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We'll show you know how to always save money on your tax bill

by , 01 August 2014
Running a company is expensive and that goes for the tax you pay as well. It can all adds up rather quickly. When you add the growing tax bill to your other expenses, it all gets a bit much.

So how do you put a stop to this constantly growing financial burden?

It's simple really. You just have to reduce your tax bill with handy tax deductions.

Don't know how? We'll show you!

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Here are three handy tax deductions you can use to reduce your company's tax bill

 
The best way to save money on your tax bill is to make use of the common deductions you can always qualify for.
 
These are three of those:
 
 
Every business has assets and all of those assets depreciate. With a wear and tear allowance you can claim the asset depreciation off of your tax bill.
 
So if you have an asset worth R10 000 with a lifespan of three years, it depreciates at 33.33% each year. That's R3 333 you can claim off your company tax return.
 
 
Anytime you pay to have a business asset repaired, you can claim the cost of those repairs as a tax deduction. 
 
Just ensure these 'repairs' don't raise the value of your asset, otherwise it's an improvement and not a repair, which means you can't claim.
 
Travel allowances
 
If you give employees a travel allowance you can claim the amount as a tax deduction. Just ensure your employee keeps a logbook to support your claim, or SARS may get suspicious.
 
If you use any of these handy deductions you can reduce your tax bill to the level of a mild annoyance instead of horrifying financial disaster.
 
*********** Hot off the press  ************
 
Eight  ways to LEGALLY beat the taxman
 
There are a few CGT loopholes that can save you thousands of rands every single year and, in some cases, let you off the CGT hook completely… 
 
 
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