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Company Car

The correct way to allocate travel expenses when you charge clients
If you spend any money travelling to clients, you'll know that the expenses quickly rack up. Most companies charge their clients for these travel related costs. But do you know how to account for these in the best way, so you don't have to pay any additional charges on the amount? Have a look at this question we got on the Accounting and Tax club and the answer from our expert Alan Lewis, Tax Advocate.... ››› more
[29 November 2013]

You must charge output tax on these EIGHT fringe benefits - here's how
We all think that simple job perks are just that: Simple. But did you know that you should charge output tax on certain fringe benefits, or face penalties from SARS?... ››› more
[22 November 2013]

Three company car tax savers to shed thousands off your tax bill
Do you know you can shrink your company car tax bill? Do you know how to? If not, then spend five minutes reading this. I guarantee you'll save thousands off your company car tax bill. Read on to discover three company car tax savers.... ››› more
[14 November 2013]

Four steps to calculate the fringe benefit for rented company cars
Before 1 March 2013, you would have found it difficult to tax your employees for their use of permanently rented company cars. This is because it was almost impossible for you to get the true value of the car from the company you're renting the car from. I.e. the car company only gave you an estimate of the car's value. Now for the good news...... ››› more
[14 October 2013]

Company cars: Two unusual scenarios of private use and how to tax them correctly
If your employees use company cars, you'd better make sure you're taxing them correctly. If you don't, you're opening the door to a potential 10% tax penalty for under-deducting your employees' tax. Read on to discover the two unusual scenarios of company car private use and how to tax them correctly.... ››› more
[11 October 2013]

Use these four steps to tax your employee's private use of the company car
If you give your employee the use of a company car, then you'd better make sure you're taxing it correctly. If you don't, you're opening the door to a potential 10% tax penalty for under-deducting your employees' tax. Don't take that risk. Follow these four steps to ensure you tax employees' private use of the company car correctly.... ››› more
[30 September 2013]

When is a company car not a fringe benefit?
A company car is a car provided by your company for the business and sometimes private use of an employee. You probably know your employee's private use of the company car is a perk (a fringe benefit). And this means you must deduct PAYE on the value of the private kilometres, which your employee travels in the company car. But did you know there are instances where a company car won't qualify as a fringe benefit? Read on to find out what they are so you can comply.... ››› more
[30 September 2013]

Confused about when fringe benefits are taxable and when they aren't? Read this
According to a Sunday Times report, Northern Cape premier Sylvia Lucas used her official credit card to spend R53 159 on fast food during her first ten weeks in office. Now, the minister's office has reportedly defended this excessive spending of taxpayer's money, saying she was 'within her rights'. While ministers are governed by a ministerial handbook, this isn't the case in your business. That's why you need to take control of your fringe benefits. Read on to discover when fringe benefits are taxable and when they aren't to avoid penalties.... ››› more
[16 September 2013]

Company car vs. travel allowance: Which option is right for your business?
The choice between the company car and the travel allowance isn't an easy one to make. Each option carries tax pros and cons for your company and for your employee. If you don't understand the tax obligations and requirements linked to each, you'll find yourself in danger of tax penalties. Luckily, that's a risk you can avoid. Here are the pros and cons between the two...... ››› more
[11 September 2013]

22 people die in horrific crash in KZN! Use these methods to promote safety on the roads for your company drivers
At least 22 people have died in a horrific accident in Pinetown, in KwaZulu-Natal. This after a truck crashed into four minibus taxis and a car last night. KZN authorities say the Pinetown accident occurred when the brakes allegedly failed on the truck. The driver of the truck has been arrested. He faces charges of culpable homicide and reckless and negligent driving. As an investigation into the crash gets under way, you can use these methods to promote safety on the roads if you employ company drivers.... ››› more
[06 September 2013]

Selling business assets? Here's how to deal with the Vat
It's important that you handle Vat correctly when you sell you sell business assets. Getting this wrong could result in harsh penalties. Don't take that risk. Here's how you must manage Vat when you sell your business assets.... ››› more
[02 September 2013]

Do your company drivers know these eight defensive driving tips?
South Africa has one of the highest motor vehicle accident (MVA) rates in the world. In fact, nearly 6000 people die on our roads every year. But there's a way to ensure your company drivers don't become another statistic. Here are eight defensive driving tips your drivers can use to avoid accidents on the roads.... ››› more
[21 August 2013]

10 tips to ensure your company drivers are safe on the roads
If you have employees who drive company cars for business purposes you need to ensure they drive safely on the roads. Your health and safety responsibilities include this. So make sure your drivers are aware of these 10 safe driving tips so they can avoid accidents.... ››› more
[12 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]

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]

Car tracking devices: - Are these allowed or are you breaching your employee's privacy?
You must respect your employees' right to privacy at the workplace. But what happens in an event where you want to install tracking devices to company cars and your employee accuses you of infringing his right to privacy? Read on to find out what the law says about tracking devices in company cars and your employee's privacy.... ››› more
[26 July 2013]

Warning: if your employee's company car logbook doesn't have these 9 details, SARS might be coming for you this tax season!
With personal tax season in full swing, you must protect yourself from that dreaded SARS phone call! You may vaguely tell your employees to log their use of the company car, but if SARS takes a close look and their logbook is incomplete or inaccurate, you'll be in hot water! Here are nine crucial details your employee's company car logbook MUST contain...... ››› more
[18 July 2013]

Should you buy your business vehicle instead of leasing it: Part two
Understand the difference between leasing vs buying a business vehicle and what option will be the best for your business. Don't miss out on this great article. Continue to read below...... ››› more
[12 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]

Should you lease your business vehicle: Part one
Deciding to lease business vehicles isn't a one size fits all rule. There's a lot to think about before you make the decision, especially if you need to purchase more than one vehicle for your business.... ››› more
[05 July 2013]

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