Nowadays, starting a business can cost quite a large amount of money, often in one lump sum that is not always a viable option. There are a number of tricks one could use to make sure you are starting your business in the correct manner, growing and developing at a rate that is going to…
Dear All…. I am extremely excited to announce the launch of Mama Mimi’s Premium Business Franchise. This lucrative business opportunity allows for you – the business owner to be a part of a community upliftment programme.
Owner of PATC, Gavin Bacon, recently gave a talk at the Premier Hotel in Pinetown for the annual Durban Chamber of Commerce and Industry – Western Area Business Forum. Bacon’s aim was not to give a lecture and he did not intend on making everybody in the room proficient in Provisional Tax but he rather…
What To Do With Your Money The first step is to make a spreadsheet. It is necessary to construct a spreadsheet prior to opening a business. This spreadsheet should include what amounts should be allocated to raw materials, rent, taxes, insurance, a marketing budget, staff wages and any other costs pertaining to your business. Remember…
“Non-Taxable Income” is term that is most commonly used, but the more correct term is “Exempt Income”. This is income which you receive which you are allowed to exclude from your Gross income and in so doing you do not get taxed on it. Examples include: Dividends received from a South African source South African…
Taxpayers…Did you know? Not everyone needs to file an income tax return (ITR12). 1 July 2014 marked the beginning of Tax Season. From this date on, taxpayers can submit their Income Tax Return (ITR12) to the South African Revenue Service (SARS). The annual income threshold for submitting a tax return is R250 000. What does…
Last February 2013, the National Treasury and SARS started negotiating with the United States Department of the Treasury to introduce an inter-governmental agreement (IGA) with regard to the Foreign Account Tax Compliance Act (FATCA). Wording of a draft IGA has been agreed upon, and will be signed at government level soon. This will open up…
Minister of Finance Pravin Gordhan formally launched the Tax Ombud during the South African budget speech this 7th of April 2014. The aim of the Tax Ombud is to create an avenue where taxpayer’s legitimate complaints, about SARS service and procedure or admin issues, are addressed. “The Tax Ombud is an additional and free avenue…
If your business turnover exceeds R30 million per annum, or is reasonably expected to exceed R30m then you need to submit monthly VAT returns to avoid penalties from SARS. As per Category C, VAT vendors with a turnover of more than R30 million per annum must submit their returns monthly, submitting 12 VAT returns per…
The updated Credit Amnesty allows consumers who are listed on the credit bureaus with relevant negative information to have this information removed from the records of the credit bureaus, as from the 1st of April 2014 and completely removed by the 1st June 2014, in accordance with Regulation 2 (b). Regulation 2 (b): A registered…
