95% of businesses that we support are now working on accounting software in the cloud. Sage Pastel claims to have 30,000 active companies on their platform, accounting for more than 50% of their monthly package sales. Business owners are raving about the benefits of this new online platform and if you haven’t made the move, you need to question yourself as to why not!
If you are one of our clients, we’ve probably got you onto an amazing system already but if if you are not, feel free to sign up HERE for a SageOne account (30 day trial period is free) and test it out for yourself. If you need any assistance, feel free to contact us (not only are we great accountants, we are also SageOne’s only platinum reseller).
Read below for more info on how you can save money in your business, important tax deadlines and our upcoming client events.
Christmas is around the corner and the year is almost over. Use this time to get your systems in place and any backlog out of the way. 2015 was a dress rehearsal, let’s make 2016 showtime!
3 Ways Your SME Business Can Save Money
Small Business Corporation Taxes
If you qualify as a small business then you will pay a lot less tax than a normal company. No formal registration is required and you simply need to comply with the following to qualify:
- Revenue less than R20 million per year.
- All shareholders are natural persons.
- No shareholder has shares in other companies.
- Not more than 20% of revenue is derived from personal services.
The saving? Close to R100,000.00 per year.
Employment Tax Incentive
The Employment Tax Incentive programme was launched to encourage employers to hire young people. SARS will pay you up to 50% back on salaries paid to people between the age of 18 and 29. Definitely something to check out if you employ people with salaries less than R6000 p/m. We recently saved a construction company over R150,000.00 in lost incentives.
Audit fees
Many business owners with (Pty) Ltd companies still think that they need to comply with an annual audit. The Companies Act changed in 2008 and this is no longer a requirement for most companies. Check with your accountant/auditor if this is compulsory as it can easily save a SME up to R50,000 per year!
Tax Deadlines in November
| 6 November 2015 | EMP201 return and payment |
| 27 November 2015 | Personal tax returns (non-provisional) |
| 30 November 2015 | VAT201 (10/2015) return and payment via SARS efiling |
Testimonial of the Month
I just want to thank the amazing team from The Beancounter who did the whole Evolution setup for BTC. It has been such an amazing transformation for us. As you know we had major problems with our previous service provider, but since bringing you onboard, it has just been a pleasure and a fantastic experience that we could not have done better.
Truly from my heart and from the staff at BTC, thank you so much guys, Akhona, Farren and Pieter for the great journey we had and the continuous support from you guys .
Elanie Kruger – BTC Products