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  • Four steps SARS has to take before removing money out of your bank account
  • The money in your company's bank account isn't totally under your control! SARS can demand you pay someone else's taxes. With the Tax Admin Act telling taxpayers that ignorance is no excuse, make sure you know your rights and how to prevent SARS from taking money out of your bank account. For SARS to recover any tax debt, you have to receive an assessment. And the assessment should be correct.... ››› more
  • [24 March 2017]
  • The SARS 10 commandments for eliminating your tax debt
  • If you've ever owed SARS money, you know that SARS goes on a drive to collect all outstanding taxes in February and March each year. And you're probably thinking SARS won't bother you again until 2016. Well... things have changed. SARS' image took a huge knock earlier this year when some of its senior staff acted beyond their authority to gather information on suspected tax evaders. So S... ››› more
  • [23 March 2017]
  • Is this a valid tax invoice?
  • We all know that you can claim input tax for any amount less than R5 000, with an abbreviated, or shortened tax invoice. This means the name, address and VAT number of the buyer doesn't have to appear on the tax invoice. Essentially, it can be made out as 'cash'. Now have a look at this abbreviated tax invoice below. What do you think is glaringly wrong with it? *************Errors in your ... ››› more
  • [23 March 2017]
  • Do you know how many of your employees aren't at work today?
  • Did you know that on average 15 - 30% of your staff could be absent on any given day? And because of the high costs associated with absenteeism in your company that I told you about a couple of weeks ago, it's important for you to reduce absenteeism quickly. So, why don't you implement strategies that are attractive to employees and assist them in staying interested and committed to their work ... ››› more
  • [16 March 2017]
  • Ask SARS to suspend your payment in two simple steps
  • When it comes to a VAT dispute with SARS, do you know when you should pay, or if you should pay the disputed taxes at all? You need to get this right, or you'll incur unnecessary penalties. You can ask SARS to suspend your payment, with a payment suspension request. Let's look at an example. Example   Furniture Friend gets a VAT assessment for R84 000, including penalties and interest f... ››› more
  • [10 March 2017]
  • Take advantage of these 12 assets excluded from Capital Gains Tax
  • Every time your business sells, donates or scraps an asset and it makes a profit, SARS takes a big bite out of the proceeds. And it calls this bite Capital Gains Tax (CGT). SARS raised the CGT rates in the February 2017 Budget Speech. This means any asset sales you make after this date will cost you more. You can't escape CGT. In fact, if you try to escape it, SARS could easily find you gu... ››› more
  • [01 March 2017]
  • How to make sure your travel allowances stand up to SARS' scrutiny
  • Travel expense claims and deductions are one of the most common triggers for a SARS audit. Especially for travel allowances. SARS differentiates between a Travel Allowance and a Reimbursive Travel Allowance. If you don't award, tax, and record your staff's travel allowances correctly SARS will pick up the errors and audit you. You might have to pay a 10% penalty for under-deducting PAY... ››› more
  • [23 February 2017]
  • SARS Audits: Know your rights
  • Is there anything worse than the moment when you open that letter from SARS, 'kindly advising you' they're arriving next week to audit your business? Don't panic! There are set rules and procedures that the SARS auditors MUST follow, to protect your rights even while it audits your business. Here are nine things you should know and put into practice now. Statistics show: Your... ››› more
  • [22 February 2017]
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