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Three situations where SARS is here to help your business!

by , 17 June 2014
Running a business is stressful! You have a hundred bills to pay. Some months you come out rolling in dough, other months, you're scratching for coins.

So when something goes really wrong, it can feel like the end of the world. Unfortunately, we can't suggest anything to help if your business has an insect infestation, but there are three situations where SARS will actually lend you a helping hand.

With the aid of these three tax deductions and allowances, you may be able to handle disasters a lot easier...

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12 Taxable fringe benefits - are you taking advantage of all of them?
There are hundreds of companies out there that don't know which fringe benefits are taxable or they land up taxing the wrong percentage on them... 
This kind of error could cost you thousands in penalties to SARS if it catches you out – and it will!

Did you know: SARS is here to help not hurt you?

You may have this image of SARS as a money hungry powerhouse. But this isn't a truthful picture of SARS. 
This because SARS will actually help you with deductions in these three situations:
We know this will feel like a massive financial loss, but you can use a scrapping allowance to lessen the blow. SARS gives you a tax allowance on an asset that no longer has any use which you want to scrap. 
This means, now that your company car is a useless squashed mess, you can claim a scrapping allowance on getting rid of it.
Let's say, someone stole all your stock. SARS would actually let you claim that loss as a deduction. The same goes for fire or damage. But there are certain rules, such as, you can't claim on fixed assets as they're capital in nature.
And the last situation is one a lot of business could use help with…
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Avoid costly tax issues

You no longer have to feel the weight of bad debt

If you offer a client credit of some kind, and then he doesn't pay, you'll find yourself in debt. Luckily, SARS lets you claim bad debt as a tax write- off.
You see, SARS isn't here to rob you blind; it's here to lend you a helping hand in your time of need. 

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