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Tag Archives for: "economy"
 Medium Term Budget Policy and Unemployment Rate Comment
 0
By hobbs_admin
In Blog
Posted December 18, 2020

Medium Term Budget Policy and Unemployment Rate Comment

The announcement of South Africa’s unemployment rate, now reaching a record 32% is more than disturbing.

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Hobbs Sinclair Chartered Accountants

2 weeks ago

Hobbs Sinclair Chartered Accountants

Do you have a tax strategy for your business? As featured in JustMoney ; Danielle Luwes, tax manager at Hobbs Sinclair, points out the following factors you should consider when planning your tax strategy.The structure of your company. The tax requirements and considerations for businesses are dependent on the type of business entity, whether a sole proprietorship, partnership, or private company – each with its own pros and cons in terms of set-up and tax benefits.Tax registration. The South African government levies a series of direct taxes and indirect taxes on citizens and companies operating in South Africa. Direct taxes include tax varieties, such as income tax, corporate tax, wealth tax, gift tax, and expenditure tax. Depending on factors such as turnover, payroll amounts, and whether you are involved in imports and exports, you could also be liable to register for other indirect taxes, duties, levies, and contributions, such as VAT, fuel duty, entertainment tax, PAYE, customs, and excise.The taxes you will need to pay and the amount. A company is required to pay income tax at a rate of 28% on its taxable income for the tax year, and dividends withholding tax at a rate of 15%. A sole proprietor is subject to income tax on their taxable income at rates ranging from 18% and 45%.Whether you qualify for tax relief. There are various allowances, exemptions, and special deductions stipulated in the Income Tax Act which you can take into consideration when putting together a tax strategy.Record-keeping. To prepare accurate tax returns, it’s vital to keep records of all company activities. Along with your income and expenditure, you must hold on to any information that may be required to support entries on your tax returns.
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  • Updated Emergency Tax Relief – should you go there? August 17, 2021
  • Last chance to make use of Section 12J in your tax plan June 28, 2021
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  • When to switch from running your business as a sole proprietor to a private company February 16, 2021
  • Medium Term Budget Policy and Unemployment Rate Comment December 18, 2020
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