It is good business practice to have a policy in place that stipulates how your company deals with bad debts. In case you aren’t aware, a bad debt is when an invoice is not going to be paid by a client or customer. It is a debt to you that has gone bad. Besides hindering […]
Having expenses that are at the maximum of value for money is how business efficiency is described. This means that you do not spend more than you have to get the same product or service. It also means you have to shop around for basic necessities. Why buy paper from a well-known stationery supplier and […]
Who must submit an Income Tax Return? This year taxpayers who meet ALL of the following criteria need NOT submit a tax return: Their total employment income for the full year before tax is not more than R500 000 They only receive employment income from one South African employer for the full tax year The […]
For those who may have forgotten, cash is that paper and metal money that you used to pay for items with 😉 This was before debit cards/zapper/ SnapScan, etc. came into the world. It may have gone “out of fashion” but cash is real and it is here to stay. As much as the world […]
Paperwork. It’s such an important part of your business. And when that paperwork is related to accounting, tax and payroll it’s enough to strike fear into the heart of any business owner. The reason is fear of the unknown. Many business owners simply do not know enough about that side of their business. In this […]
The EMP501 is a culmination of all the documents issued in payroll processing. Let’s breakdown this process. The EMP501 is done twice a year. There is an interim reconciliation for March to August followed by a final reconciliation for September to February. Only the final reconciliation issues IRP5 certificates. An IRP5 (or IT3(a)) is issued […]
In June 2019, SARS announced that if you earn less than R500 000 in a year, you may not have to submit a tax return for 2019. Terms and conditions apply (as usual in life) so you must comply with a strict set of criteria. BC Accounting Services advise you to take GREAT CARE when […]
Why cancel your VAT registration? A vendor’s VAT registration may be cancelled if certain requirements are met. Who can cancel a VAT? The cancellation of VAT registration can be initiated by either the vendor (individual, company or any juristic person) or the Commissioner (SARS). When can you cancel VAT? When a vendor wants to cancel […]
Recently, a family member had to buy a car. Their car had been written off and this left them without one. The insurance had not paid the settlement figure as yet, so the worry was about the amount they could apply for. The family went shopping for a car. They had worked out a ballpark […]
Tax profile? A tax profile is a profile on Sars efiling that enables you to complete all transactions regarding your tax affairs. If you are moving accountants or would like to take control of your efiling profile, you will request a transfer of that profile from the current holder to another profile. Once the profile […]
