Tag Archives: Tax

HOW TO PREPARE AND SUBMIT YOUR VAT201 FROM 1 APRIL 2018

The Minister of Finance announced a VAT rate increase from 14% to 15% effective 1 April 2018 in the 2018 Budget Speech. To assist you in preparing your VAT return (VAT201) submission, the South African Revenue Service (SARS) would like … Continue reading

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HOW WILL THE 2018/2019 AFFECT YOU, THE INDIVIDUAL?

The 2018 Budget was sure to be a delicate balancing act between the much needed tax hikes (whatever the reasons that got us onto this precarious economic precipice, the fact is that the situation is what it is) and adequate … Continue reading

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IMPORTANT SARS DATES

There appears to be an increased focus recently by SARS in relation to tax compliance. We therefore want to highlight the below important dates again to our clients to ensure that they are always fully tax compliant. Non-compliance may lead … Continue reading

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7 PITFALLS TO AVOID WHEN SETTING UP A CASH FLOW FORECAST

Sometimes small businesses think proper financial management is better left for the Fat Cats and industry giants. No matter the size or age of your business, cash flow forecasting and budgeting is key to its success. Here are seven don’ts for setting up your business … Continue reading

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PROVISIONAL TAX RULES

Since the provisional tax season has arrived, it is important to remember the rules regarding your estimates. The provisional tax payment must be received by SARS on or before the due date, 28 February 2018. Failure to do so could result … Continue reading

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THE VAT COMPLIANCE LANDSCAPE

VAT use to be a simple tax for taxpayers to comply with. Returns would go in regularly with very little hassle and SARS’ audits or verifications seldom resulted in an assessment. Not anymore.  With VAT fraud being more prevalent now … Continue reading

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EXEMPTION FOR FOREIGN SALARY EARNERS

South African tax resident individuals are liable to income tax on their worldwide income. In other words, where a South African tax resident individual were to earn a salary for employment which may from time-to-time be exercised outside of the … Continue reading

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BEWARE OF CAPITAL GAINS TAX WHEN YOU EMIGRATE

While many people immigrate to South Africa, we also see many of our clients emigrating from South Africa. And while formal migration-status is not necessarily linked to tax residency, the time of tax migration often coincides with formal emigration linked … Continue reading

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FIVE INPUT TAX CLAIMS YOU’RE NOT ALLOWED TO MAKE

Input tax is the VAT you pay your suppliers in the course of your business as well as VAT paid on goods you import. SARS allows you to claim the input tax for your relevant tax period when you complete … Continue reading

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INTEREST FREE LOANS WITH COMPANIES

The latest annual nation budget presented in Parliament proposed the dividends tax rate to be increased with almost immediate effect from 15% to 20%. The increased rate brings into renewed focus what anti-avoidance measures exist in the Income Tax Act[1] … Continue reading

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