This article first appeared on BusinessTech on 28 August 2021. The National Prosecuting Authority (NPA) is issuing summonses to taxpayers with outstanding tax returns as part of a continued compliance drive by the South African Revenue Service (SARS). SARS commissioner Edward Kieswetter has pledged that the tax body will make life difficult for non-compliant taxpayers,…
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Personal Taxation on Cryptocurrency
Understanding personal taxation and cryptocurrency Q: What info is required to be submitted to SARS regarding Cryptocurrency transactions and in what format? A: You will need to treat it like transactions and keep a detailed report of all your transactions. For example: the date you purchased cryptocurrency, the cost amount spent on the asset, the…
Understanding the Principles of ISQC 1
The objective of the firm is to establish and maintain a system of quality control to provide it with reasonable assurance that: The firm and its personnel comply with professional standards and applicable legal and regulatory requirements; and Reports issued by the firm or engagement partners are appropriate in the circumstances.
Implementing Liquidation Procedures for The Business
The liquidation process can be defined as the process in which a company voluntarily proceeds to declare itself as being insolvent or where a creditor of the company brings an application to court in order to have the company declared insolvent. The result thereof is that the company may no longer proceed to operate its…
Finalising and Signing Off the Financial Statements
Only one director is required by law to sign the balance sheet on behalf of the board but, in the case of companies with shares traded on a market, it is quite common to see the balance sheet signed by two directors, for example, the Chairman and the Finance Director. To some extent this is…
Credit Risk Explained
Credit risk is the possibility of a loss resulting from a borrower’s failure to repay a loan or meet contractual obligations. Traditionally, it refers to the risk that a lender may not receive the owed principal and interest, which results in an interruption of cash flows and increased costs for collection. Excess cash flows may…
Things to Consider When Setting and Communicating Credit Limits
Credit limits serve a variety of purposes. Companies can use them as a guideline for order approval, to minimize the upward spiral of orders or to call immediate attention to a change in a customer’s purchasing or payment behaviour. Often the tendency is to let the credit limit simply become a matter of course, which…
Maintaining and Updating Employee Payroll Records
One of the primary responsibilities of the HR department is to maintain employee records and regularly keep them updated. It is not just a good practice but it is also made mandatory by the law. These records help companies gather and analyze comprehensive information about their workforce at a micro as well as macro level….
Top 5 Reasons You Should Have a Last Will & Testament
A Will is essential BUT many people don’t draft one. This can lead to hardship. In this brief article we will follow the lives of an ordinary family of four, Greg (34 years old). Kate (30 years old. Cody (5 years old), and Lucy (3 years). We Will Illustrate 5 Reasons Why Having a Last…
Wills
The team at PATC, led by Gavin Bacon, can assist you with your Will. In most cases, the preparing of the Will is free – Ts and Cs apply. However, as a start, you find in this blog post a list of the main information that will be needed. Please feel free to contact us…
