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Five Tax savings tips that will save your business money!

by , 18 September 2015
Do you despise paying the amount of tax you do?

There seems to be tax on everything - tax on our income, tax on things we buy, tax when we fill up with petrol, even tax when we pass away!

And with the cost of living it's made it harder for businesses to survive.
So we're all fed up!

That's why today, I have some good news for you. I have five ways you can save on your tax bill.

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Structure your business correctly

The way you set up your company or close corporation has significant implications for your business and how much tax you'll pay.
Some small businesses still trade as sole traders or partnerships, but the majority would actually pay less tax if they converted to a company.

They key to structure your business to can take full advantage of the tax saving benefits of a small business corporation is the following:
  • An annual turnover not more than R 20 million;
  • Not more than 20% of revenue derived from investment income or personal services;
  • Shareholders or members are natural persons; and
  • Members don't own shares or members interest in any other company or close corporation.
Out of pocket expenses

Out-of-pocket expenses are one of the most overlooked deductions that accountants have observed, followed by motor expenses. So save those receipts for coffee shop, lunch, parking and cell phone airtime. This will all add up at the end.

Did you know your business could write interest as a deduction? Read on for two other tax savings tips.


99 Tricks and tips to minimise your tax!

Safe solutions to the most current controversial tax issues!

I've had a number of queries from your colleagues from other companies who've come across challenging tax situations they've encountered in their day-to-day tax role.

We've used our network of top tax experts, people with weight in SARS, to give us the solutions. Do you want to know what these solutions are?

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Travel allowances or use of a company car

Which is better? If your company buys a company car and get taxed on the fringe benefit or you personally buy a car and incorporate a travel allowance?

In most situations, a travel allowance wins but this is all determined on the value of the car, kilometres, and how many kilometres is business related.

Charge interest

Businesses should owe money to it business owner. You can write off interest as a business expense on your company tax return and get a bigger tax deduction. So the first R23,800 your business pays you in interest is tax free!

Let your business pay your commission

As a business owner you can structure your members or directors salaries to incorporate commission instead of a salary. Remember no expenses are deductible against salary, other than a retirement annuity contributions, but expenses are deductible against commission income.

P.S. Learn how to legally pay less tax, I'll give you 139 reasons SARS doesn't want you to see this. Click here to find out more

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