Lessons from Bob My son (lets call him Bob – his name has been changed) at the time of writing is about 10 months old and has taught me various lessons in life. He has already taught some lessons about business too. Here are just 3 tips that my son has taught me about business: […]
Customers. Any and all are good for your business, right? The answer to that is always “yes”. Well, for most people, that is. The correct answer, however, is “no”. And that’s because not all customers are good for your business. When businesses open, any and every sale or customer is grabbed and held onto for dear […]
Key terms of an inheritance . . . When a person (taxpayer) dies, that person is called a ‘deceased person’ and all his or her assets on the date of death will be placed in an estate. This estate is called an estate of a deceased person (commonly known as a ‘deceased estate’). Assets in a […]
There are always questions about provisional tax as it’s a relatively obscure subject. We are going to run through a few of the basic questions about this tax. What is provisional tax? Provisional tax is not a separate form of tax. It is in fact, one of the methods used by the South African Revenue […]
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 […]
South Africa implemented Value Added Tax (VAT) on the 30th of September 1991, replacing general sales tax as the indirect taxation system (1). VAT has since been the second most important source of government revenue in South Africa (2). The adverse effects of VAT on poorer consumers have been continuously debated by unions and departments […]
What is VAT? Value Added Tax (VAT) is an indirect tax on the consumption of goods and services in the economy. Revenue is raised by the government by requiring certain businesses to register and to charge VAT on the taxable supplies of goods and services. That might seem a little complicated but the basics of […]
“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 […]
Payroll in South Africa is not as simple as it seems. There’s a long list of requirements and submissions for payroll that your company needs to comply with to avoid penalties from both SARS and the Department of Labour (DOL) Most South African entrepreneurs think having a rock-solid Payroll process is only necessary when you […]
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 […]
