In all likelihood, the success you have achieved in running your own business means that you are an amazing technician in your field. I use the word “technician” as a general term for an expert. So, you are an expert in a specific field. You have carved out a niche for yourself in your industry […]
Home office – why Having a home office may be an attractive option if you’re running a small “one-man show” or starting out small with a view to expanding once the business is off the ground. There are, however, some practical issues to consider before you start setting up your office. Home offices can be […]
Each business (any legal entity carrying on a trade) pays staff on a regular basis. This can be weekly, bi-weekly, or monthly. As an employer (an entity that pays staff), you have to be registered for payroll tax. This is paid over by the company to SARS on behalf of the employee. This is registration […]
“Budget” is a common word that surfaces about three times a year. It is the first “tool” many people turn to when: They are starting a new project or business They need to cut back on their spending (“tighten your belt”) In my opinion, budgets are, aside from social media, one of life’s greatest time-wasters. […]
You have all heard how important budgets are. But if you have never used a budget, why start now? Here are four reasons why companies do not have budgets or, if they have them, do not use them effectively. 1. They are incorrect or out of date Budgets are much like goals or dreams. They […]
The taxman has historically had a bad name. In fact, tax collectors were considered the scum and the “lowest of the low”. Based on that premise, in South Africa, the South African revenue service (SARS), had inherited that name. You mention the word ‘tax’ and a flurry of complaints and horror stories will arrive. The […]
Ten Financial Records for VAT Audits These are the ten items that SARS will investigate if your business: Your return totals will be checked against your general ledger and summary – Trial balance or Profit and loss and balance Your VAT control account will be reviewed to test your accounting system for errors SARS (South […]
Cash flow problems? What is that? Cash flow is the number one problem in any business but it impacts smaller (newer) businesses more. Every business will encounter a cash flow problem at one time or another. Fortunately, most cash flow problems can be prevented with a bit of preparation and the right strategy. Here is […]
“Who loves paying VAT?” Sadly, more often than not, no one puts their hand up. Everyone pays VAT in one form or another. That said, here are a few tips in terms of what must be done regarding the VAT requirements. Number one on the list is that you have to be a VAT vendor in […]
Whatever your entity is registered as, there are various tax requirements you have to meet and one of these could be value-added tax (VAT). Here is a broad explanation of what VAT is and how to meet your tax obligations as a small business. It is mandatory for any business to register for VAT if the income […]
