Five overlooked tax deductions to save you money!
It's the time of year when tax is on everyone's mind.
Tax season has kicked off and you're probably rushing to file your company's tax returns.
So if you're feeling stressed and under pressure, don't worry. I have some good news for you!
What if I told you that you could possibly save money on your taxes by claiming on five simple tax deductions from SARS?
Read on to find out what they are...
************Recommended for you************
Save thousands of Rands, and be in total control of your business taxes!
What's more, by understanding how SARS taxes and administers your business, you'll avoid penalties – saving your business even more money! And ensuring that your business has a squeaky clean record with SARS.
Click here to find out how you can with Turnover tax
1. Your company car
A lot of businesses don't take full advantage of tax deductions for the use of company cars. Like the fringe benefits allowance, cost of repairs and petrol costs. As long as the expenses incurred, derives from making an income for your business.
Click here to know how to tax the use of your company car.
2. Renovations to your company premises
SARS has changed the regulations making it easier to claim back part of the money you spend on renovations on your business, even if you're leasing. So there's no longer any need for a ton of paperwork or special agreements with your landlord.
Get the answers to these and 65 of the most frequently asked company car and travel allowance questions
How often your employees should hand in their logbooks?
If you have to pay Vat on a company car your employee wants to buy?
How to calculate travel allowances correctly to avoid being hunted down by SARS?
If you can claim input tax on a vehicle you use for company purposes?
Imagine how quickly you'll be able to calculate the fringe benefit for your company cars without making a single mistake when you have
Your Company Car and Travel Allowance Problem Solver at your disposal.
Learn more here
3. Intellectual property
You can claim part of the costs involved with an intellectual property you have from SARS. So any new logo, unique ideas or intellectual property produced you can claim part of. Even IP costs of up to R5 000 you can claim in full. But larger amounts are credited at five percent for patents and inventions and 10% for designs.
4. Research and development
Most companies don't claim in-house R&D. Some don't even know this is a tax-deductible expense.
You can claim on the following:
5. Turnover Tax
If you conduct scientific research, you can claim 150% of the costs. But you need to approve the research by the Department of Science and Technology first.
You can claim between 20% and 40% of the purchase price on any equipment you use for R&D.
If your business turns over less than R1 million annually, you reduce the hassle of calculating your returns and pay a fix amount of company tax.
Click here on everything you need to know about turnover tax
Don't pay thousands for a consultant to answer all your fringe benefit questions! Use these 77 answers to solve your fringe benefits headaches
Note: 5 of 1 vote