How to get a Tax Clearance Certificate (TCC) from SARS? When a taxpayer is compliant and up-to-date with his/her tax affairs, a TCC can be requested from SARS How do I know when am I Tax Compliant? you are registered for all the tax products that you are liable for you have declared all your...
Author: Finite_Admin_TMC
Can I claim home office expenses?
Home office expenses and what I can claim? For the purpose of this article, it only relates to permanently employed salary staff, who works from home for certain amount / or all hours. Sole Proprietors have different conditions that applies to them, that we are not discussing here. SARS is very clear how to calculate...
UIF not corresponding with SARS submissions
UIF not corresponding with SARS submissions Even tough you are submitting your SARS EMP201 monthly declarations, its no guarantee that your UIF declarations will be up to date. Moreover, the best way to solve this, is by submitting your monthly UIF declarations file directly from your Payroll, as far back as possible (but at least...
What must I know about UIF
What must I know about UIF? UIF (Unemployment Insurance Fund) declarations is deducted as 1% of UIF income of each employee, coupled with 1% that the Employer contributes as well. Thus totalling a 2% contribution per month. What is included in UIF income? taxable income taxable fringe benefits 80/20 of travel allowance bonus RA contribution...
How do I process Payroll Financial Year End?
How do I process Payroll Financial Year End? Firstly, the Payroll Administrator needs to ensure that all Employee’s processing have been completed and updated. In addition, all the Year end reports, IRP5’s and IT3’s have been printed. Not to mention the importance of making a backup of your Payroll onsite and off-site. How do...
Who needs to pay Provisional tax?
Who needs to pay Provisional tax? In the first place, Income tax is the normal tax which is paid on your taxable income. With this in mind, examples of amounts an individual may receive, and from which the taxable income is determined, include – Remuneration (income from employment), such as, salaries, wages, bonuses, overtime pay,...
Who needs to register for VAT?
Who needs to register for VAT? VAT101 – Value Added Tax Registration Application – External form Value-Added Tax is based on the Value-Added Tax Act 89 of 1991. In the first place it is an indirect tax based on consumption in the economy. Furthermore VAT is charged on taxable supplies of goods or services for...
How to submit PAYE declaration to SARS
How to submit PAYE declaration to SARS? In the first place, PAYE must be deducted from each Employee’s salary based on a rate that aligns with their income. Hence the system of Withholding Tax. PAYE (Pay as You Earn) is deducted by South African Law, whereby Employers deduct the Income Tax amount from your salary,...
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What software your small business needs
What software your small business needs today and tomorrow. Coupled with saving time and resources, be sure to use Sage Business Cloud software. Not to mention the automating of processes for managing your finances, payroll, and accepting payments. Moreover no matter your industry, or size of your small business. Together with taking care of everything...