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Deductions

  • How to create a SARS-proof travel logbook in three simple steps
  • When it comes time to hand in your tax return, SARS wants you to prove certain details with supporting documents. A great example of this is a logbook. You'll use this to prove the deductions you want to claim for your business travel expenses. This is an important deduction for most business owners as rushing to all those client meetings can really add up. Luckily, it's easy to create an a... ››› more
  • [10 January 2017]
  • Five legal requirements you must comply with before you deduct your employee's salary
  • Does your employee owe you money? Have you tried to get him to pay you back of his own accord with no luck? Find out the five legal requirements you must comply with before you deduct the amount from his salary. In terms of the Basic Conditions of Employment Act (BCEA), there are standard deductions you're allowed to make from your employees' salary. For example, you can deduct tax from an empl... ››› more
  • [06 January 2017]
  • What are your legal obligations when it comes to financial statements in your business?
  • If you run a registered company or a close corporation, you have a legal obligation to prepare financial statements. And you have to present your financial statements to SARS. If you don't prepare them correctly, you may declare incorrect income and incur penalties and fines from SARS. Or you could present a false picture to any person who relies on your financial statements to make business de... ››› more
  • [05 January 2017]
  • 5 Ways to get your business travel costs back
  • As you know, travel is an integral part of business. But the costs associated with travel are high. There's the cost of flights, car rental, accommodation and meals. This is sometimes just the start of the costs. But what if I told you there was a way for you to get some of these costs back? Read on to find out how... *****************Best Seller***************** Can you really afford no... ››› more
  • [04 January 2017]
  • How to claim VAT back before you're a VAT vendor!
  • One of our Practical VAT Handbook subscribers asked if he can get a VAT refund back on property expenses. The real kicker is, he hasn't registered for VAT yet! Your immediate response may be to say no - it's not possible. One of our well respected VAT experts, Kallie Van Der Merwe, a writer for the Practical VAT Handbook, answered this question for our member. Let's have a look at the ques... ››› more
  • [21 December 2016]
  • Today our experts answer two of your burning company car questions...
  • A company car is a vehicle your company provides an employee for business purposes and sometimes private use. But don't be fooled by this simple definition. Dealing with company cars is complex - and not just when dealing with PAYE! The questions our tax experts get on this topic are proof of this. Continue reading to discover our expert's answers to two burning company car questions... ... ››› more
  • [15 December 2016]
  • 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? If not, you're not alone. One of the subscribers to the Practical Tax Loose ... ››› more
  • [14 December 2016]
  • Finally - The truth about notional input tax and how it works
  • If you're a VAT vendor, chances are you know the words 'seconds hands goods' and 'notional input tax' go hand in hand'. But do you actually know what notional input tax is and how it works? Read on to find out... Did you hear SARS denied De Beers Consolidated Mines R7 million input tax claim? When De Beers employed local financial service providers to work out a ... ››› more
  • [01 December 2016]
  • Six record keeping tips to claim tax deductions and avoid paying SARS penalties
  • SARS wins lots of disputes because taxpayers don't keep accurate records or the correct records. Keep reading for six record keeping tips you can use to claim deductions and avoid paying penalties. *************** You can lose a dispute with SARS because of inaccurate record keeping   Make sure this never happens to you! Hereʼs everything you need to know about successful record keeping... ››› more
  • [24 November 2016]
  • Six areas SARS will look at when they audit you
  • If there's one thing I know about SARS auditors it's this: The longer they take to search your offices for what they need, the longer they'll be there. And chances are, they'll uncover more than what they were looking for (and the higher your penalties will be). Don't take that chance. If you don't want this to happen to you, keep reading to see the six areas a SARS auditor will review in ... ››› more
  • [24 November 2016]
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