- Avoid a 10% penalty by knowing how to tax an independent contractor correctly
- Employers often think they're dealing with an independent contractor as opposed to an employee, so they don't deduct any tax from his pay. You only deduct employees' taxes from the remuneration you pay to employees. But, if your 'independent contractor' is actually an employee, SARS will slap you with a 10% penalty for under deducting PAYE! Let's look at 4 easy ways to tell if a contractor truly i... ››› more
- [15 November 2016]
- 13 Easy steps to help you complete your provisional tax return by the 31 August 2016 deadline
- The 31 August 2016 provisional tax (PVT) payment deadline is just around the corner. As you know you have to take the time to go through your calculations to make sure you're paying the right amount to avoid penalties from SARS.
If you missed our last article on how to calculate your provisional tax payment, find out here.
All you need to do now is prepare your return to file by the 31st of A... ››› more
- [18 August 2016]
- The earnings threshold has changed. Check if you still need to complete a tax return
- Tax season is open and you can now submit your income tax return (ITR12) to SARS.
But SARS has changed the earnings threshold on who should submit a tax return, and who should even pay taxes at all.
So make sure you know SARS' expectations and tax return deadlines to make sure you're compliant.
Here's what you need to know...
SARS will give y... ››› more
- [27 July 2015]
- Avoid a SARS audit, include these nine transaction details on your ITR12T form
- SARS has tightened its belt on tax returns for Trusts. Last year, it released the new ITR12T form specifically for Trusts.
This means SARS requires more details from you than ever before. One section on the form requires specific details of the transactions within your Trust. If you fail to provide these, your Trust could be in line for a full audit from SARS.
To avoid that stress, make su... ››› more
- [08 July 2015]
- SARS will give you feedback on your bulk ITREG registrations - here's how
- Remember those times when you had to register employees one at a time? Those days are long gone. You can now use the ITREG to register them in bulk!
Moreover, whenever you complete an ITREG form on e@syFile, SARS will process it and then send you a notice in return.
This notice will tell you the results of the registration, so you'll know who couldn't be registered and why.
Today we want ... ››› more
- [09 June 2015]
- Nine key considerations to give you maximum tax saving when you sign on an expatriate
- We're suffering a severe skills drought. Everyone is complaining about how hard it is to find and keep good, skilled staff, and I've no doubt you find yourself in the same boat.
The short-term solution is to search for skills abroad. The problem is expatriates don't come cheap.
Here are nine points to consider to guarantee that your recruitment efforts are cost effective and compliant with ... ››› more
- [02 June 2015]
- Don't walk into a SARS payroll audit blindly - know the right answers to these 11 questions
- Get just one wrong and you're asking for an audit...and SARS is happy to oblige.
You might think that if you pay your taxes and SARS has never queried anything with you before, then you're safe from an audit. SARS also does random and cyclical audits.
Daily, countless taxpayers receive their notice of pending audit.
SARS' approach is based on a simple formula. They ask you questions. Yo... ››› more
- [26 May 2015]
- Financing for the SA businesses: Owners should look for non-bank lenders!
- South Africa's economy indicates a challenging year for businesses. And that means your business may have to change it focus. Especially when it comes to financing.
Banks are most likely to apply more rigid rules when it comes about requirements for financing from business owners. But that doesn't mean you don't have options...
Are banks still the best places for SA businesses to get financi... ››› more
- [31 March 2015]
- How SARS treats variable remuneration when it comes to your employees' tax
- Today we'll have a quick look at how SARS treats variable remuneration employees tax.
This article will deal specifically with variable remuneration, such as salaries, overtime pay, bonuses, commission, travel allowance and wages that aren't regular or of a fixed amount.
Here's how SARS treats variable remuneration employees tax:
Section 7B of the Income Tax Act effects your PAYE calculat... ››› more
- [25 March 2015]
- Here's how can you make SARS accept your late objection
- Believe it or not, it is possible to make SARS accept your late objection when it comes to taxes. This is good news for every company and that's why we want to give you the reasons you can use to make SARS revisit its initial decision.
Here are the things SARS considers when it decides to accept a late tax objection
1. Prospect of success on the merits;
2. The reason for the delay; and
3. ... ››› more
- [25 March 2015]
- Tax deduction secret: How to get free advertising for your business!
- Of course, as you already know, you need to advertise your business to attract customers and make money. You also know that advertising is expensive.
That's why today we're sharing a tip on tax deductions and free advertising!
When is advertising tax free?
As long as it's incurred in the production of income and isn't of a capital nature, (for examplethe actual screening costs of TV and rad... ››› more
- [24 March 2015]
- Everything you need to know about the income tax consequences on trading stock and allowance assets
- Today, we're taking a look at what you need to know about the income tax consequences on trading stock and allowance assets when transferring assets to your company. Take a look below so you know which rules apply to your situation:
Income tax differs depeneding on whether you're transferring trading stock or an allowance asset
Trading stock: The transfer of trading stock is deemed to be at ... ››› more
- [20 March 2015]