For SMEs, spending money on outsourcing your payroll needs can save you much more in the long run… not only in rand value but also in time, which is a SME owner’s greatest commodity. As your business grows, it takes more time and becomes increasingly difficult to keep the process neat, tidy and detailed –
Being tax compliant with SARS means that your SME is following all the rules as laid out by law. One of the easiest ways you can ensure this does not become a tedious process is by keeping your books up to date, detailed and clean from the start. Or get help from a tax expert
The SARS tax compliance system makes it easier for taxpayers to request their Tax Compliance Status (TCS) via eFiling. This is a great way to ensure that all vendors, suppliers, partners, employees and other third parties are compliant with SARS. Here are a few easy steps to check your status: Log into eFiling Activate the
There may be instances where you will not be able to charge output tax on the goods or services you sell, nor will you be able to deduct input tax for the expenses you incur. Let us better understand zero-rated and exempt supplies. Zero-rated supplies Zero-rated is when you charge 0% VAT on your tax
An EMP501 reconciliation is a report of all employees’ earnings, which must be submitted to SARS. Employers are required to reconcile the payroll taxes liabilities (PAYE, SDL and UIF) declared monthly on the Employer declarations (EMP201). The three elements that must reconcile in order for your submission to be successful are the: Monthly Employer Declarations (EMP201s)
Once you are a registered VAT vendor, there are certain basics you need to comply with. Here we provide you with some great tips: All invoices must reflect correct VAT registration numbers for the supplier and receiver of goods and services, including their name and physical address. The words ‘Tax Invoice’ must appear on every
Value-added tax (VAT) was introduced in South Africa on the 29th of September 1991 to replace GST (General Sales Tax) as an indirect system of taxation. It is an indirect tax on the consumption of goods and services in the economy. The current standard rate of VAT in South Africa is 15%. A person with an
Going it alone or using someone other than a professional payroll service provider can easily result in unnecessary errors such as fraud, tax penalties and late or incorrect tax submissions. The biggest benefit of using an outsourced payroll expert is that they will keep your business compliant with payroll tax laws and changes. While you are
When it comes to business travel, it can become tricky for reimbursement. The right way for a business to manage this is for the employee to provide the kilometers travelled and the business will then calculate the kilometer to the Rand in order to reimburse. The tricky bit comes in when you have to calculate
Turnover tax is the best kept secret in plain sight for SMEs. It is a simplified system aimed at making it easier for a business with an annual turnover of R1 million or less to meet their tax obligations. The turnover tax system replaces Income Tax, VAT, Provisional Tax, Capital Gains Tax and Dividends Tax
