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6 Reasons Accounting Records Are Critical to Your Small Business

Posted 18 October 2016 under Tax

You’re an entrepreneur. A wildly innovative individual. An ideas person. A make-things-happen person. A real go-getter. Passionate about your business and pursuing your dreams. And brilliant at keeping your accounting records up to date. Chances are that last one doesn’t ring true, does it? Don’t feel alone, financial record-keeping is the bane of existence for most small business owners and managers. 

When you’re in the throes of building your empire from the ground up, you’re often so busy working ‘in the business’ that there’s little time to work ‘on the business’. As a result, accounting records are often the last thing on your mind. So long as there’s money coming in and your bank manager doesn’t have you on speed dial for the wrong reasons, you’re happy to keep going, right? 

But here’s the thing. Accurate records of Revenue and Expenses – even in the most basic form – are vitally important and shouldn’t be one of those tasks relegated to the ‘when I have time’ folder. They contain - or should contain -  the information to help you to make informed financial decisions and provide you with insight into areas of potential problems.

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How can I change my email address on TAxTim?

Posted 16 October 2016 under Tax Questions

I am registered TaxTim user, is it possible for me to change my email address?

Are retrospective changes to an IRP5 possible with SARS?

Posted 14 October 2016 under Tax Questions

I am an independent contractor and do consulting work for a number of companies at any given time. When the one company submitted the 2016 IRP5 they erroneously categorized my source code as 3601, instead of 3616 for independent contractors, hence I cannot claim costs. I have asked them to amend the IRP5 but they say they cannot because they have finished their tax recon and signed off on 2016 and can no longer make changes. Is this true? What alternatives do I have?

SARS ring-fenced the loss on my rental property, can I request that they revise my assessment?

Posted 14 October 2016 under Tax Questions

I had a property that I rented out to tenants for the last 4 years. In the 2015/16 tax year, I made a loss on this, due to the expenses exceeding the rental income I received. I reflected this loss in my tax return. SARS then audited my tax return, and they ring-fenced the loss. However, at the end of the 2015/16 tax year, I sold the property, and have obviously not been receiving rent or incurring expenses relating to the property since then. What now happens to the ring-fenced amount? Am I entitled to ask SARS to re-assess given the circumstances? Or do I just accept it as a loss?...

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Where do I enter source code 4006 info?

Posted 12 October 2016 under Tax Questions

Where do I enter source code 4006 info? It's on my RA Contribution Certifcate from Liberty Life. It's a monthly debit order from my bank account.

IS there a special code that I should capture on my IRP5?

Posted 11 October 2016 under Tax Questions

What code should I use on my IRP5 if I am a sole proprietor providing management and labour law consulting services?

How do I get SARS to acknowledge my expenses?

Posted 10 October 2016 under Tax Questions

I sent through all the supporting documents but SARS ignored my expenses and redid my tax return and are now saying that I owe them?

How to Register your Company for SARS eFiling

Posted 4 October 2016 under Tax

In order to use SARS eFiling, you will need your company tax reference number.
If you do not know it, please call SARS on 0800 00 7277 to find out what it is. 

Go to www.sarsefiling.co.za.
Click on Register.

SARS eFiling homepage

Look for the option For Organisations. Click the little brown arrow button to continue....

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Old donation, can I claim it now?

Posted 4 October 2016 under Tax Questions

In 2013 I made a donation of R5000 to a registered charity which I forgot to claim.
Is it possible to claim it in my 2015/2016 tax return?

How to File your Company Tax Return (ITR14) on SARS eFiling

Posted 4 October 2016 under Tax

Company tax returns aren't for the faint-hearted! You should only be completing your company tax return if you are a trained professional, or have used the TaxTim service to complete your company tax return for you. See our pricing for company returns.

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If I have been medically boarded and receive income protection benefit does this mean I am disabled?

Posted 4 October 2016 under Tax Questions

I was medically boarded at the end of 2015 but am covered by a Discovery Income Protector policy. Does that mean I am "disabled" for tax purposes?

Am I required to pay tax if my employer is a non profit organisation?

Posted 3 October 2016 under Tax Questions

I am working for a non profit organisation and earn R6400, do I have to pay the tax over to SARS directly or does my employer do this?

Income tax and a partnership

Posted 3 October 2016 under Tax Questions

Does a partnership need to register for income tax if they are registered for VAT?

Out of pocket expenses with no medical aid, can I claim?

Posted 29 September 2016 under Tax Questions

Can you claim for out of pocket medical expenses if i did not have a medical aid and will this decrease my tax liability?

Can I claim for depreciation on my vehicle?

Posted 27 September 2016 under Tax Questions

Can I claim for wear and tear on my personal vehicle and how do I do it? I kept a logbook because I am getting a non taxable allowance for the km driven for business purposes.

Freelancer and full time employee, how does my tax work?

Posted 27 September 2016 under Tax Questions

I am full time employee and I have already submitted this current year's tax return.
I am a freelancer in my spare time as I started doing online work and earning dollars.
What is the tax implications and how do I go about it? Could I claim back on the use of my computer etc.?

Can I claim my business travel expenses against source code 3703 if my km travelled exceeded 8000km?

Posted 27 September 2016 under Tax Questions

Can I still claim travel expenses as my employer pays for the km I drive with my personal vehicle, the Km exceeded 8000km but on my IRP5 it is under source code 3703? I also kept a logbook.

Ending date for tax submittance

Posted 27 September 2016 under Tax Questions

When is the closing date for the tax 2016 individual tax return submission?

I have medical expenses but no medical aid, can I claim?

Posted 24 September 2016 under Tax Questions

I don't have a medical aid can I still claim for medical expenses?

Is valuation costs of a building that was sold tax deductible?

Posted 23 September 2016 under Tax Questions

Is valuation costs on a factory that was sold tax deductible? Or should the fee paid form part of the base cost for CGT purposes?

Special Stopper at SARS: What We Know For Sure

Posted 22 September 2016 under Tax

Over the last few weeks, our helpdesk has received an alarming number of queries from taxpayers asking what they can do as their refunds are being held back by SARS due to a special stopper being placed on their account. It’s a complex situation and the only advice we've been able to provide has been for the individual to make contact with SARS directly to try resolve the matter.

The South African Institute of Tax Professionals (SAIT) issued a statement on Tuesday 20 September 2016 advising that they’re looking into the issue after numerous complaints had been raised. The complaints are coming from not only individual taxpayers, but from tax practitioners and their controlling bodies too.

Initial investigations reveal that the primary reason for Special Stoppers being applied is because the personal details of the taxpayer haven’t been verified on the SARS system. Most often these are physical address or bank account details.

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Rental property allowable deductions

Posted 21 September 2016 under Tax Questions

I bought a property and am renting it out. I know I have to submit the rental income. Am I also able to submit the expenses (i.e. Transfer / legal cost to obtain the property) levies paid, rates and taxes and electricity for this property?

Travel Expenses Code 4015

Posted 20 September 2016 under Tax Questions

I did my SARS eFilling tax return through TaxTim and I completed the Travel Expenses Section, 4015, as R72902. I am being audited and I am not quite sure anymore what that amount includes, they only thing I can think of to get to such a high figure would be my car payments per month? Please advise what deductions are allowed under this code and what proof I need to send SARS to support this?

Will I be taxed on an international bank transfer?

Posted 18 September 2016 under Tax Questions

I need to make an international bank transfer into an overseas account one similar to PayPal.
The bank is however asking me for my tax number before proceeding, I understand one can take up to R1 million per annum offshore and therefore by asking for the tax number it falls under a purchase/discretionary allowance and not a gift because I am transferring to my own account similar to PayPal.
My question is will I be taxed on the purchase if I give my tax number? There is also an option to pay visa credit card but I prefer the international bank transfer as its cheaper in fee's? Thoughts?

What does code 3698 refer to?

Posted 18 September 2016 under Tax Questions

I have a code 3698 on my IRP5, must I complete this amount under 4006?
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