Expenses must be intended to produce taxable income
Expenses must be intended to produce taxable income To successfully deduct an expense, there must be a link to earning taxable income. Section 11(a) of the Income Tax Act, the so-called ‘general deduction formula’, seems to have produced more court cases than virtually any other Section of the Act. And each time, the courts tell […]
Get paid on time: Five tips for business owners
Get paid on time: Five tips for business owners Small businesses can master the skill of getting paid on time – here’s how. For small and medium businesses, getting paid on time is one of the biggest administration headaches. After all, when customers don’t pay on time, cash flow takes a knock and you need […]
Does a settlement agreement constitute a credit agreement?
Does a settlement agreement constitute a credit agreement? In a recent legal dispute, the court’s ruling brought to the forefront a perplexing issue that has long plagued the legal landscape: the classification of settlement agreements under the National Credit Act (NCA). The court’s decision, which emphasised the importance of preserving the amicable resolution of disputes, […]
Mastering record keeping: How to meet SARS’s electronic documentation standards
Mastering record keeping: How to meet SARS’s electronic documentation standards Too often, taxpayers seem to forget that the most important aspect of dealing with SARS is to ensure that they can discharge their burden of proof. As a taxpayer, it is on you to provide SARS with the relevant material that, on a balance of […]
Filing Season 2024: Make Sure to Check Your SARS Uploads
Filing Season 2024: Make Sure to Check Your SARS Uploads It seems like it was just the other day that I’d finished submitting the 2023 tax returns for of my clients—mainly because for two of them, it literally was. For the clients in question, the late submission was due to delays in obtaining IRP5 certificates […]
Why Your Business Should Partner with a Tax Expert: Save Money, Gain Expertise
Why Your Business Should Partner with a Tax Expert: Save Money, Gain Expertise Managing taxes can be complex, especially when tax rules are constantly changing. By partnering with a tax specialist, you can simplify the process, save money, access expert advice, and find peace of mind. Facing These Tax Challenges? Complex Regulations: Tax laws can be […]
Eight Reasons Why Your Business May Get Hacked
Eight Reasons Why Your Business May Get Hacked No matter how big or small, any business can be a target for cyber attackers. While some business owners think they’re too small to be noticed, the numbers tell a different story. In 2023 alone, over 343 million people fell victim to cybercrimes, and it doesn’t look […]
VAT on Short-Term Lettings and Commissions
VAT on Short-Term Lettings and Commissions Are you acting as agent or principal—and what would be the pragmatic approach? There are very few people across the world who haven’t heard of Airbnb. Started in San Francisco in 2008, this multi-billion-dollar NASDAQ-listed company that employs around 7,000 people has revolutionised the short-term letting industry. Over four […]
Claiming Car Expenses Based on Actual Costs
Claiming Car Expenses Based on Actual Costs Know what you can claim, and the documents you need to substantiate it. When an individual taxpayer wishes to submit a tax claim for business travel, the tax return form provides the option of basing their claim on ‘deemed costs’ or ‘actual costs’. Since eFiling has largely […]
Benefits of Life Insurance as You Get Older
Benefits of Life Insurance as You Get Older Are you covered for a rising age and declining health? In March 2024, the world was shocked to learn that two British Royal family members were suddenly diagnosed with cancer. This highlighted a universal fact—disease does not discriminate and remains a threat to us all … […]