by Amogelang Nawa | Nov 11, 2019 | Gamers Reflections
While awaiting the outcome of the bid submitted Sipho looked at his bank balance and said eish! I am running out of cash. Sipho is only left with R 20 000. The second project is only 20% complete and requires R 700 000 to be completed. Sipho decided to...
by Amogelang Nawa | Nov 8, 2019 | Gamers Reflections
Sipho and his accountant are being dishonest, they are misrepresenting the financial and tax affairs of the business because Sipho’s business has been trading for at least 18 months and was awarded 2 projects. Filing “zeros” is a criminal offense (tax evasion) and...
by Amogelang Nawa | Nov 8, 2019 | Gamers Reflections
The tender bid is due in 2 days. Sipho called his friend, Hendrik, to find out where and how he can obtain a tax clearance certificate. Hendrik referred him to some accountant who filed “zeros” on tax returns and generated a tax clearance certificate for Sipho. Sipho...
by Amogelang Nawa | Nov 6, 2019 | Gamers Reflections
In order obtain a tax clearance certificate Sipho must, on behalf of the company, file an income tax return. This means that financial statements need to prepared and a tax calculation must be performed to determine whether the company made a taxable profit or not. A...
by Amogelang Nawa | Nov 2, 2019 | Gamers Reflections
It is now 18 months since Sipho has been in business. Sipho is actively looking for new business opportunities on newspapers, tender and municipal websites. He came across another water reticulation project however this required a tax clearance certificate. Being an...
by Amogelang Nawa | Oct 31, 2019 | Gamers Reflections
Sipho is running the risk of not being able to complete the second project as he has taken the deposit meant to fulfil the second project and utilised for the first project and financed his own lifestyle. Not completing the second project will result in loss of trust,...
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