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...

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 business!

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...

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!

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...

Sipho's business is not tax complaint because provisonal tax returns are not filed. Provisional tax is an advance payment of income tax and a provisional tax return must completed for the first 6 months and the last 6 months. Empower yourself, grow your business!

After filing the correct version of the business's tax return on SARS efiling,  Sipho noticed that the tax compliance status was ''non-compliant'' He became worried that his business might not be awarded tenders because of this. Gamer, what could possibly be...

Sipho is so determined to learn and do things above board so much so that he corrected the tax return which was filed by Hendrik's accountant. This was a great step given that 'zeros' were filed and this was fraudulent.Empower yourself, grow your business!

Sipho has completed financials for his business. He is excited that at least one thing required by the bank is ready. It appears that Sipho is getting a whole lot more than he bargained for. Although him seeking an accountant and preparing financials was prompted by...

Sipho: ''now let's roll our sleeves and get on it, let me switch on my laptop we will work from my spreadsheet since all the figures are there. Madimetja: right, we will start with the formats.  Empower yourself, grow your business!