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 […]
Pension Funds and Emigration
Investing in an offshore retirement fund is one way of growing your wealth in a stable economy over the longer term, or even gaining residency in a foreign country. However, for South Africans, this scenario presents as many challenges as it does opportunities, and should only be considered after consulting with a financial advisor and […]
Why Should You Hire an Accountant?
When business owners work on growing their companies, budget constraints often push them towards a do-it-yourself approach to managing their finances. Many see hiring a professional for bookkeeping or accounting as an unnecessary expense. However, this viewpoint fails to recognise the tangible advantages that an accountant can offer. It’s important to reframe this decision, not […]