As a newly appointed company director or trustee here’s what you need to know! Overview: The Duties, Responsibilities and Liabilities of Directors and Trustees in South Africa Being appointed as a trustee or a company director in South Africa carries many obligations and legal responsibilities. Failure to uphold the regulations that govern directorship and trusteeship…
Read MoreYou probably expect your business to provide for your family when you die—but don’t think that “leaving everything” to your family guarantees their financial security. Lets discuss what really happens when a business owner dies. Fact: a simple misstep now could see your loved ones and your business stranded when you pass. That’s because the…
Read MoreMany people think that a last will and testament ensures that your final wishes will be carried out— only to have their loved ones pay the price for ineffective estate planning. If you own a business or shares, especially, estate planning is crucial! Without it, your will could be inexecutable, leaving your dependants and enterprise…
Read MoreWhen comparing accounting providers, you may see “internal control” listed as a service and wonder what the significance of this deliverable is. The term internal control is used for accounting systems that can add tremendous benefit to your business. How Internal Controls Improve Auditing Procedures, Financial Integrity and Operational Efficiency There are numerous advantages of…
Read MoreTax Season 2020: Important Notes For Personal Income Tax and Company Income Tax Taxpayers In May this year, the Commissioner of the South African Revenue Service (SARS) announced changes to the 2019/2020 tax filing season for individual taxpayers. The mainly operational changes come as a response to the effects of the COVID-19 pandemic and social…
Read MoreBite-Sized Budget 2020/21 Take-Outs for Busy Businesses The budget speech has come and gone, but what it means for business is still baffling the best of us. While Finance Minister, Tito Mboweni, delivered some good news and some bad news, his speech mainly comprised proposals. At least, as far as the private sector was concerned.…
Read MoreHow To Get The Ultimate Returns From Your Statutory Returns When you choose the right financial partner, you won’t just meet your statutory deadlines but derive exceedingly high value from them too. Exceed helps you submit sound returns, on time, and save on costs that you didn’t even realise you had! The Deadline Dilemma Ask…
Read MoreTax Threshold changes for Individuals The South African Revenue Service together with the newly appointed SARS Commissioner Edward Kieswetter announced a new filing threshold in June 2019. The threshold of individuals who are required to file tax returns was increased from R 350 000 to R 500 000. Requirements Individual taxpayers who meet all of the following…
Read MoreRequirement Any person who receives income (or to whom income accrues) other than a salary, advance or allowance, is a provisional taxpayer and should register for provisional tax at SARS. Provisional tax is not a separate tax from income tax. It is a method of paying the income tax liability in advance, to ensure that…
Read MoreAll companies are required to have Annual Financial Statements compiled to reflect the financial position and performance of the company for the past year. This can be a stressful time for directors and staff, especially if the financial statements are subject to an audit. With a little bit of preparation, this process can be…
Read More