Management accounting is a specialised type of accounting in which accounting firms focus on the requirements and use of accounting information to managers within companies. This information helps to provide managers with data and advice that allows them to make informed business decisions, while also improving management and control functions. Compared to financial accounting, management…
Author: Gavin Bacon
SARS Is Strict About Record-Keeping
Get it wrong and you could face massive penalties! …of up to 200%. By LAW, taxpayers (Companies and Individuals) are required to keep certain tax records for 5 years, however SARS urges us – as consultants, to keep records for 7 years. If you don’t know which documents and records SARS requires you to keep,…
Do You Qualify As A Small Business Corporation?
Small businesses that wish to register their business will benefit hugely from business tax services, which assist in all areas of business tax, including registration of Small Business Corporation. Your accountant or business tax services consultant will be able to register on your behalf, and assist with all requirements that may be needed. Companies that…
What Is A Subsistence Allowance?
A subsistence allowance is where an employer may pay an employee a daily allowance for accommodation and meals during a period while the employee is out of town on business. The subsistence allowance to be included in taxable income of an employee is calculated as follows: Subsistence allowance received less portion spent for business purposes…
What is Income Tax?
Income tax is the tax levied on income and profit received by a taxpayer (which includes individuals, companies and trusts). It is the national government’s main source of income and is imposed by the Income Tax Act No. 58 of 1962. The form of tax that people generally associate with the concept of income tax…
Tax Refund – Are You Entitled?
It is a legal requirement to submit tax returns to the South African Revenue Services. This includes Income Tax returns and VAT returns. Upon submission of these returns SARS will do an assessment to determine how much is payable to SARS or how much is refundable to the taxpayer. The SARS assessment is often accurate…
Fringe Benefits Made Easy
A fringe benefit is the cash equivalent of taxable benefits that are given to employees by their employer. Fringe benefits are taxable, and can be challenging to calculate without the help of an accountant or tax expert. Types of Fringe Benefits Fringe benefits are calculated by professional accountants, and can be offered through a number…
What Is Donations Tax?
One of the many benefits that PATC offer taxpayers is assistance with donations tax. Donations tax is payable at a rate of 20% on the value of any property disposed of by a South African resident (natural person, corporate entity or trust), according to the following terms: Excluding donations exempt from the tax (see exclusions…
Capital Gains Tax on Land
When it comes to determining Capital Gains Tax on land that you plan to dispose, PATC will be able to assist you throughout every step of the process. Capital Gains Tax (CGT) is a tax that is given on any capital gain, when certain assets such as investments or property are sold, destroyed or disposed…
Capital Gains Tax on Real Estate
For homeowners concerned about their liability of Capital Gains Tax (CGT), PATC offers professional accountant services to assist with all aspects of this real estate tax. Capital Gains Tax is payable on the sale of real estate in South Africa. This tax is therefore something that affects every South African who is planning to sell…
