In South Africa, trusts are vital estate planning tools, offering both flexibility and protection in managing and distributing assets. However, managing a trust involves adherence to various regulatory and tax requirements, including the submission of tax returns. The latest guidelines for 2024 have introduced some updates and clarifications that trustees must be aware of to […]
You may have heard the term “SARS prescribed rate” tossed around, especially when it comes to discussions about tax implications for loans and investments. But what exactly does it mean, and why should you care? In this article, we’ll break down the concept of the SARS prescribed rate, its implications, and how it affects your […]
A Business Owner’s Guide to Understanding Gross Profit As a business owner, you’re constantly juggling myriad responsibilities to ensure your company’s success. Amidst the hustle and bustle, one financial metric demands your attention above all else: gross profit. This crucial indicator holds the key to unlocking insights into your company’s profitability and operational efficiency. In […]
A Guide for Small to Medium-sized Business Owners (SMEs) As a small to medium-sized business owner, understanding key financial metrics is crucial for making informed decisions that drive profitability and growth. In a related article we explored the topic of Calculating Gross Profit, two further important metrics that often come into play when pricing products […]
As a business owner or entrepreneur in South Africa, understanding the intricacies of VAT registration is paramount to ensure compliance with the South African Revenue Service (SARS). Value Added Tax (VAT) registration is a critical step for businesses reaching certain thresholds. In this article, we delve into the VAT registration process, explore SARS requirements, and […]
To register for e-filing in South Africa, follow these steps: Visit the SARS eFiling website: Go to the South African Revenue Service (SARS) eFiling website. You can find it by searching “SARS eFiling” on your preferred search engine. Click on “Register” or “Register for eFiling”: Look for the option to register for eFiling on the […]
In today’s digital age, establishing a business has become more accessible than ever before. With the rise of e-commerce and online services, entrepreneurs can launch their ventures with just a few clicks. However, amidst this convenience, it’s crucial to adhere to legal regulations and ensure proper compliance with governing authorities. For businesses in South Africa, […]
So what is a Public Interest Score (PI Score) and why does it matter to me as a business owner? A PI Score is a score that determines your company’s public interest. This score is important because the Companies Act requires that all companies calculate their PI Scores and it serves two purposes: To determine […]
Annual Financial Statements (AFS) are in a nutshell a story book of the business, this is how a company communicates to the world about its financial performance, financial strength and liquidity status. SARS requires that you file annual tax returns and they require all companies with the exception of dormant ones, body corporates and microbusinesses […]
Accounting is a complex discipline. But if you’re not an accountant yourself, you don’t need to know everything about accounting — only the practices and parts that have to do with your financial operations, legal obligations, and business decisions. Whether you’ve just launched your business or are a veteran, the following section is important. These steps will introduce […]
