Business Tip: Changing the VAT Rate in QuickBooks
If you are an unpaid tax collector collecting VAT for SARS, you will
need to adjust the VAT rate your accounting system uses from 1 April
(for which SARS will not recompense you).
Last month we looked at two
strategies to do it. This month we look at how to do it in QuickBooks.
Because one of the methods (the safer one)
is complex, please
go to on-line version here.
(this tip appeared in the
Software Africa Newsletter subscribe
On The Subject of Collecting VAT for SARS...
Are you an unpaid tax collector for SARS?
Yes, there is Apartheid-era legislation, created before we had a
democratic constitution, that requires businesses to register
with SARS and to collect VAT, SDL, UIF, and PAYE and pay it over
to SARS, for which you are not remunerated.
This is, surely slavery –or at least servitude and forced
Which are outlawed by the democratic constitution.
There is now a movement to create a trade union of unpaid tax
collectors to demand that SARS starts obeying the highest law of
the land. With your support, we can free ourselves! Please
visit the full article and enrol via Linked-In here..
Albert Einstein on Tax, and Dr Seuss...
Business guru Peter Carruthers writes:
Albert Einstein said, “The hardest thing to understand in
the world is income tax.”
If he struggled, what hope for the rest of us?
Tax inspires despair at what seem impossible odds stacked
But it is much more than the cost of income tax each year.
It’s losing huge tax gains when we sell our business. Or as
we buy a business. Or when we retire.
This is why corporates retain fleets of lawyers before any
big change to help them slash tax costs.
For instance, SARS offers an option to save up to
R810,000 tax when you sell your business. If
you get the timing and ownership right.
But SARS will not remind you the option exists.
You must know about it to claim this saving. Which is tough
if you don’t know about it in the first place.
One of my readers heard about this by accident. He
had just sold his firm. An accountant said it in passing.
Saving tax is too important to leave to others.
At very least we should know enough to be able to ask the
Tax law comprises 600 pages of words and definitions and
exceptions. Worse, it changes each year.
You don’t need to know it all. Just 6 pages
of simple English will give a small business owner enough to
Peter O'Halloran is the brains
behind our course to answer these questions. He
brings two decades of tax experience to back you up. His
focus is to help small-business owners resolve SARS queries.
- What trading structure
you should aim for. (There are 6 with widely different
- What tax structure
you should use for the coming year. (There are 4 with
rates from 0% to 45%)
- What holding structure
gives you the best lifetime tax savings.
- When you should sell a
business to get the best tax savings.
- How you can structure a
business sale to get the best tax savings.
- How to leverage your own
business to give you a better retirement than
99% of us. (You don’t need to spend a cent extra to end
your career with millions more invested.)
You will get a 6-page summary written in simple English like
Dr Seuss used in
The Cat in the Hat. (The Income Tax Act otherwise needs
a University degree to read. Even then it’s like chewing
Mark Corke says: "The R997 I paid for the course took
about 17 minutes to reach payback."
- You get lifetime access
to the full course.
- You get the updates as we
add them each year.
- You get 30 days to decide
how well this works for you.
- Your investment is just
R997 if you invest before midnight March 31.
You have two ways to win and no way to lose.
Invest now to avoid the April 1 price increase. Use your new
knowledge to change your future. If you feel this is not as
good as I promise I will give you every cent back.
Click here to start winning this tax game.
Please share this with another business owner.
All the best from Rick at megaplex.co.za,a,
the most helpful website for shops in Sandton.
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