In the pursuit of operating our businesses we also build relationships that are professional and beneficial to our entities. This includes having to offer your goods or services on credit to your customers / clients. In a form of the “Get it now and pay later” system. Bear in mind that this is the incomeContinue reading “The Process of Accounts Receivable”
Tag Archives: #taxation
Financial Terms that every business owner should know and understand
As a business owner there are a few financial terms you need to know in order to understand your finances.I am going to break them down and explain them in plain English. Because jargon is no fun at all, and really, they aren’t difficult to understand. 1. Gross Income Gross income is the amount ofContinue reading “Financial Terms that every business owner should know and understand”
Small Business Taxes you must know about
1. Income Tax– Income tax is the tax you pay on any money your business earns. Each year, you need to lodge a tax return to tell the South African Receiver of Revenue ( SARS) how much money your business has made and how much tax you are expected to pay. This will be determinedContinue reading “Small Business Taxes you must know about”
TAX BLOG: INCOME TAX AND VAT
1. Briefly explain the difference between Income Tax and Value Added Tax?– Income tax is a direct tax levied by the governments (SARS – South African Revenue Services ) on businesses and individuals that conduct their operations inside their jurisdiction’s borders. It is a direct tax as a result of earnings/ Income. – VAT –Continue reading “TAX BLOG: INCOME TAX AND VAT”
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”
#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”
Individual tax season, provisional tax payers and SARS auto assessment.
Individual tax season has opened, the official filing resumes on 07 July 2023. From 30 June to 07 July SARS will be issuing communications to all the tax payers that have at least less complicated tax affairs auto assessment via text or email.If you have not received one yet, please wait a bit till theContinue reading “Individual tax season, provisional tax payers and SARS auto assessment.”
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?”
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?”
YEAR END CHECKLIST FOR BUSINESS OWNERS
This is the last blog entry for the year and I just thought it would be befitting enough for every business owner to do a bit of “stocktake” with regards to their business standing. I have realised that many business owners do not really know their businesses legal entities and how and when to maintainContinue reading “YEAR END CHECKLIST FOR BUSINESS OWNERS”
Matsobanemetja Business Consulting Pty Ltd 