Northwood is able to advise not only individuals, but also business owners on all tax-related issues as well as preparing monthly, quarterly, and annual returns for your company. See what we can offer via our Tax Shop.
On the 1st of April, Dividend Withholding Tax (DWT) replaced Secondary Tax on Companies (STC), a form of taxation that was in effect for many years. While the new tax may have an effect on the value of your investments over the long term, it differs from person to person depending on how much you have invested in shares and for how long. The following main points about DWT should make this new tax a little clearer: Continue reading
The Department of Trade and Industry, more commonly known as the DTI, is the government department responsible for encouraging commerce and ensuring that businesses are able to function effectively in South Africa. Continue reading
The Northwood Group recently partnered with The Tax Shop to offer clients an enhanced range of taxation services. From accounting and payroll solutions to BEE certifications and assistance with DTI incentives, our new venture with The Tax Shop will offer Northwood clients a host of new and improved services that will allow their businesses to expand and run efficiently.
One of the most popular debates in the South African financial world is the question of taxpayers – how many South Africans actually pay tax? Continue reading
Many new business owners are faced with something of a challenge when it comes time to issue their first batch of invoices. For VAT-registered businesses, issuing invoices correctly is of vital importance because it has an impact on the bottom line. Without proper tax invoicing, a small business could find itself out of pocket or on the wrong side of the taxman – two pitfalls that can easily be avoided. Continue reading
With the 2011 tax season in full swing, people around the country are scrambling to file their returns on time.
If you are a provisional taxpayer, the process is a little more complicated since you will need to calculate how much provisional tax you are required to pay. While calculating your provisional tax may take a little time, the process is not as complicated as some may think. We have provided a quick guide to provisional tax that will help you file your returns on time and with the minimum inconvenience and frustration. Continue reading
As a Northwood client, you have access to a variety of innovative services that will help you to manage your business and personal investments. In addition to our dedicated staff who are always at the ready to answer questions and offer professional advice, Northwood also offers clients a range of electronic information sources. Continue reading
Many companies use fringe benefits as a means of maximising cash flow and providing staff and directors with extra benefits as part of their packages. While this practice frees up cash that would otherwise be paid out, many fringe benefits are taxable. With fines and penalties for failure to declare and non-payment of company taxes becoming increasingly harsh, all business owners should take note of the following taxable fringe benefits:
Giving assets to an employee
This fringe benefit allows a company to transfer ownership of any asset to a member of staff. However, since the value of the asset is normally discounted there may be tax payable on the difference between that value and the normal value of the asset. Continue reading
Recently, Finance Minister Pravin Gordhan made his annual budget speech at parliament. This annual event, which draws special guests from the realms of business and government as well as the media, allows the Minister to address the nation and update all of us on the government’s finances. Continue reading