Maximise Your Business Travel Tax Deduction

February 2023, News / By

With both fuel and vehicle ownership costs at historic highs, it is more crucial than ever for taxpayers to keep accurate, up-to-date and securely stored logs of all business travel as well as proof of related travel costs. This is because expenses related to business travel can be deducted from taxable income – but only if a logbook that complies with SARS requirements is kept current for each vehicle and stored as per the regulations.
There are also several other tax implications relating to travel expenses, travel allowances and reimbursements for business travel. To maximise the tax benefits related to business travel for both a business and its employees, speak to your accountant to fully understand the tax implications for all concerned.

Loadshedding: Survival Tips for Small Businesses

February 2023, News / By

From damaged equipment, and staff and machinery sitting unproductive for hours, to numerous missed deadlines, there is no doubt that constant loadshedding is taking a heavy toll on South Africa’s small to medium businesses. With no short-term solution in sight, it’s clear that to survive and hopefully thrive South Africa’s entrepreneurs are going to have to dig deep and come up with some novel solutions.

While all businesses are unique and will have to develop their own individual plans for coping with loadshedding in the long term, we have put together a few tips that can be generally applied by small businesses to try and take some of the sting from the daily blackouts. Here are our five top suggestions for surviving loadshedding as a small business.

How the New Assessed Loss Tax Limitation Works

February 2023 / By

Previously, company losses could (subject to certain requirements) be offset against 100% of taxable income in the following year, with any balance rolling over to subsequent years. Under the new rules, an assessed loss can now only be set off against 80% of taxable income or R1 million – whichever is higher – in the relevant tax year, with the remaining balance still rolling over.
Some companies, like those with taxable incomes under R1 million, are unaffected, but for others, it means that even if their assessed loss balance far exceeds their taxable income, they will from now pay tax on up to 20% of taxable income. There are other complexities involved, including wording still to be clarified, so read on for more detail…

SARS Can Take Money from Your Account! Here’s How to Prevent It…

December 2022, News / By

The ability to collect money owed by taxpayers from third parties (banks for example) who hold money for them is just one of SARS’ wide powers when it comes to the collection of outstanding tax debts. Fortunately, because these powers are so extensive and can potentially place companies or individuals in dire financial distress, taxpayers …

SARS Can Take Money from Your Account! Here’s How to Prevent It… Read More »

Selling Your Business – Plan Well, with a Tax Benefit When You Retire

December 2022 / By

There are many reasons why a business owner may decide to sell a business built up with great effort over time: perhaps to start another business or pursue a different opportunity; maybe for health reasons, to relocate or retire; or as part of a succession plan or exit strategy. For whichever reason you might be …

Selling Your Business – Plan Well, with a Tax Benefit When You Retire Read More »

9 Key Metrics Every Business Should Track

News, October 2022 / By

Metrics allow businesses to track the growth and performance of various aspects of the business, enabling owners and managers to monitor a company’s progress toward its goals, identify and manage proactively potential problems, and make well-informed intelligent decisions. Many business metrics can be tracked by a company, and those selected will ultimately depend on your …

9 Key Metrics Every Business Should Track Read More »