Sunday, 1 December 2013
Friday, 1 November 2013
Tuesday, 1 October 2013
Tuesday, 10 September 2013
We are getting together on 29 September 2013, from about 11:30. With our spades and wheelbarrows we are going to try and fill up the road with building rubble collected. Once compacted down this will hopefully help to solve Ndabezinhle Creche's immediate problems and allow access to the school.
We would love you to join us, from Business Soul Cares, and the team from Crossways Church, to fix the road. Every bit helps. Please contact us at Business Soul Accounting and we will give you more details.
Thursday, 22 August 2013
Following on from our last blog on Provisional Tax. The next deadline for provisional tax is just around the corner.
How profitable is your business this year?
Preparing your provisional tax return is a good time to assess the profitability of your business. Ask the questions:
Is the business making a profit?
If your business is making a profit at the end of July 2013, this is a good sign for the year end results. Does the profit fall within the targets you have set? Consider the budget you have for the year and whether you are going to be able to maintain or improve your profits. Set new targets.
Is the business making a loss?
A loss in your income statement may be great for saving tax but a loss is not what you want. Rather make profits and save for the tax. One forced saving is paying provisional tax. Turn the loss into a profit by tackling the tough questions. What is causing the loss? Don't look at the obvious indicators e.g. fewer sales. Dig deeper. Why is income not covering your fixed costs? Are the markups on products correct to cover both fixed and variable costs? Is your marketing team performing? What expenses can be cut? What expenses need to increase to bring in more income? Now is a good time to turn the company around and work at making a profit for the year.
What is our strategy?
Use this time of preparing provisional tax as a strategy tool to assess profitability for the year. Correct your budgets and targets.
Your business can make profit
Monday, 1 July 2013
Ndabezinhle Creche is a registered non-profit organisation. We at Business Soul Accounting are privileged to be able to contribute into these young peoples lives. We are so blessed to see there joyful development and Nelly's faithful service.
Saturday, 1 June 2013
What is withholding tax?
There are certain exemptions from withholding tax. These differ in each country.
Can you claim back withholding tax?
What are the withholding tax rates in East and Southern Africa?
|Botswana||15%||Botswana (BURS), Withholding Tax|
|Kenya||20%||Kenya Revenue Authority (KRA), Withholding Tax|
|Malawi||20%||Malawi (MRA), Withholding Tax|
|Mozambique||20%||Website not accessible at the time of this article.|
|South Africa||15%||South Africa (SARS), Withholding Tax, page 41|
|Swaziland||15%||Swaziland (SRA), Withholding Tax|
|Tanzania||20%||Website not accessible at the time of this article.|
|Zambia||15%||Zambia (ZRA), Withholding Tax|
|Zimbabwe||15%||Zimbabwe (ZIMRA), Withholding Tax|
SADAC Region exemptions
Wednesday, 1 May 2013
Don't be flustered and confused about EMP501 easyfile reconciliations. There are four things to remember:
1. Create certificates for each employee. If you use a payroll system, you can import the payroll information. If not, edit employees and add the certificate. Once you have completed each employees certificate for the relevant year, move onto step two.
2. The Declaration, is to reconcile submitted and paid returns from the year. Print the SARS statement from efiling. Compare the statement to your payroll and EMP201's submitted. Check the amounts paid. Once complete, click Self Assess and then Ready to Submit.
3. Submit to SARS. Check that all your information is correct. Tick the relevant year. Click the submit button. You will need to put your efiling user name and password in. The entire reconciliation is sent to SARS.
4. Generate IRP5's. Under Utilities look down the menu to find Generate IRP5. Tick the correct year. Then click Generate. This process will save the IRP5 certificates onto your computer.
Keep with these for basic principles. Hope your filing season goes well.
Friday, 1 March 2013
National Development Plan (NDP)
Small Business IncentivesSmall business incentives have been improved. An additional bracket has been added.
Tax TablesIndividuals Tax Tables have been adjusted as follows:
Rebates of TaxPrimary R12 080
Secondary (Persons 65 and older) R6 750
Tertiary (Persons 75 and older) R2 250
Tax ThresholdsAge Tax Threshold
Below age 65 R67 111
Age 65 to below 75 R104 611
Age 75 and over R117 111
Friday, 22 February 2013
What is the Reform Audit Support System?The program was initiated to assist attorneys and the attorneys fidelity fund to:
- reduce the cost of audits;
- reduce the risk of fraud and the theft of trust funds;
- assist attorneys in understanding the applicable Law Society Rules and sections of the Attorneys Act and how to apply them in their attorneys trust accounting.
Audits verses RASS inpectionsRASS was established as an alternative to audits offered by auditing firms. The RASS project is funded by the Attorneys Fidelity Fund. This means that an attorney would not need to pay to have inspections done by RASS. If an attorney were not on the RASS program, they would have to pay for the audit of their firm's trust accounts. RASS is free.
Should you be scared of RASS?
How can you join RASS?
How can Business Soul Accounting assist?
Friday, 15 February 2013
GDP growth is expected to be down to 2.5 from 3 of last year. A program for development is once again on the cards.
International companies are going to need to invest and work in Africa to develop the infrastructure required. Is South Africa ready for trading companies of international status or is Mauritius going to take the lead in the SADC region with more favourable tax regimes? South Africa has previously mentioned implementing more favourable tax systems to become the trading hub of Africa but we are yet to see a competitive proposal.
Thursday, 14 February 2013
What is provisional tax?Unlike income tax, provisional tax is an estimate rather than an accurate calculation of income tax for the year. The estimate is determined by review your year to date income statement, to take a good guess at what your profit will be for the year. Provisional tax is then calculated off the estimated profit at normal tax rates.
How often do we submit the returns?Provisional tax returns are submitted twice a year. Normally August and February. A top up payment can be made in September of the following year, if needs be.
What should we consider when preparing the estimate?The are a number of expenses at year end that are not in the accounts when reviewing the income statement for provisional tax. Consider:
- What creditors you will still need to pay that are not posted;
- Depreciation of fixed assets;
- Interest on loans not yet posted;
- Bonuses not yet paid;
- Bad debts that need to be written off.
Why pay now?Consider provisional tax as a forced savings. Unfortunately the interest rate is not great. If you overpay your provisional tax you will be refunded. So save the tax now while the cash is still around.
If you need help with your provisional tax, please contact us.
Friday, 8 February 2013
Your companies reputation depends on the strength of that brand.
See this article posted today by the CIPC.
Please contact us if you need assistance with registering your Trade Mark.
Dear CIPC Customer
Are you aware that enterprise registration does NOT give you protection
to use your enterprise name as a TRADE MARK?
To protect your trade mark you need to lodge a separate application
for a trade mark registration.
What is a trade mark?
A trade mark is a brand name, a slogan, a logo, or any combination
hereof that you use in trade, to distinguish your business and the goods
you sell or the services you provide, from the goods or services of others.
Registration of a trade mark will present the following benefits for your business: