- How an ATR from SARS could keep you clear of tax penalties
- Our new tax ombud, retired Judge Bernard Ngoepe, has resolved his first case already, one involving Vat. He's pleased with this positive start he's gotten off to, and he's quick to point out that his role is to deal with service issues, not with issues of tax law interpretation.
If, on the other hand, you need clarity on your interpretation of tax law, you can ask SARS for an Advance Tax Rulin... ››› more
- [19 November 2013]
- Are you using the most tax-efficient method to depreciate your business assets?
- Hopefully, you depreciate your company's assets, allowing you to claim back wear and tear allowances from SARS. But not all methods of depreciation are efficient... The tax gurus at the Practical Tax Loose Leaf explain how to depreciate assets using a tax-efficient method. Take a look!
There are two methods of depreciation:
Let's look at... ››› more
- [14 November 2013]
- Do you know the difference between a travel allowance and a travel reimbursement allowance?
- You don't want to get any tax penalties for using the wrong form or travel allowance - or using the allowance incorrectly. Do you know when you should offer a travel allowance, or a reimbursive allowance? And how much to pay in each case? If not, you could be giving employees the wrong type of allowance, and get SARS's attention - the wrong way! The tax experts at the Practical Tax Loose Leaf expl... ››› more
- [13 November 2013]
- Got any suggestions for the improvement of small business tax aids?
- On 17 July 2013, our Minister of Finance publicised the names of the members of the Davis Tax Committee (DTC) - a committee that considers the objectives of the National Development Plan and then considers how we can make changes to tax laws and concessions, to facilitate the achievement of those objectives. Here's what it means for your small business... Entrepreneurship is seen as a key driver i... ››› more
- [11 November 2013]
- Why Prince Charles is happy the taxman isn't looking at his bank account...
- If the UK's Parliament's Public Accounts Committee has its way, Prince Charles may see his multimillion pound income under the tax microscope. He earns a vast income from the Duchy of Cornwall estate, which he uses to pay for his private and public activities. But the estate pays no corporation tax and no CGT either. And lawmakers in Britain think it should. Locally, SARS has made it clear it alre... ››› more
- [07 November 2013]
- Get back 25% of the bad debts you've incurred in the last year, thanks to this SARS tax allowance
- As the end of the year approaches, small businesses are going to great lengths to chase up outstanding amounts from clients and customers. Some debts will be nigh-impossible to recover, unfortunately that means your cashflow could suffer. But there's good news. You could claim a doubtful debt allowance, by deducting 25% of the debts.... Here's what the experts at the Practical Tax Loose Leaf have ... ››› more
- [05 November 2013]
- The benefits of helping your employees with their personal tax returns
- Tax is not exactly the fun part of running a business. In fact, most managers don't like to think about company tax too much - not to mention IRP5s and their staff's personal tax returns. But if you give this topic a little bit of attention, you could give your entire business a big boost. Here's why... Having a small seminar on personal tax returns isn't exactly standard industry practice. But he... ››› more
- [28 August 2013]
- WARNING: If you help your employee with medical bills, you might be in trouble with SARS!
- An employer who helps their worker with much-needed hospital bills is a Good Samaritan, right? That's not what SARS thinks! Whether you pay for an employee's prescription or set up a flu vaccine drive in your office, SARS might penalise you if you don't tax these things correctly. Find out how to get SARS off your back for helping your employees with their medical bills... SARS doesn't have a cons... ››› more
- [29 July 2013]
- Will your company qualify for a tax deduction on your losses this year? Read on and find out...
- It's been a tough year for many economic sectors, and your business may be suffering. Come next company tax season, you can give your business a welcome break from SARS by deducting your company's losses and expenditures. Here are the requirements to qualify for a tax deduction on business losses... The Practical Tax Handbook reveals these easy ways to check if your business can qualify for a dedu... ››› more
- [19 July 2013]
- From medical aid deductions to medical tax credits - get 2013's new tax laws right and SARS will pay up!
- Read this before you file your tax return! Every year, SARS tries to throw a wrench in the workings of personal tax season, so it doesn't have to pay up to hardworking taxpayers like you! In 2013, the big new change has been in the realm of medical aid deductions to medical tax credit. Find out how our FSP Business tax experts have decoded this mystery once and for all... It seems like SARS puts t... ››› more
- [16 July 2013]
- Top tax tip! Here's how to use the company car, tax-free...
- Do you sometimes use your company car for personal reasons? If you answered 'yes' there's great news for you: You don't have to pay tax on that fringe benefit if your use falls under these simple rules. Filling out your tax return can be stressful, but we've got a simple tip that could give you a big chunk of your taxes back!
And it all has to do with a great business perk: A company car.
Do... ››› more
- [11 July 2013]
- Use this ten-point checklist to stay out of trouble with SARS when filling in your employee's IRP5 forms
- 'Sir, there have been some inconsistencies in the IRP5 forms of your employees. We at SARS have decided to audit your company, and if we don't like what we find... well, I hope you have astronomical sums of money lying around to pay the fines.' Nobody wants to receive that phone call! Don't put a target on your business, because SARS would love to shoot it down. Use this simple checklist to ensure... ››› more
- [10 July 2013]