Cash is King By now you may know that all accounting and financial recording is done on an accrual basis. This means that day-to-day transactions are not necessarily recorded on a cash basis or as you would see them on a business bank account. Bank statements normally just provide a snapshot of a business’ daily … Read more
Since April 2018, SARS has been cracking down on non-complying taxpayers in filing their tax return. Since April, SARS has successfully prosecuted and convicted 10 taxpayers for failing to submit their outstanding tax return. Among these people is prominent soccer player, Teko Modise. Most of you would have also read about the socialite Bonang being … Read more
Financial statements are intended to meet the needs of decision makers as well as providing useful information to shareholders. As a result, the timely preparation of these reports is essential. Financial statements must be available in time to inform decision-making. Therefore, it is important that financial reports/financial statements should be published as soon as possible … Read more
As we come to the close of the tax season, more and more people will try to meet the deadline and just make it to the finish line. Here are a few tips and reminders: This tax season was cut off by a month to Oct. It was usually open until end of November. You … Read more
Some taxpayers do not understand why SARS has not been allowing their expenses as deductions, most of which they used to claim in the past without a problem. Of Course, tax laws have changed and continue to change from one to the next. But, the simplest reason why a taxpayer’s expenses may be disallowed would … Read more