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.

Running a business comes with its fair share of expenses and it is important to understand when these expenses can be used against income as a valid business tax deductible expense.

Deducting the right expenses can significantly reduce your taxable income and, consequently, your tax liability.

In this blog, we will look into the deductibility of various business expenses, focusing on repairs and maintenance, entertainment, staff welfare, and gifts.

The introduction of Persons with Significant Control (PSC) regulations by the Companies and Intellectual Property Commission (CIPC) and the alignment of tax reporting with the South African Revenue Service (SARS) is a significant step toward fostering a more transparent and accountable business environment in South Africa.

Business owners and operators need to be aware of their responsibilities under these regulations, including the creation and maintenance of accurate PSC Registers, timely submission of information to the CIPC, and consistent reporting to SARS.

Adherence to these regulations not only ensures compliance with the law but also contributes to the integrity and credibility of the business community in the country.

Happy new tax year our lovely Anlo community. Everyone worked really hard to get all the 2021/2022 tax returns submitted on time as well as the submission of the provisional tax returns that was due end of February.

We start a new tax year, and working towards getting financials and returns calculated early so that we stay on the good side with SARS but also have some time to do some cashflow planning.

If your situation has changed or you have moved or have new contact details, please get in touch so that we can update your details where it is appropriate.

How will you know if you are a provisional taxpayer?

If you earn any other income apart from your salary i.e., consulting fee income, high interest income, capital gains or rental income etc. you should submit a provisional tax return. All entities/companies are registered for provisional tax and provisional tax should be submitted.

The 2nd provisional tax is based on the same accounting period as the August 2022 provisional tax calculation. So, if you had to pay provisional tax in August 2022, you will know if you are a provisional taxpayer.