Since October 2001 South African tax residents have been liable for capital gains tax (CGT) on the disposal or “deemed disposal” of assets, such as a business or a property. Events that trigger a disposal include a sale, donation, exchange, loss, death and emigration. For individuals, the CGT rate is a stiff 18%. No separate […]
Working in a cloud” favours companies of all sizes, specialising in different trades, and allows them to manage their work according to their own preferences of operations. The “cloud” is simply a server facility. Smaller businesses looking to adopt cloud computing and digitalising their workload would need to make sure that all members involved in […]
No matter the size of your business or what industry you are in, building and maintaining an effective website should be at the heart of all your planning. The internet has become an essential part of everyday life and having a presence online is extremely important for anyone conducting business in 2021. According to a recent […]
A year after the first mass auto-assessments were issued by SARS in 2020, many more taxpayers are facing the 2021 tax season deadline of 23 November – just days away! Read on to find out what has changed since last year, what is still the same and important to know, and why you need to […]
Deadlines this month are – 7 October – Monthly Pay-As-You-Earn (PAYE) submissions and payments 25 October – Value-Added Tax (VAT) manual submissions and payments 28 October – Excise Duty payments 29 October – Corporate Income Tax (CIT) Provisional Tax payments where applicable 29 October – Value-Added Tax (VAT) electronic submissions and payments.
The modern world of work was already changing by the time Covid-19 hit. The “gig economy” had taken hold and numerous apps allowed employers to connect with freelancers more easily to get small jobs done quickly. The work from home culture, which was necessitated by the virus, only reinforced for business owners the idea that […]
Owing high amounts of debt and not being able to pay it off is one of the most demoralising things a person can experience. You feel you are dangling out of control as you watch your debt grow month on month. You know it’s unsustainable but what do you do? Try the “snowball method” In […]
For many South African companies – already battered by loadshedding, lockdowns and looting – a letter of demand from SARS could be the last straw. For others it may be the entry point into one of the many scams that use letters of demand pretending to originate from SARS. For others still, it may be […]
The Companies Act is underpinned by the assumption of liquidity and solvency – directors and owners are mandated to ensure the business can meet all its short term obligations. The best way to achieve this is via cash flow. As cash flow is fundamental to any business, this should be managed by senior management. The […]
If you are thinking of buying – or have bought – any “crypto asset” such as a crypto currency like Bitcoin, Ethereum, Polkadot, Solana (or any of the many other crypto currencies springing up all over the place), be aware of the tax implications. For a new “from the horse’s mouth” perspective, read SARS’ webpage […]
