What’s In a Name?
The differences between an allowance, an advance, and a reimbursement are critical when it comes to tax. What’s the difference between an allowance, an advance, and a reimbursement? To many people, these are different terms for the same thing, but to SARS, the category that a payment falls into is critical when it comes to […]
Handling Payroll for Freelance Workers in South Africa
Managing payroll for freelance workers involves a few key points, including understanding legal requirements, setting clear payment structures, and using the right tools. Here’s a practical overview to help businesses handle freelance payroll effectively. Legal Obligations Freelancers are generally considered independent contractors, but businesses still have some legal responsibilities. 1. Tax Obligations Freelancers are responsible […]
Long-Term Goals, or Short-Term Gains?
More than a million applications have already been lodged with the South African Revenue Service (SARS) to pull funds out of their savings. Given that this amounts to R21.4 billion, that’s a frightening amount of money for a country that doesn’t have a savings culture. By the time of this article’s publication, this figure has […]
Navigating the Complex World of Taxes: A Guide for Businesses and Individuals
Taxation is a part of everyday life, whether you’re running a business or managing personal finances. But the complexities of tax regulations can sometimes be challenging to understand. Whether you’re trying to keep your business compliant with the law or looking for ways to minimise personal tax burdens, a solid understanding of taxes is essential. […]
Claiming Foreign Tax Credits
Back in the day when I was still running my tax practice full-time, I was called upon by a client to assist with the tax and accounting treatment of taxes withheld by a foreign country from income earned in that country—in this particular case, Botswana. The client’s query centred on the following two issues: The […]
Mastering Record Keeping: How to Meet SARS’s Electronic Documentation Standards
Too often, taxpayers seem to forget that the most important aspect of dealing with SARS is to ensure that they can discharge their burden of proof. As a taxpayer, it is on you to provide SARS with the relevant material that, on a balance of probabilities, supports your position. Taxpayers are required to retain relevant […]
Navigating Financial Growth: How Secundes Supports Your Journey
South Africa businesses face various challenges, from complex tax regulations to managing cash flow and financial reporting. Many business leaders seek guidance that not only addresses these issues but also empowers them to thrive in a changing environment. Secundes is here to help. As financial and accounting advisors, we understand that each business has unique […]
To Claim or Not to Claim VAT, That Is…
Some vehicles you cannot claim VAT on, some you can—and knowing the difference can save you a lot of money. When can you claim input VAT on a vehicle? Most businesses that are registered for VAT will be aware that you generally cannot claim input VAT on the purchase of a ‘motor car’ as defined […]
Partner with a tax expert: Save money, get expertise, relax
Managing taxes can be complex, especially when tax rules are constantly updated. At Secundes, we simplify the process and help you save money, get expert guidance, and enjoy peace of mind. Are you struggling with the following challenges? Complex Tax Laws: South Africa’s regulations are intricate and frequently updated. Keeping Up to Date: Tax laws […]
What to do if you owe SARS money
Owing money to the South African Revenue Service (SARS) can be stressful, but don’t panic. By understanding your options and taking prompt action, you can resolve the issue and minimise the impact. This guide will equip you with the knowledge you need to navigate a tax debt situation. The importance of addressing tax debt Take […]