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Desember 2018

With summer officially upon us, one can’t help but to wake up earlier than normal and start the day with a smile on your face. As 2018 draws to a close everyone is working themselves to the bone, trying to tie up any loose ends before venturing off to their much-deserved vacation or staycation if you will.

S129 notice to the consumer and “delivery”

There are many reasons why a consumer may default in his payments to a credit provider. Notwithstanding these reasons, the credit provider must follow certain procedures to enforce the agreement.

The VAT consequences of change in intended use of goods

It happens ever so often that a business would purchase goods, and subsequently apply those goods in a different manner than it had initially intended to at the time that those goods were acquired. For example, a sole proprietor dealing in motor vehicles may decide to take one of those vehicles and apply it towards personal use. So too a property developer may decide to rather use one of its properties, up for sale, as new office premises for itself.

Tax on retirement lump sums

Determining the tax consequences in respect of any lump sum benefits from retirement funds can be complex and various legislative changes have been incorporated over the last few years, to regulate and align the tax treatment of these benefits.

Lump sum benefits are included in “gross income” in terms of paragraph (e) of the definition in section 1 of the Income Tax Act[1], read with the provisions of the Second Schedule to the Income Tax Act.

September 2018

Daar is soveel om voor dankbaar te wees met die sluiting van die derde kwartaal. Die winter wat uiteindelik agter die rug is, die son wat elke dag warmer skyn en die fluisters van vakansieplanne wat al gehoor kan word. Ons kan net terugkyk en sien hoe geseënd ons was met die milde reën en die groot hoeveelheid werk wat ons aangepak het.

When to make use of the Small Claims Court

The Small Claims Court provides a prompt and inexpensive way to resolve minor disputes. It is meant for the ordinary man and woman on the street who cannot afford civil litigation. In particular, the Small Claims Court can benefit the destitute and indigent in South Africa to be able to access justice in a very informal, cost-effective, and user-friendly manner.

Registration of a trust as a taxpayer

The frustration experienced by taxpayers and the complexity of registering a trust as a taxpayer with the South African Revenue Service (SARS), has been widely publicised in recent years. Despite calls from industry bodies for a simplified approach (like companies and individuals), registering a trust as a taxpayer remains an overly complex process.

When should financial statements be audited, reviewed or compiled?

The Companies Act of South Africa (the Act) requires all companies to prepare financial statements within 6 months after the end of its financial year. A very popular question among business owners with regards to financial statements is whether the statements should be independently audited, reviewed or compiled. In determining the engagement type, the Act prescribes the following criteria to be applied:

Junie 2018

Soos die halfpadmerk aanbreek, is dit gewoonlik die tyd wanneer mense reflekteer op hulle Nuwejaars-voornemens wat aan die begin van die jaar gemaak is, om te bepaal of enige aanpassings nodig is. Netso, het HVM teruggekyk en in hierdie kwartaal het daar heelwat verander.

Tax deductions against salary earnings

Our clients who earn only a salary will know that very few tax deductions are available against salary income for income tax purposes and whereby they may reduce the taxable income derived ultimately from such remunerations.

What should you consider when investing in a business

You have worked hard for many years, and have finally saved enough funds and mustered the courage to take the big leap that you have been dreaming about for such a long time… you are going to invest in your own business.

You have found the perfect business and is excited about your new journey, when you suddenly realise, however, that you have never been in this situation, and suddenly have no idea what to do next.