AVOID SHORT CUTS TO COMPLIANCE

There is no doubt that compliance plays a significant role in every entity. For smooth operation and other advantages that comes with it. Compliance will help your company avoid legal risks. Lawsuits and settlements can easily cost you millions of rands. Fines and other compensatory payments can also add up. Even if you are able

Individual tax season, provisional tax payers and SARS auto assessment.

Individual tax season has opened, the official filing resumes on 07 July 2023. From 30 June to 07 July SARS will be issuing communications to all the tax payers that have at least less complicated tax affairs auto assessment via text or email.If you have not received one yet, please wait a bit till the

What happens when I don’t make use of the business bank account yet the business is trading?

What happens when I don’t make use of the business bank account yet the business is trading? I am not sure how best to respond to the above question other than say “it is a self sabotage” When a business is registered, it is given its own legal entities. Name of operation, registration number, tax

Common Bookkeeping Mistakes that Small Businesses Make and ways to avoid them.

Making small bookkeeping mistakes that are costly or even damaging to your business is an unwelcome possibility. However, understanding common errors and how to avoid them can help you stay on top of your books and make sure your business stays afloat. Overlooking Deadlines Overlooking deadlines is a common mistake that small businesses make in

PAYROLL TECHNICALITIES FROM AN EMPLOYER AND EMPLOYEE PERSPECTIVE

I am writing this blog at the right time where many employers are already in the middle of preparing their monthly payroll run. The objective of the blog is to breakdown the distinctive features of payroll from an employer and employee perspective. 1. EMPLOYEE – as an employee you do not worry much about the

DO I HAVE TO PREPARE THE FINANCIAL STATEMENTS AS A SMALL BUSINESS?

We are always asked this question by small business owners when they need us to generate the SARS Tax Compliance Pins. And the answer is simply YES. I would like try to simplify the reason why that is the case. The most basic requirement of compliance is that you must submit the Tax Annual returns.

PERSONALITY TRAITS THAT YOU NEED, TO RUN A SUCCESSFUL BUSINESS

Every job has a specific personal trait that one must have, to be able to abide by the job standard or requirements. For example, to be an accountant or bookkeeper you need to be able to keep a secret. You are going to work with confidential information thus you shouldn’t find it easy to disclose

YEAR END CHECKLIST FOR BUSINESS OWNERS

This is the last blog entry for the year and I just thought it would be befitting enough for every business owner to do a bit of “stocktake” with regards to their business standing. I have realised that many business owners do not really know their businesses legal entities and how and when to maintain

BUSINESS OWNER BANK STATEMENT REVIEW

Dear Business Owners The end of the year gives us an opportunity to do some introspection. If you have not been doing things the right way, as far as record keeping is concerned – please aim to do things differently in the new year. Your business depends on it. I just thought while we are

BUILD AND GROW YOUR BUSINESS BY UNDERSTANDING TAXABLE DEDUCTIONS

There is a famous quote that says – a non financial person when a transaction happens they only recognise one entry. As an accountant that works with various small to medium businesses i tend to agree. Doing so with no judgement of course 😉 Though the most recognised entry is that of an Income, it