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We believe there is a better way. We are an accounting, tax and business consulting firm based in Stellenbosch.

We believe there is a better way. We are an accounting, tax and business consulting firm based in Stellenbosch.

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Business Valuations

Business Valuations

Image license: https://creativecommons.org/licenses/by/2.0/

Image title: Plan and Valuation of Pews

Business valuations are a combination between well-developed financial principles (science) and professional judgement (art). From the onset there is one principle that needs highlighting:

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Wednesday, 02 September 2015 13:43
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A quick view on the tax consequences of the Budget 2015

A quick view on the tax consequences of the Budget 2015

Photo title: And another business day is almost over... 

License: https://creativecommons.org/licenses/by-nc-nd/2.0/

This speech of Minister Nene was highly anticipated and perhaps feared by some. 

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How to pay yourself if you are a small business owner – Part 1

How to pay yourself if you are a small business owner – Part 1

Photo title: Money being cut into many pieces. Source: TaxCredits.net

Licence: https://creativecommons.org/licenses/by/2.0/legalcode

What is the most tax effective and correct way to get the profit of your business in your personal bank account?

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Emotional bursts of doing nothing

Emotional bursts of doing nothing

Image used: Barely Noticed Stuttgart: www.barelynoticed.de

License: https://creativecommons.org/licenses/by/2.0/legalcode

This past year I have noticed that in the small business world there is various small business owners that have some or other trigger to make them realise they need systems and that paying taxes is indeed not a myth. This trigger is usually something like the need of a tax clearance certificate for a government tender or something in line with this. In some cases the business owner wakes up one morning with a realisation that they will need to start keeping records and complying to statutory obligations.

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Who should register for provisional tax?

Business Woman

Let’s start with why provisional tax exists. It is simply a way to spread the tax amount due by the person or company over a period of time. This is to ensure that a large amount of tax is not due when the relevant assessment has been completed. Basically it is similar to Pay As You Earn (PAYE), except it is less frequent. Where PAYE is due monthly, provisional tax is due every 6 months. Straight to the point, SARS wants to ensure that they get their money while it is most likely that you still have cash.

To answer the question of who should register for provisional tax, it is any person that derives any income other than a salary. In other words any income on which PAYE is not paid. Thus if you earn a salary and for example earn rental income you should register. From the SARS website:

“Any person who receives income (or to whom income accrues) other than a salary, is a provisional taxpayer. A provisional taxpayer is defined in paragraph 1 of the Fourth Schedule of the Income Tax Act, No.58 of 1962, as any –

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