Latest News in the Accounting World

tax filing season 2021
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Tax Filing Season 2021: What You Need to Know

n May, the South African Revenue Service (SARS) announced that tax season 2021 would kick off on 1 July 2021. If you’re an individual taxpayer, you have until 23 November 2021 to eFile your taxes via SARS eFiling or the SARS MobiApp. The tax season start date remains the same if you’re a provisional taxpayer or are filing returns for a trust, however you’ll have until 31 January 2022 to submit your paperwork.
accounting strategies small businesses
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Accounting strategies for small business success

Getting to grips with basic good accounting ‘manners’ for your small business from the outset can be the difference between a stable or flourishing business, and a floundering mess.
home office tax deductions

Home Office Tax Deductions

Can you claim tax deductions for working from home during the pandemic? What counts as a work office, and which tax deductions can you claim? We answer all your questions around home office tax deductions.
emigrating sars passport
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Understanding taxation of foreign employment income and exemptions

In this article, we will highlight the most important aspects of the foreign employment tax exemption and try to shed clarity on these intricate tax laws.
fenns inc outsourcing accounts department(1)
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5 Reasons to Outsource Your Accounts Department

Whether you’re a small business or large corporation, you need efficient accounting services to remain compliant with tax laws, correct bookkeeping, and other regulations. The big question is, how do you get the best quality service while at the same time keep costs down? Outsourcing your accounts department to professionals can provide significant benefits for your company.
Calculating tax deductions
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Tax Deductions You Might Not Know About

Whether you are an employee or business owner, there are certain ways to reduce your taxable income and tax bill, as well as increase the tax refund on your tax return by deducting legitimate expenses. Here are some tax deductions that you might not know about, and shouldn’t overlook.
Tax savings
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Tax Savings for Small Businesses

Tax savings - For several years now SARS has afforded small business tax relief if you qualify under certain criteria, therefore there are substantial tax savings for small businesses that fall under the following criteria:Turnover for…
corporate income tax
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Corporate Income Tax – SARS Penalises late returns

On 14 December 2018, the public notice that allows the South African Revenue Service (SARS) to impose penalties on companies for not submitting corporate income tax returns was gazetted.What does this mean for corporates ?Administrative non-compliance…
tax refund
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My Tax refund, what’s the holdup?

Are you waiting on your SARS tax refund? You are not the only one!According to the TAX OMBUD ANNUAL REPORT 2017/18, a staggering 35% of the complaints received by the tax Ombudsman relate to tax refunds, this being the highest type of complaint…
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Top Tips for SARS eFiling

Tax season 2018 has arrived and has been in full swing since the 1st July 2018. In our previous article, Tax Season 2018, we outlined some need to know information about tax deadlines and when to file a tax return. Below follow some tips to…
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TAX SEASON 2018

It was announced on the 4 July 2018, that this year’s Tax Season will be shortened by 3 weeks, with the season running from the 1 July to 31 October 2018 to allow more time for verifications before the December holiday break. It is also anticipated…
Impacts of VAT increase
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The Impact of Increased VAT

As you may have been made aware and was outlined in our previous article, ‘2018 Budget Related Tax Implications’ Sunday, 1 April 2018 saw VAT increase from 14% to 15%. This was the first increase in 25 years.What is VAT?VAT stands…
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2018 Budget Related Tax Implications

On 21 February 2018, former Finance Minister Malusi Gigaba delivered the 2018 National Budget Speech, describing it as “a tough but hopeful budget”. The effect this has on the taxpayer has been analysed in depth and publicised on many forums.The…
Chartered Accountant
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What to look for in an accountant

As you start and grow your business, you will soon come to realise that the most important relationship you can build is the one with your accountant. No other resource will be able to give you an instant snapshot on the financial health of…
Chartered Accountant
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Quick steps to ease debt

A recent report issued by Sanlam revealed that a shocking seventy percent of middle-class South Africans are feeling crippling financial pressure. According to the survey, the blame can be placed on the cost of education and university, a lack…
Chartered Accountant

Accounting tips to get your business on track

If you ask any business owner why they started their own company, very few will say, “to spend hours on accounting.” However, many entrepreneurs find the financial challenges of keeping their business afloat an unnecessary distraction to…
cash flow

Top cash flow management tips

Maintaining a positive cash flow is the lifeblood of any successful business. Without a steady stream of cash coming in, debt can build up fast, you can fall behind on tax obligations and your business is at risk of becoming one of the many…
accountants
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Accountants and Accounting – the cornerstone of business success

While many businesses take pride in their product or service, this does not provide a solid foundation for business success. As any investor or bank will tell you, the proof of a business’ success lies in its numbers.However, many business…