How to Register Your Business in South Africa: A Step-by-Step Guide
Registering a business in South Africa is essential to ensure your company operates legally and complies with local regulations. The process can be straightforward if you follow the proper steps. Here’s a guide to help you through the registration process. Step 1: Choose Your Business Structure The first decision you’ll need to make is the […]
Claiming Foreign Tax Credits
Back in the day when I was still running my tax practice full-time, I was called upon by a client to assist with the tax and accounting treatment of taxes withheld by a foreign country from income earned in that country—in this particular case, Botswana. The client’s query centred on the following two issues: Claiming […]
SARS’ “Lie Detector” Tests
Are you fiddling your taxes? Here’s how SARS can catch you… In the old South Africa, the favourite national pastimes were braaivleis, rugby, and cheating on your tax returns. This was made easier by the fact that the Receiver of Revenue of old operated in an environment where no two offices even talked to one […]
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 complicated and frequently updated. Keeping Up: Regular changes in tax laws require continuous monitoring. […]
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 from various providers. SARS has imposed the inevitable administrative penalties […]
What to Do if You Owe SARS Money
Owing money to the South African Revenue Service (SARS) can be stressful, but don’t panic. By understanding your options and taking prompt action, you can resolve the issue and minimise the impact. This guide will equip you with the knowledge you need to navigate a tax debt situation. The importance of addressing tax debt Take […]
Travel Claims, but No Allowance?
For commission-earners and the self-employed, the rules are slightly different—but travel costs can be claimed. The mistake that I make when writing articles about travel allowances is that I tend to forget that not all of us are ‘wage slaves’. Indeed, there are many taxpayers for whom the saying, “If a man will not work, […]
Understanding the Foreign Services Income Exemption: The Requirement for Service Rendering
Many articles have been written about the application of the foreign income exemption provided for under Section 10(1)(o)(ii) of the Income Tax Act. This section provides for an exemption from South African tax from specific employment income earned while rendering services outside South Africa. The section limits such income qualifying for the exemption to any […]
Taxing Employer-Paid Gratuities
It’s not only your retirement fund that may pay out when you decide to call it a day. Some time ago I wrote a series of articles dealing with the various payments that an employee might receive when leaving an employer. However, while those articles dealt mostly with what went wrong between the former employer […]
Ways to navigate an interest rate hike in South Africa: The power of expert advice
When the sun is shining, it is the opportune time to fix the roof. This adage is especially true in the context of economic situations, where preparation is key to weathering financial storms. In South Africa, as in many parts of the world, interest rates have seen an upward trend, posing significant implications for personal […]