In the world of finance and taxation, accuracy is paramount. For businesses, ensuring that the figures reported on the Annual Financial Statements (AFS) align with those submitted in tax returns is essential not only for compliance but also for maintaining…
As the year draws to a close, businesses and individuals alike focus on preparing their Annual Financial Statements (AFS) and filing their tax returns. While this process might seem like a routine task, getting the numbers right is crucial. Why?…
Filing provisional tax and IT14 annual tax returns on time is essential for maintaining business compliance and protecting your financial health. Here is a breakdown of the significant consequences for directors and public officers—and how poor accounting practices can complicate…
Background All individuals that are South African Tax Residents and that earn taxable income, in the form of a salary or otherwise, are liable to pay tax on their personal taxable income should it exceed the annual thresholds as defined…
In the world of business and tax compliance, staying up-to-date with regulatory requirements is crucial. A vital aspect that is often overlooked is the SARS Representative Update. If you’re wondering why this update is important and what might happen if…
Keeping your business’s financial records up to date is more important than you might think, especially when it comes to submitting tax returns. Here’s why staying on top of your accounting matters: 1. Avoid Expensive Mistakes If your financial records…
When it comes to a professional industry such as accounting, ethics and ethical behaviour are very important principles and should be adhered to at all levels within the accounting industry, from the simplest transaction allocation to the most in-depth review…
An EMP501 reconciliation is a statutory return that all employers registered for PAYE must submit to SARS. It is required to be filed twice a year and plays a vital role in ensuring that your business’s payroll information is accurately…
As an accounting firm, we meet a lot of clients that do not always understand why we need to do their accounting in a specific way or ask for more detail regarding their transactions. Accountants must be registered with…
When we speak of a backlog of your business’ accounting it means that; for a period, your financial information was not kept up to date in accordance with accepted accounting standards and, your legal and statutory submissions were probably not…