Issuing accurate tax invoices is vital, but the reality is that every now and then errors will inevitably creep in. It has always been possible to issue credit or debit notes to correct calculable errors. But, because the VAT Act prohibits the issuing of more than one tax invoice per taxable supply, until recently there […]
VAT Taxpayers: New Relief on Correcting Tax Invoices Read More »
Companies need to take note of a new warning from SARS that it will be imposing administrative penalties from December 2018 for outstanding Corporate Income Tax (CIT) returns. Until now, penalties have only been imposed for failure to lodge personal returns. The penalties, says SARS, “range from R250 to R16,000 per month that non-compliance continues,
Beware the New Corporate Income Tax Penalties! Read More »
We read about it all the time – businesses both here and abroad are increasingly subjected to major data breaches. Cyber crime is on the rise, and we are all at risk. A particular danger faces any director whose company’s computer systems are hacked and losses ensue. Overseas, disgruntled shareholders are already suing directors in
Directors Beware! You Could Be Held Personally Liable For Data Breaches Read More »
Both your company and you personally are put at risk if you fail to comply with the many fiduciary duties and statutory responsibilities imposed on you by the Companies Act. As part of managing that risk you should prioritise the preparation and retention of correct and accurate minutes of all your board and committee meetings.
The Importance of Directors’ Meeting Minutes – “Who, What, Where, When and Why?” Read More »
Help your auditors to help you. Work together with them, and prepare properly. That’s the best way to maximise your audit’s value to you and to your business. Your goal is an audit which gives you assurance that your systems are sound and that your annual financials fairly reflect your economic position, whilst also containing
Get the Most Out of Your Audit While Saving Cost Read More »
SARS registered employers must submit an EMP501 interim reconcilliation on or before 31 October 2018. The Employer Interim Reconciliation period, referring to the period from 1 March 2018 to 31 August 2018, opened in September and runs until 31 October 2018 During the Interim Reconciliation, employers are required to submit an Employer Reconciliation Declaration (EMP501)
Employers: EMP501 Reconcilliation Deadline Read More »
The 2018/2019 tax year sees important changes to how, as an employee, you can be reimbursed for your business travel expenses. Both employers and employees should know how they will affect you in practice. We discuss the three types of travel allowance, the new changes, the reasons why SARS has made them, and the administrative
The New Travel Allowances: How Do They Affect You and Are They Working? Read More »
Making a loan repayable “on demand” is common amongst family members; think for example of parents making a loan to their student daughter, or of her lending money to a parent in need. It’s also used for loans between related businesses. But what does “on demand” really mean? Does it mean that the loan is
Lending Money Repayable “On Demand”: Beware Prescription! Read More »
In rebuilding SARS as a world class institution and in positively re-engaging with taxpayers, management has just released a new Service Charter to replace the old Client Charter. We discuss the highlights of the new Charter, the undertakings now given to taxpayers, and what is expected of taxpayers in return. Of particular interest perhaps are
SARS’ New Service Charter – A Positive Step Read More »
Whether you are a tenant or a landlord, chances are that sooner or later you are going to be asking yourself the question “What happens if the lease is cancelled early?” Of course there are no free lunches in life, and a tenant wanting to cancel before the lease has run its full course is
What Happens If You Cancel Your Lease Early? Read More »
