As accountants, we often get questions from our clients about the different types of VAT rates and how they apply to their businesses.

In this post, we'll break down these concepts and explain when each rate is effective, how they affect your input VAT claims, whether you need to register for VAT if your business delivers zero-rated supplies, and the requirements for a VAT invoice.

The team is hard at work at making our clients' lives easier and, we hope, better. Loads of business owners want to do their own accounts, but don’t know how Xero works, or want to have an accounting practice to help them to do it properly and accurately themselves, because they want to learn.

Written by Roulon du Toit CA (SA)

Both executive directors and non-executive directors (NEDs) may earn income from the companies in which they hold office. However, the tax treatment of these earnings—and the related expenses incurred—vary greatly between these two types of directors. In 2017, SARS released two Binding General Rulings (numbers 40 and 41) which provided more clarity on the treatment of NEDs.

Written by Roulon du Toit

A lot of South African taxpayers are unaware that they could reduce their taxable income if they made donations to Public Benefit Organisations. When a South African resident makes a donation, it is important to realise that there are tax consequences which may lead to either an increased tax burden or tax relief.

First, it is important to note that donating may attract a Donations Tax liability. This is something that taxpayers are unaware of and can be quite costly. We will not be exploring this in this blog, but be aware that if you donate cash (or any other asset) there may donations tax, especially if the value exceeds R100 000. For example, if you purchase a car and then transfer ownership to your child it will likely attract Donations Tax.

As the year progresses and you contemplate ways to reward the dedication and hard work of your teams (and perhaps yourselves as directors), gift vouchers emerge as a popular and appreciated token of gratitude.

However, your largesse should also be tempered with an understanding of the tax implications such gestures carry, especially under the regulations of SARS. This guide aims to shed light on these implications, ensuring that your acts of appreciation are both generous and tax compliant 😆.

In South Africa, managing a (Pty) Ltd company involves understanding tax obligations and benefits as outlined by the South African Revenue Service (SARS). One of the questions that arise in the realm of tax deductions involves the eligibility of claiming expenses for reading glasses. This blog delves into whether reading glasses can be considered a deductible expense under current South African tax laws for (Pty) Ltd companies.

In South Africa, the rules for deducting travel expenses for directors of small proprietary limited companies (Pty Ltd) are governed by the South African Revenue Service (SARS).  These rules can be quite specific and are subject to change, so it's always best to consult the latest SARS guidelines or a tax professional. However, we can provide a general overview.

Well, that’s Christmas and New Year done, and we’ve all had plenty of time to clear our heads and face up to 2024! So, Happy New Year, and let’s talk about… Tax!

We know - it’s not the most thrilling subject, but a failure to deal with it in a timely manner will guarantee you interesting times as SARS starts asking pointed questions.

So, what are the filing dates for 2024? Fortunately for all of us, these are no secret, SARS posts these on its website, but here’s an extract of the relevant information:

It was lovely having Esmerelda visit the Anlo Financial Solutions Edinburgh office in September. Lots of strategy meetings happened and lots and lots of walking through the beautiful city. If you don’t know, Esmerelda runs the Anlo Financial Solutions Johannesburg office and Annja runs the Anlo Financial Solutions Edinburgh office.

Please see a quick list of expenses to remember which can qualify as a tax deductible. If you have incurred the expenses in your personal capacity, then still let us know about these expenses. If you have the invoice, we can still include it.