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Use this tip to beat the taxman when it comes to your company's taxes

by , 20 October 2014
Everyone wants to be able to stick it to the taxman. After all, no one likes giving their money to SARS. But what if I told you there's a way you can legally beat him.

How?

By getting him to give you some of your company's money back.

No, this doesn't involve hacking banks accounts or an 'Italian Job' style heist.

Keep reading and I'll give you the best tip on how to do this...

 

This tip will help you get your money back from SARS and beat the taxman

 
Tip: Claim company tax deductions and allowances! There are 47 of these allowances and deductions you could claim to get your money back.
 
It's totally legal and it's easy. 
 
Here are two of the most common allowances and deductions you can use in your company.
 
*********** Reader's choice  ***************
 
How many of the tax allowances and deductions available to your business do you actually use? 
 
Every business has the potential to save thousands of rands every year, but very few make the most of this potential. 
 
 
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1. General business expenses
As you run your business, you incur general expenses. You can actually get SARS to give you the money back for these. 
 
For example, if you buy a new laptop for the purpose of running your company, you can claim the cost of that laptop back. You can do this by claiming depreciation on the laptop. If it's less than R7 000, you can claim the full amount back at the end of that tax year. 
 
2. Gifts and prize money
If you like to woo clients by showering them with gifts, you can actually claim this as a marketing expense. After all, you incurred that expense while trying to bring in new business.
 
If you want to find out about the other 45 allowances and deductions, check out 47 Allowance and Deductions. It has everything you need to know about claiming your money back from SARS legally.
 

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