Tag Archives: #finance

How to account for your taxes as a small business

Business tax returns can be complicated, and they vary based on the business structure. Running a small business often requires you to perform a wide variety of tasks you might not have to perform at a large business, one of which is filing small-business taxes. A business is a Provisional Tax payer thus income taxesContinue reading “How to account for your taxes as a small business”

Are you thinking of venturing into business this year?

New year, New ambitions. Are you thinking of starting a business this year? Here are the basic finance details as far as compliance is concerned 1) I started the business using my money. How do I record that in the business books and how do I identify the funds?– an obvious fact is that aContinue reading “Are you thinking of venturing into business this year?”

How do I know that I need a designated Bookkeeper?

If you’re spending more of your time as a CBO (Chief Bookkeeping Officer) than a CEO, then it’s time for a reality check. 1. Bookkeeping is taking up too much of your time There’s a finite number of hours in the day so you need to be using them wisely in your business. It’s not aContinue reading “How do I know that I need a designated Bookkeeper?”

Capricorn FM Interview – #TaxMatters

I was again invited by the Capricorn FM for an Interview to discuss few compliance issues 1. I received an SMS from SARS that I am required to submit the business tax returns for a dormant company, what do I do?Please note that if the business is registered, it is liable to submit the annualContinue reading “Capricorn FM Interview – #TaxMatters”

The Components of the Annual Financial Statements

When I teach small business owners the importance of Bookkeeping, I always highlight that they know the following categories by heart. That is: Assets, Liabilities, Income, Expense and Owners ‘s equity. The reason I do that is because, the above-mentioned categories play a huge role in preparing the company Annual reports known as Annual FinancialContinue reading “The Components of the Annual Financial Statements”

#TaxMatters |CAPRICORN FM INTERVIEW

1. My employer deducts tax from my salary every month, why am I expected to file the tax return every tax season? – The employers are obligated to collect the tax monies from the employees every month in the form of Pay As You Earn. Individuals are further required to validate the information submitted toContinue reading “#TaxMatters |CAPRICORN FM INTERVIEW”

AVOID SHORT CUTS TO COMPLIANCE

There is no doubt that compliance plays a significant role in every entity. For smooth operation and other advantages that comes with it. Compliance will help your company avoid legal risks. Lawsuits and settlements can easily cost you millions of rands. Fines and other compensatory payments can also add up. Even if you are ableContinue reading “AVOID SHORT CUTS TO COMPLIANCE”

What happens when I don’t make use of the business bank account yet the business is trading?

What happens when I don’t make use of the business bank account yet the business is trading? I am not sure how best to respond to the above question other than say “it is a self sabotage” When a business is registered, it is given its own legal entities. Name of operation, registration number, taxContinue reading “What happens when I don’t make use of the business bank account yet the business is trading?”

Common Bookkeeping Mistakes that Small Businesses Make and ways to avoid them.

Making small bookkeeping mistakes that are costly or even damaging to your business is an unwelcome possibility. However, understanding common errors and how to avoid them can help you stay on top of your books and make sure your business stays afloat. Overlooking Deadlines Overlooking deadlines is a common mistake that small businesses make inContinue reading “Common Bookkeeping Mistakes that Small Businesses Make and ways to avoid them.”

DO I HAVE TO PREPARE THE FINANCIAL STATEMENTS AS A SMALL BUSINESS?

We are always asked this question by small business owners when they need us to generate the SARS Tax Compliance Pins. And the answer is simply YES. I would like try to simplify the reason why that is the case. The most basic requirement of compliance is that you must submit the Tax Annual returns.Continue reading “DO I HAVE TO PREPARE THE FINANCIAL STATEMENTS AS A SMALL BUSINESS?”