Let’s face it, receiving an audit notification from the South African Revenue Service (SARS) can send shivers down even the most diligent taxpayer’s spine. But fear not, South African entrepreneurs! While an audit might seem daunting, it’s important to remember that they’re not inherently bad news. In fact, they can be an opportunity to identify […]
In the dynamic world of business, efficiency, accuracy, and productivity are paramount to success. Every business process, from sales and marketing to operations and finance, plays a crucial role in achieving your goals. Among these processes, accounting stands out as the foundation of financial management, providing business owners with insights into their financial health and […]
As a new business owner in South Africa, you’ll need to comply with a number of financial reporting requirements. These requirements are designed to ensure that businesses are transparent and accountable to their stakeholders. The specific financial reporting requirements that you’ll need to comply with will depend on the type of business you have and […]
The South African Revenue Service (SARS) requires all employers both in the private sector and public to submit their Employer Reconciliation Declaration (EMP501) by 31 October 2023. The EMP501 is a reconciliation of your Monthly Employer Declarations (EMP201) for the first six months of the tax year (1 March to 31 August 2023). It is […]
Tax deductions are a great way to reduce your tax bill and save money for your business. By taking advantage of all of the tax deductions available to you, you can free up more resources to invest in your business and grow. Here is a look at the top 5 tax deductions for South African […]
Accounting can be a complex task, especially for small business owners who are often juggling multiple hats. As a result, it’s easy to make mistakes. However, by being aware of the most common accounting mistakes, small business owners can avoid costly and time-consuming problems down the road. Running a small business requires careful financial management […]
The South African government recently announced a number of key tax changes for the 2023 tax year. These changes are designed to simplify the tax system, encourage investment and economic growth, and make it easier for businesses to comply with their tax obligations. The Budget Speech for the fiscal year 2023 was delivered by a […]
