant entered a zero in the wrong spot on your Vat return. In the mean time, here are ten fin... ››› Read more
  • [24 January 2017]
  • Four performance management activities to make your job easier
  • Four performance management activities to make your job easier
    I had some very interesting discussions with a client over the past month about the challenges of managing performance. He was complaining that it's very time intensive to stand over each of his employees, checking they're doing their job. He isn't getting his own work done and he's getting more and more despondent as time goes on.   Luckily for my client there is help at hand and we're implemen... ››› Read more
  • [24 January 2017]
  • Test your fire drill or emergency evacuation alarm today!
  • Test your fire drill or emergency evacuation alarm today!
    There's been a spate of office fires and entire warehouses burning down lately. Luckily, thanks to fast-working rescue teams, there've been very few injuries from these fires as employees have been evacuated quickly. If this happens at your office, will you be able to evacuate your staff efficiently? Here's how to ensure employees respond quickly when your emergency evacuation alarm sounds... *... ››› Read more
  • [23 January 2017]
  • Preparing for CCMA conciliation? Here's what to consider when it comes to costs
  • Preparing for CCMA conciliation? Here's what to consider when it comes to costs
    Conciliation is a process that takes place at the CCMA and at bargaining councils. It's a negotiation process where parties try to reach a settlement agreement to resolve the dispute. A CCMA commissioner (conciliator) facilitates this attempt to reach an 'out of court' settlement. One of the things you must do when preparing for CCMA conciliation is to consider how much this process will cos... ››› Read more
  • [23 January 2017]
  • Two instances where SARS won't give you a Vat refund
  • Two instances where SARS won't give you a Vat refund
    Every Vat vendor knows that when their input tax exceeds their output tax, SARS owes them a Vat refund. Perhaps the reason most vendors know this is because Vat refunds play an important part to ease the cash flows in their business. Everyone likes to have a little cash injection coming their way. What you may not know however is, there are two instances where SARS won't give you a Vat refun... ››› Read more
  • [21 January 2017]
  • What does 'ring-fencing of assessed losses' mean and how does it affect you?
  • What does 'ring-fencing of assessed losses' mean and how does it affect you?
    Do you have a side business that you declare and claim losses for on your tax return? If so, beware! You may be caught out under the ring-fencing rules of Section 20A of the Income Tax Act (ITA). But what does ring-fencing of assessed losses actually mean? Read on to find out... If you're not sure what 'ring-fencing of assessed losses' means, don't fret. The Practical Tax Loose Leaf Service has... ››› Read more
  • [20 January 2017]
  • The one document that will protect you from a SARS field audit
  • A notification from SARS lands in your inbox. You're being audited. And not just any audit. A field audit... So what now? Well, ordinarily, you'd have to stop everything you're doing and prepare for your audit. Look for documents, pull your finance team away from their busy workload, just to make sure you have everything ready for SARS when they pitch up at your door. But wait... You d... ››› Read more
  • [19 January 2017]
  • How to reduce your VAT with business travel input tax claims
  • My friend Gordon is one of the directors of an outsourced training company. He's always flying around the country to present training for his company's clients, and often goes on training courses overseas. He asked me which portion of his travel, subsistence and accommodation costs his company can claim back as input tax, because he doesn't receive a regular subsistence allowance. He simply kee... ››› Read more
  • [19 January 2017]
  • Two ways to reduce your capital gains tax when you sell an asset
  • Every time your business sells, donates or scraps an asset, for gain, SARS takes some of your money as capital gains tax. And this chunk gets bigger every year. In 2015 if you sold an asset you would have paid 18.65% tax on it. In 2016, the current tax year, you stand to pay 22.4%. That's a 3.75% increase in just one year. Let me put that into perspective for you and show you a way to ... ››› Read more
  • [19 January 2017]

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