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Allowances

Do you know what to include when you calculate leave pay?
Leave is one of those subjects that causes the most employment headaches Sure you know the basics but do you really know the nitty gritty. If you don't you could end up making expensive mistakes. The good news these mistakes are pretty easy to avoid. Read on to discover what include in your leave pay calculation so you can calculate, account for and manage leave correctly and avoid SARS penalties.... ››› more
[14 October 2013]

Can I deduct the cost of a new laptop for my business?
There's nothing better than getting money back from SARS. And let's face it, we all want money back. The challenge is keeping track all the little unknown expenses you can legally deduct to get SARS to put more money into your bank account. For example, did you know you can claim the cost of new laptops for your business?... ››› more
[08 October 2013]

Calculate sick leave pay correctly and avoid the CCMA
You might think you're calculating the sick leave pay for your staff correctly. But are you 100% sure your calculations are right? If they aren't, an employee could take you to the CCMA if he finds fault with your processes.... ››› more
[25 September 2013]

Are you sure your employment contracts are legally compliant?
An employment contract's only binding and enforceable when there's been an agreement. This means you've made an offer to the employee in writing, and he's accepted it in writing. To ensure SARS doesn't scrutinise your employment contracts, make sure your contracts meet these three legal tax obligations.... ››› more
[20 September 2013]

Setting up a doubtful debt policy? Be sure to include these four elements...
Collecting debt isn't easy. But if you can put the right policies in place early on, you'll have a very strong case for doubtful debt allowances. And that means you'll be able to write off bad debts and claim the tax benefit of doing so. To do this, make sure you have a doubtful debt policy that contains the following four elements...... ››› more
[09 September 2013]

How to find and insure your company's keyman
A keyman is someone your business critically depends on for success. The truth is that there are always going to be those 'crucial' people your business would struggle without. Here's how to find them and how to make sure your business can survive losing them...... ››› more
[02 September 2013]

Employee travel allowances: How to award, tax and record them correctly
Travel expense claims and deductions are one of the most common triggers for a SARS audit. If your business doesn't award, tax and record employee travel allowances correctly, SARS will pick up the errors. You'll be audited and forced to pay penalties for non-compliance. That's a risk you can't afford to take. Read on to find out when to give your employee a travel allowance and how to tax it correctly so you can comply.... ››› more
[28 August 2013]

It's a SARS requirement: But do you know why employees must keep an accurate logbook?
If you give your employee a travel allowance to cover his business travel costs when he uses his own car, it's crucial he keeps an accurate log book. Here's why...... ››› more
[22 August 2013]

Can't get employee to keep an accurate logbook? Tell them this...
Do your employees think it's useless to keep an accurate logbook of their business travel? If so, tell them about how they can save thousands by maintaining theirs right...... ››› more
[22 August 2013]

As an entrepreneur, you've got dozens of things to think about: Products, clients, advertising, salaries, budgets... The list goes on and on. So it's no wonder that many entrepreneurs let their tax obligations slide - and then, when tax season arrives, it's a massive panic to get your documents in on time. Don't let that happen to you. Here are some tax tips you can use to get to grips with your company's tax requirements......
[14 August 2013]

Five input tax claims you're NOT allowed to make
Input tax is the Vat you pay your suppliers in the course of your business as well as Vat paid on goods you import. SARS allows you to claim the input tax for your relevant tax period when you complete your Vat return. While this is the case, there are input tax claims you aren't allowed to make. Read on to find out what they are so you can comply with SARS and avoid penalties.... ››› more
[06 August 2013]

Do you or your employees qualify for this R30 000 tax break?
R30 000 isn't exactly pocket change, but SARS is willing to give you a tax breaks under special circumstances. Read on to see if you qualify for these tax breaks.... ››› more
[02 August 2013]

Are your employment contracts in line with the requirements of the Income Tax Act?
You probably know that a watertight employment contract is as good as money in the bank. But did you know the Income Tax Act requires your employment contracts to meet certain requirements? Read on to find out what these requirements are so you can comply.... ››› more
[30 July 2013]

Is your company making this common travel allowance error?
Travel expense claims and deductions are one of the most common triggers for a SARS audit. If your company is making this one common travel allowance error, you can be sure SARS will pick up it. Read on to discover the one travel allowance error you must never make so your business can avoid non-compliance penalties.... ››› more
[30 July 2013]

Top tax tip! Here's how to use the company car, tax-free...
Do you sometimes use your company car for personal reasons? If you answered 'yes' there's great news for you: You don't have to pay tax on that fringe benefit if your use falls under these simple rules.... ››› more
[11 July 2013]

Use this ten-point checklist to stay out of trouble with SARS when filling in your employee's IRP5 forms
'Sir, there have been some inconsistencies in the IRP5 forms of your employees. We at SARS have decided to audit your company, and if we don't like what we find... well, I hope you have astronomical sums of money lying around to pay the fines.' Nobody wants to receive that phone call! Don't put a target on your business, because SARS would love to shoot it down. Use this simple checklist to ensure your business fills in the employee's IRP5 forms correctly.... ››› more
[10 July 2013]

Three little-known company tax breaks that will help you pay less tax
With personal tax season now upon us, everyone's got numbers on the brain. And while you may be a pro at maneuvering personal tax loopholes, did you know that there are just as many sneaky tax breaks on the company side of things? It's never too early to start thinking about how you'll beat that SARS demon. You'll be surprised how much you can save just with these three useful tax tips!... ››› more
[09 July 2013]

Strike season is in full swing! Use these six tips to respond when employees go on strike
According to News 24, the SA Transport and Allied Workers Union (Satawu) and the United Association of SA (Uasa) last week received permission from the CCMA to strike after a third round of talks deadlocked. The strike is expected to affect both the bus and the airline industry. At this stage, it remains unclear to what extent SAA's flights would be affected by the strike if 70% of their ground and cabin crew go on strike. And that's why SAA has said that, if the need arose, it would activate contingency plans 'to ensure business continuity'. Read on to discover six tips that'll help you respond effectively if your employees resort to strike action...... ››› more
[08 July 2013]

Jeremy donated his office computers to the local primary school, and SARS penalised him
Jeremy runs a successful retail shop in Melville. Business is picking up, and he's realised there's a need for him to upgrade all of his computers. He decides to give his old computers to the local primary school to teach computer literacy to the children.... ››› more
[04 July 2013]

Want to put cash back into your business? Find out which three company assets qualify for a scrapping allowance
SARS allows companies to claim a scrapping allowance on any business asset that has a useful life of less than ten years. In fact, you can also claim a scrapping allowance where you sell a company asset, lose the asset or if it's destroyed and the consideration you get for it is less than the net tax value. Read on to find out exactly when your company assets qualify for this allowance so you can put some money back into your business.... ››› more
[02 July 2013]

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