by Amogelang Nawa | Apr 28, 2020 | Gamers Reflections
Swiping the business card for personal expenses is actually illegal because this is essentially a dividend and in order for a dividend to be declared the financial position of the business needs to be assessed according the Companies Act of 2008.Empower...
by Amogelang Nawa | Apr 26, 2020 | Gamers Reflections
The drinks paid for are personal expenses as they are not furthering his business. Amounts spent are therefore not tax deductible and cannot be recognised as an expense in the books of the business. Doing so is fraudulent!Empower yourself, grow your...
by Amogelang Nawa | Apr 24, 2020 | Gamers Reflections
Sipho had a relapse, he was out all night with a friend and used his business bank card to pay for drinks. Gamer, is the expense incurred for drinks deductible for tax purposes (i.e. will it deduce the amount of tax payable) ? Empower yourself, grow your...
by Amogelang Nawa | Apr 21, 2020 | Gamers Reflections
Another tax which Sipho should consider and is obliged to register for is VAT, that’s if his business makes more than R 1 million in sales per year.VAT returns need to be filed every 2 months.Empower yourself, grow your business!
by Amogelang Nawa | Apr 19, 2020 | Gamers Reflections
A newly registered company is liable for income tax @ 28% on annual basis and provisional tax also at 28% based on the expected profits (taxable income) every 6 months. Provisional tax is there so that a company does not sit with a huge tax bill at the end of the...
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