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Four more tax savings tips that will save your business money!

by , 25 September 2015
Last week, I gave you five tax tips to save your business money.

The feedback we got from this article was phenomenal, so I decided to do some more digging to find you another tax saving tips.

So by using these additional, simple tax saving tips, you could save your business thousands!
Don't miss out.

Read on for the four more ways your business can save on tax.

Click here to raed last weeks, five tax tips to save your business money article. 

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Dividend vs bonus

If the salary paid to you falls within the 25% or 40% tax bracket, paying a production bonus wins over a distributing a dividend. But if your business qualifies as a small business corporation then you'll receive an even greater tax saving if you distribute a dividend instead of paying a bonus.

Untaken leave

Your employee contracts should comply with The Basic Conditions of Employment Act. So annual leave can be taken up to six months after annual leave cycle.

So ensure your business claims outstanding leave as a deduction for pay at the end of the financial year.
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Turn household bills as potential tax deductions

If you work from home and have a dedicated office area for your business, then you can write off part of your rent, insurance costs and utility bills on your business return to get more tax deductions. Don't forget to write off a portion of your internet and landline bills if you use them for business purposes.

Turnover Tax

To qualify you need an annual turnover of under R1 million and you can trade in either a company or as a sole proprietor to qualify. The upside of turnover tax for individuals is the requirements of bookkeeping and accounting are done away with. But for close corporation and companies they required by legislation to perform proper record keeping.

P.S. Legally pay less tax. I'll give you 139 reasons SARS doesn't want you to see this. Click here on how 

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