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 a 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 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 […]
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 […]
Slips – AAARGGH! Slips are a pain! Our wallets get fatter with all the slips and loyalty cards than with actual cash. But this is not the way it should be. Fact is, you actually have to keep them if you want to be able to claim for the expenses attached to those slips. A […]
In business, the income or sales cycle is critical to your company’s survival. It brings in the money to move the company forward. Simple. Well, yes. The customer or debtor can pay you at a later time (up to 60 days) depending on your terms. This has all been captured in your accounting system already. The […]
Technology is taking the world by storm. Some might say that it is taking over. We can debate that for a fairly long time with little or no winner. In terms of accounting, tax and payroll, the technological advancements have been extreme. But does tech trump “old school” accounting? How tech has changed accounting Accounting: […]
Small business owners know that the accounting or business admin side of their business is a massive challenge. If left unchecked, it can lead to a mountain of slips and invoices lying all over the place. They run for the hills and only do it when they are forced to or really have to. Even […]
The employee is the most important part of the business engine. Look after them and they will drive your business forward more than you will ever expect. They can be the greatest asset or the biggest liability. This all depends on how they are treated. Here is a basic breakdown of the different types of […]
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