FEATURED CLIENT OF THE MONTH – DECEMBER 2023
By this time you will have planned your holiday but there is still one more thing to add! If you are leaving PE and heading North on the N2, a Nanaga breakfast will really set your journey on a solid footing!On the way back, of course, the last thing you want to do is...
Opening Balances
As part of an independent review or compilation agreement, the preparer of the financial statements is likely to capture journal entries in the software used. These entries result in the ledger balances being different from what was sent to the preparer by the...
Advanced Payment Notification (APN)
Background On 1 December 2023, the South African Revenue Service (hereafter referred to as “SARS”) will implement a new advance payment notification requirement. The Advance Import Payment (AIP) Notification as part of the Advance Payment Notification (APN) project is...
What Does SARS Deem As a Valid Tax Invoice?
South Africa operates a VAT system whereby businesses (vendors) are allowed to deduct the VAT incurred on business expenses (input tax) from the VAT collected on the supplies made by the business (output tax). The most important document in such a system is the tax...
Physical Address requirements in terms of a valid VAT invoice
VAT vendors who make taxable supplies of goods or services are obliged to issue tax invoices to the recipients of such supplies within 21 days of having made such a supply. A valid tax invoice is of utmost importance because without such a document a vendor, being the...
THE NEW ASSESSED LOSS LIMITATION RULE
In previous financial years, there was no limitation on utilizing an assessed loss against current year taxable income. A new proposal was enacted in terms of the Taxation Laws Amendment Act of 2021 and came into effect for years of assessment ending on or after 31...
Featured Client of The Month – November 2023
Ibayi Bolt, Nut, Fasteners, Port Elizabeth is a family concern comprising of two executive members of which one member has 20+ years of experience in the bolt and nut industry. Our experienced staff have a combined amount of 30 years of experience in the business,...
Additional Requirements Needed to Submit a Trust Income Tax Return to SARS
Additional requirements are needed in order to submit a trust income tax return to the South African Revenue Service Since August 2023, the South African Revenue Service (hereby referred to as “SARS”), have introduced additional requirements for us to submit a trust...
Making Appointments With the South African Revenue Service
Making appointments with the South African Revenue Service In order for us to resolve any tax issues we may be experiencing; we have to make an appointment with the South African Revenue Service (hereafter referred to as “SARS”). We make a SARS appointment as a Tax...
Featured Client of the Month – October 2023
Plastics by Graymaur has been providing elastomer and polymer fabrication solutions to a wide range of customers, such as Toyota, Aspen, Faurecia, Good Year etc., since 1990. Amongst others, we service the automotive, chemical, pharmaceutical, industrial, and...