You have worked hard for many years, and have finally saved enough funds and mustered the courage to take the big leap that you have been dreaming about for such a long time… you are going to invest in your own business.
The annual tax filing season is upon us and acting SARS Commissioner, Mark Kingon, announced that the season will open on 1 July 2018 for eFilers. SARS branches will assist taxpayers from 2 July 2018. The filing season will then end on 31 October.
Entities that conduct their activities in a non-profit manner may apply in certain circumstances to the Commissioner for the South African Revenue Service (“the Commissioner”) to be approved as a public benefit organisation (“PBO”)...
Our clients who earn only a salary will know that very few tax deductions are available against salary income for income tax purposes and whereby they may reduce the taxable income derived ultimately from such remunerations
Soos die halfpadmerk aanbreek, is dit gewoonlik die tyd wanneer mense reflekteer op hulle Nuwejaars-voornemens wat aan die begin van die jaar gemaak is, om te bepaal of enige aanpassings nodig is. Netso, het HVM teruggekyk en in hierdie kwartaal het daar heelwat verander.
Persons that are not tax resident in South Africa (“SA”) are only taxed in SA on income received by or which accrued to such non-resident from an SA source. This will include interest received on an SA bank account.
Vir sommiges voel dit asof die rusperiode tydens die feesseisoen nooit genoeg is nie. Daardie projek wat gedurende die jaar eenkant geskuif word vir wanneer daar “tyd” is, loer en wag steeds met beskuldigende oë onaangeraak, want selfs tydens die vakansie is daar net nie genoeg tyd nie!
Section 6B of the Income Tax Act[1] provides for an additional medical expenses tax credit (“AMTC”) which is calculated against qualifying “out of pocket” medical expenses. This tax credit reduces the amount of income tax a natural person ...
If your business doesn’t have an effective accounting system in place, you run the risk of making serious errors in your finances. Furthermore, a good accounting system simply makes life easier and allows you to focus more on growing your business.
Individuals who filed personal income tax returns and found that they owe money to SARS are encouraged to make their outstanding payments by 31 January 2018. This is for taxpayers who filed their returns during the 2017 Tax Season.