How to Reduce Your Tax Liabilities by Using Salary Strategies: Maximise Your Tax Savings at SARS With Smart Salary Strategies for South African Businesses
Introduction If you are a South African business owner, you’ve no doubt wondered how to reduce your tax liabilities. The South African Revenue Service (SARS) allows taxpayers to use deductions, rebates, and allowances to lower their taxable income. If you plan your salary structure correctly, you can reduce the tax you have to pay and […]
How Provisional Taxpayers in South Africa Stay Informed with Provisional Tax Deadlines and Avoid Penalties
Introduction Managing provisional tax deadlines is crucial for every provisional taxpayer in South Africa. Staying on top of these deadlines helps you avoid admin penalties and ensures your tax affairs remain compliant. SARS eFiling is an essential tool that makes it easy for taxpayers to comply and submit their provisional tax returns on time. This […]
Top 5 Common Bookkeeping Mistakes and How to Avoid Them
Introduction Bookkeeping is crucial for keeping your business finances on track. It helps you avoid costly mistakes and ensures your financial statements are accurate. Many small business owners overlook small details, which can lead to serious problems later. Bookkeeping isn’t just about tracking your expenses but about keeping every aspect of your business organised and […]
The Key Differences Between Bookkeeping and Accounting According to a Bookkeeper of Over 25 Years Experience
Learn about the key differences between bookkeeping and accounting from our bookkeeper with 25 years of experience.
The Benefits of Outsourcing Your Bookkeeping to a Professional Bookkeeper in South Africa
Introduction Managing a business’s financial records is no small task. It requires accuracy, consistency, and a solid understanding of financial processes. For many businesses in South Africa, hiring a professional bookkeeper has become a game-changer. Outsourcing bookkeeping to experts not only saves time but also ensures that financial records are accurate and compliant with local […]
What is an Administrative Penalty?
An administrative penalty (“admin penalty”) is a penalty levied under section 210 of the Tax Administration Act (TAA). The TAA prescribes the various types of non-compliance which are subject to fixed amount administrative penalties. Incidences of non-compliance subject to a fixed amount penalty: Individuals (Personal Income Tax) – From 1 December 2022 if a natural person failed to […]