Tag Archives: #taxseason

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”

LOOK 👀 WHAT YOU ARE MISSING OUT WHEN YOU DO NOT DO YOUR BOOKKEEPING

What to include in your small business tax deductions plus: Checklist!           —————————————- When you start a small business, you might not have everything figured out. You might have to wait for the money to come in to buy the extras that can improve your business. It would be best if you were keeping an eyeContinue reading “LOOK 👀 WHAT YOU ARE MISSING OUT WHEN YOU DO NOT DO YOUR BOOKKEEPING”

The benefits of outsourcing Bookkeeping and Accounting functions in your business.

1. Cost Savings– To succeed in business, accurate and timely financial records are vital. They can help you determine if the business is making money or losing it. Your financial records indicate if your business is financially sound or if adjustments need to be made. Outsourcing your bookkeeping can improve both the accuracy of yourContinue reading “The benefits of outsourcing Bookkeeping and Accounting functions in your business.”

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.”