Category: Tax

New Year Planning Sessions

A Great Financial Start to 2015

financial strategyAs the first two weeks of December roll by and companies prepare to wrap up business for the year, business owners often find themselves thinking about the year ahead – and one of the best ways to ensure that 2015 is a successful year in business is by scheduling an early planning session in the New Year. Continue reading “New Year Planning Sessions”

Turnover Tax or Company Tax – Which Do I Choose?

Turnover or Company TaxIn our previous blog post we outlined some of the differences between traditional company tax and the new turnover tax that SARS recently introduced. Now that we’ve covered the basic differences between these two types of tax, let’s get down to the difficult part – choosing which type of tax to register for. Continue reading “Turnover Tax or Company Tax – Which Do I Choose?”

Micro Business vs Company Tax

One of the most recent changes to SME taxation in South Africa is the introduction of micro business tax, or “turnover tax” by SARS. This new form of tax applies to smaller SMEs and start-ups, and may be a good option for entrepreneurs, depending on their annual revenue. In this article we take a look at the new microbusiness tax and compare it to traditional business tax. Continue reading “Micro Business vs Company Tax”

Claiming Medical Tax Credits from SARS

SARS-medical-aid claimIf you contribute to a medical aid each month, you may be aware that you’re entitled to a tax credit – but how do you go about claiming it?

What can you claim back?

The SARS regulations on medical tax credits change from time to time, and at the moment you are allowed to claim back money you have spent on the following expenses: Continue reading “Claiming Medical Tax Credits from SARS”

Capital Gains Tax

Capital Gains taxIf you own an asset – including property and shares – you may be wondering whether you’ll be liable to pay Capital Gains Tax when you sell it.

Capital Gains Tax, or CGT, has been a part of the South African tax landscape since it was introduced in 2001. To help you understand what this tax is, who and what it applies to, and under what conditions you’ll be expected to pay it, we’ve put together a quick guide to CGT. Let’s get started. Continue reading “Capital Gains Tax”

Tax-Deductible Travel Expenses

travel-expenses-taxWhether you’re self-employed or work for someone else, there are several types of business travel expenses that you may be able to deduct when you file your tax returns. If you are new to deducting travel expenses, or are wondering exactly what can be deducted, here is a quick guide that should put you on the right track. Continue reading “Tax-Deductible Travel Expenses”

The Role of Taxation in Financial Planning

tax issuesTaxation is a topic that many people don’t like to dwell on, and for good reason – it’s never pleasant to talk about losing money. Although taxes are a part of everyday life, it’s easy to forget the impact of taxation on our net worth. Whether you are working hard to build your investment portfolio or are just a few years away from retirement, taxation will impact your finances directly. Continue reading “The Role of Taxation in Financial Planning”

Company Cars, Personal Use, and PAYE

company-car taxEmployees who have the use of a company car may sometimes use the vehicle for personal use – this is a fringe benefit which must be taxed by adding it to the employee’s PAYE each month. If you have an employee who has been assigned a company car this taxation process is essential in order to comply with SARS regulations. Here is a quick guide to the taxation of personal use on company vehicles: Continue reading “Company Cars, Personal Use, and PAYE”