Filing Season 2024: Make Sure to Check Your SARS Uploads
It seems like it was just the other day that I’d finished submitting the 2023 tax returns for of my clients—mainly because for two of them, it literally was. For the clients
Capital Gains Tax Considerations for Retiring Small Business Owners
Retirement for small business owners is not simply a case of handing in your resignation letter and having a big party at which the company presents
Mastering Record Keeping: How to Meet SARS’s Electronic Documentation Standards
Too often, taxpayers seem to forget that the most important aspect of dealing with SARS is to ensure that they can discharge their burden of proof. As a taxpayer, it is on you to provide SARS with the relevant material that, on a balance of probabilities, supports your position. Taxpayers are required to retain relevant […]
Why Your Business Should Partner with a Tax Expert: Save Money, Gain Expertise
Managing taxes can be complex, especially when tax rules are constantly changing. By partnering with a tax specialist, you can simplify the process, save money, access expert advice, and find peace
VAT on Short-Term Lettings and Commissions
Are you acting as agent or principal—and what would be the pragmatic approach?
There are very few people across the world who haven’t heard of Airbnb. Started in San Francisco in 2008, this multi-billion-dollar NASDAQ-listed
Is a Logbook Really Necessary?
Or can SARS use code 3702 to audit potential business kilometres travelled? I have often wondered whether SARS officials thoroughly review the submitted logbooks when taxpayers claim for travel expenses incurred as a result of business travel, or are these requested just to tick a box? This uncertainty has recently been rresolved—SARS audits the logbooks […]
Claiming Car Expenses Based on Actual Costs
Know what you can claim, and the documents you need to substantiate it. When an individual taxpayer wishes to submit a tax claim for business travel, the tax return form provides the option of basing their claim on ‘deemed costs’ or ‘actual costs’. Since eFiling has largely automated the process of claiming based on deemed […]
Xero’s AI Assistant, JAX: A New Era for Small Business Accounting
Xero, a leading cloud-based accounting platform, is set to redefine small business finance with its groundbreaking AI assistant, Just Ask Xero (JAX). Unveiled at the company’s inaugural Investor Day, JAX harnesses the power of generative AI to automate complex accounting tasks, providing small business owners with unprecedented control and insight over their finances. How JAX […]
What to Do if You Owe SARS Money
Owing money to the South African Revenue Service (SARS) can be stressful, but don’t panic. By understanding your options and taking prompt action, you can resolve the issue and minimise the impact. This guide will equip you with the knowledge you need to navigate a tax debt situation. The importance of addressing tax debt Take […]
The Tax Treatment of Relocation Expenses
Transferring staff? There are tax implications for them … and for you! If your business has branches in different locations, one of the best ways of offering key staff opportunities for career growth is to allow them to relocate. Relocating an existing staff member who has come to know and understand your systems, procedures, and […]