Anyone who needs TAX / Accounting Advice

[Dave A]

I regret that's out of my experience

[mummy60]

thanks for the other help you gave

[kahoel117]

hi all.

i have a question about efiling. again.
i filed an tax return to sars and recently got the statement of account (itsa34).
now it says R-3204.12
just to be sure. must one pay in to sars or get back ? silly q i know :O

also. i want to start a company soon. unclear about taxes on the goods i sell though.
do you add vat to the goods and pay that vat amount per item to sars ?
not very good at the taxes.

your help will be appreciated.

k

[Mike Simmonds]

The (-) sign indicates a refund ............... that is good!

In terms of VAT and the goods that you buy and sell, you will first need to register for VAT with SARS. Check the VAT vendor guide on the SARS website, it really explains everything and gives practical examples.

[kahoel117]

hi mike

Thankss ! usually when i see i minus i get worried. lol.
will browse through the sars website for the vat info. thanks again

k

[Imp]

Hi
I know for VAT purposes entertainment client or staff is not claimable (unless away from home for a night) but for the purpose of deducting for income tax is it deductible? my thoughts would be client yes but staff no. but i could be wrong ..... thank you

[cagenuts]

Certainly any expense deemed to be of a business nature can be deducted as an expense from an income tax perspective. I'm not sure what you mean by 'staff' expenses though?

[GJC]

Hi eitai2001

Please see my question earlier today.

Perhaps you can shed some light?

GJC

[Imp]

Certainly any expense deemed to be of a business nature can be deducted as an expense from an income tax perspective. I'm not sure what you mean by 'staff' expenses though?

Hi i meant entertainment for staff such as year end functions or team building events. Thank you

[cagenuts]

Hi i meant entertainment for staff such as year end functions or team building events. Thank you

That is a legitimate business expense but I'm not sure about claiming the VAT though. Perhaps on certain things but I suspect that if the bar bill is separate for example, then no.

[Dave A]

Hi i meant entertainment for staff such as year end functions or team building events.

AFAIK you won't be able to claim input VAT on the end of year staff function, but teambuilding might also be described as training...

[cybersangoma]

Hi Itai. I have a property business and may receive funds from abroad from potential investors. Are these funds deemed to be income in the current tax year (i.e. when funds are received)? Would my business be taxed on the entire funds or may I deduct certain costs/expenses etc.? What rate of tax would that be...??
I would appreciate some input if you can assist. I am not very good at the finance stuff...
Many Thanks

[CLIVE-TRIANGLE]

If the funds are an investment (loan or equity) then they are not income and are not taxed.

[Juan99]

Share Transfer

Hi Itai,

My Client has shares in a company( Lets call this company X). Now he wants to start a new company (company Y). He wants to use the shares that he owns in company x as initial capital in company Y. This will then be the only assets in company Y. What would the tax effect be on this transaction?


Regards

Juan-Pierre

[IanW]

Hi,

I have the following query in regards to the tax treatment of interest:

Hypothetically speaking, if I started a company but could not obtain a bond in the companies name to purchase a property. If I obtain the bond in my personal capacity to fund buy the property in the companies name creating a loan account owing to me in the company, so not to be out of pocket the company will pay me the interest on the loan account which equals the amount of interest I am charged on the bond.

Now the question is the interest earned from the business is that taxable?

I feel this is not as the bond was specifically obtained to fund the purchase of the building, thus there must be some sort of exemption that I can play the interest paid on the bond against the interest earned from the company(loan account created due to using the bond the purchase the property in the companies name).

Please can anyone assist in this regard.