So here you are, sitting at home during Lockdown, but far from it being like a holiday you are working as hard as ever, if not harder (especially taking into account the time the you are having to put in keeping your children educated (the schools have been amazing but children need input) and that … Continue reading Working from home during Covid19 lockdown- can you claim any tax deductions?
When the 25 year-old son of a family friend called me to ask how SARS will treat the gains he may derive on the Bitcoins he invested his pocket money in over a number of years, I gave him a brief verbal answer thinking the amounts will probably be quite small. However, out of curiosity … Continue reading How will SARS tax your Bitcoin gains?
2020 has been a difficult year for many and it isn’t getting any easier. People have lost their jobs and, with the latest lockdown, more are likely to. But perhaps one of the better traits of the human race is its ability to adapt and to be innovative, especially in times of difficulty. So, we … Continue reading How to move your small business into a company tax-free
The Lockdown period, for those who still have some income, has given time for reflection and the opportunity to make some firm decisions about the future. In a recent article it was reported that the number of enquiries from South Africans to a global emigration advisory company during this time showed a significant spike, as … Continue reading Leaving South Africa for good? What does this mean from a tax perspective?
In my previous article I talked about the possibility of some income tax relief that you may qualify for whilst working from home. This is particularly relevant given many people have little choice but to do so under the Lockdown. However, one needs to also be aware of the negative tax consequences of working from … Continue reading Working (‘Trading’) from your home and the impact on the R2 million CGT primary residence exclusion
In my last article I spoke about the fact that the VAT treatment differs for different uses of immoveable property, but I left the “commercial accommodation” aspect for today’s article. The holidays are a good time to address this issue as it looks at various types of ‘holiday accommodation’ and whether there is a need … Continue reading How the VAT works for holiday accommodation
Confusion continues to reign when it comes to fixed (immoveable) property (which I shall simply refer to ‘property’ here) and VAT. The key is to be aware of the use to which you are putting the property, and to make sure you are treating the VAT correctly (I won’t look at the documentary requirements here … Continue reading VAT for fixed property can be a minefield
You are probably aware that, notwithstanding that you may be a registered vendor for VAT purposes and you obtain valid VAT tax invoices for everything you buy for your business, you are generally not allowed to claim the VAT charged to you for the purposes of ‘entertainment’ as an input tax deduction on your VAT … Continue reading Incorrectly claiming VAT when your business spends money on food, beverages, hospitality and other “entertainment” could prove costly.
Are you planning to purchase a new vehicle for use in your business? If so, if you are registered with SARS as a VAT vendor, are you under the impression that you may claim a refund of the VAT charged to you by the seller of the vehicle? BEWARE- there are only very limited circumstances, … Continue reading Business vehicles – Can you reduce the cost by getting a refund of the VAT?
This week the news was full of the 16-year- old American, Kyle Giersdorf, who won US$3mn in the World Cup online game, Fortnite Battle Royale. His win raises an interesting tax question: if he was a South African playing a South African game would he have to contribute to the welfare of his fellow South … Continue reading Must the winners from on-line games and gambling make a tax contribution to society?