Latest News in the Accounting World

reports wp
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Five Financial Reports for Informed Decision-Making

Informed business decision-making - from effective daily financial management to strategic future planning - requires specific, timely information that allows business owners to understand where the business stands financially at a certain time, what is happening over a period, and where action is required to improve financial performance.
crisis wp
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How to Prepare for and Manage a Business Crisis

Building your business has been hard, but right now it all seems to be working. You have dozens of clients and a history of good service and strong reviews. It may seem like it will be all smooth sailing from here, but this is almost certainly not the case. As the Covid-19 pandemic proved, a crisis can come out of nowhere and take a successful company to the very edge of bankruptcy or even close it down.
estate planning wp
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Estate Planning: Act Now to Protect Your Family and Business After You Are Gone

The legacy you would leave behind, if today turned out to be your last day, is detailed in your current estate plan and your will (“Last Will and Testament”) - quite possibly the most important document you will ever sign, because it is the only way to ensure those you care about are protected and properly looked after once you are gone.
tax laws (1)
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Companies: How Will the Reduced Tax Rate and Assessed Loss Rules Affect You?

New rules have been established around the treatment of corporate assessed losses, and these are already in effect, limiting the amount of previous assessed losses that can be offset against a company’s annual income tax liability in future financial years. The change follows the reduction in the corporate tax rate from 28% to 27%
move office (1)
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The 7 Signs It’s Time to Move Your Business Out of The Garage

Every business owner should have a plan for what they want to do when the business gets big enough, and have an eye out for the right time to enact that plan. But just when is that? How do you know that it's time for your burgeoning company to get its own space and how do you make sure that when you move it's definitely going to be something that benefits the company and yourself?
emp501
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The Simple Solution to Hassle-Free EMP501 Final Recons

Customarily due at the end of May each year, your EMP501 final reconciliation can be a challenge! The deadline is approaching for all employers. Fortunately, there is a simple solution to ensure a hassle-free EMP501 final recon. In this article we find out what the EMP501 achieves, the solution to a hassle-free EMP501 submission, what to do if you are running out of time, and what the penalties are.
financial accounting
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A Guide to Accessing Funds That Can Help Your Small Business

There are various schemes available to assist SMEs with grants, business loans and “soft loans” and development programs. These schemes are primarily to support SMEs finance operating costs and expansion projects – however they mostly have an undertone of creating and protecting employment – together with training and skills development.
emigrate
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Planning to Cease Being a South African Tax Resident? What You Should Know Before Approaching SARS

Informing SARS that you are ceasing to be a tax resident via any channel could result in unintended consequences, such as an audit or an unexpected tax liability. With increasing numbers of skilled and wealthy South Africans emigrating, the tax and other implications of this option should be well understood before any decisions are made, and SARS is best approached with the assistance of a trusted advisor.
outsourcing
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When, Why and Whose Jobs You Should Be Outsourcing

Knowing when, where and which services should be outsourced is going to be a critical step along the pathway to success. Optimizing this process will free up your time to focus on core business areas, while also bringing in fresh thinking and expertise that can invigorate the business, lead to fresh insights and take your company to the next level. So how do you know when it's time to outsource a particular task, and which tasks are those most in need of outsourcing?
employment tax incentive
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What The New Employment Tax Incentive Limits Mean for Your Business

In this article, we find out what the new limits are, look at a few ETI calculations to see the potential tax reduction, and draw attention to the pitfalls for employers to ensure this ETI incentive can be claimed successfully, allowing companies to employ more young people by sharing the cost with government.
budget 2022
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Multiple Income Streams? The PAYE Dangers and a New Option for Pensioners

A nightmare situation for many South African taxpayers is discovering after their year-end tax assessment that the PAYE they paid on various income streams during the year was not enough. The result is a substantial tax debt, which can often not be settled in time to prevent hefty late payment penalties and interest.
budget 2022
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SARS Makes SMME Tax Compliance Easier

Tax compliance among Small, Medium and Micro Enterprises (SMMEs) has been forced into the spotlight by The South African Revenue Service (SARS) who in January launched a new monthly newsletter dedicated to the sector. The January issue covered the matter of tax compliance and revealed a number of new initiatives by SARS to streamline services and encourage smaller businesses to meet their tax obligations.
budget 2022
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Budget 2022: Your Tax Tables and Tax Calculator

Have a look at the tax tables below for the new Individual and Special Trust income tax brackets, and for a convenient reminder of the various other taxes that remain unchanged.
budget 2022
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Budget 2022: Your Share of Billions in Tax Relief and Business Support

Calling it a “good story to tell”, Finance Minister Enoch Godongwana announced, in his first Budget Speech, welcome respite from tax increases, tax relief of R5.2 billion for individuals and businesses, as well as further measures to support businesses in their economic recovery.
business bankruptcy
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Business Bankruptcy – Identifying the Main Causes and Avoiding this Outcome

Business bankruptcy is a reality - but by understanding what goes wrong, and what can be done to mitigate business money mistakes, you can put yourself in a better position to succeed as a business owner.
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.