Willliams IDM Chartered Accountants

23/07/2024

Tip: Always document!

29/03/2023

Five Essential Bookkeeping Tips for Small Businesses
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When running a small business, it often feels like you are doing everything yourself, and some important tasks can slip under the radar. One aspect that should never be forgotten though is bookkeeping. While intimidating, keeping your finances in order need not be as hard as it sounds.

Here are our tips for ensuringyour accounts remain ordered and your peace of mind intact.

24/03/2023

How To Prepare a Reliable Disaster Recovery Plan
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Given how reliant we all are on our IT infrastructure, it will come as no surprise to learn that one of the worst things that can happen to a business is for a failure to occur in that department. Whether it’s fire, floods, or hacking, being taken offline can spell a serious period of trouble for most organisations. In the time it takes to get back up and operational projects can be delayed, the quality of work can suffer, or worst of all, everything is put on hold for months while data is recreated. All of this can lead to strained relationships with both customers and suppliers and potentially the end of the business.

Subscribe to Newsletter Search for: Recent Posts Budget 2023: How It Affects You and Your Business Budget 2023: Your Tax Tables and Tax Calculator How To Prepare a Reliable Disaster Recovery Plan Five Essential Bookkeeping Tips for Small Businesses Effective 1 March 2023: New Earnings Threshold and....

13/03/2023

Just in case you missed our article: Budget 2023 - Your Tax Tables and Tax Calculator
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The big Budget Speech 2023 tax news was the introduction of tax incentives for investing in rooftop solar and renewable energy. The Budget also detailed tax relief in the form of adjusted tables for tax and rebates for individual taxpayers, adjusted tables for retirement tax and transfer duty, and the expected increases in ‘sin’ taxes. How will these changes affect you directly?

02/03/2023

How the New Assessed Loss Tax Limitation Works
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The assessed loss rules have always allowed companies to deduct from their taxable income each year any assessed losses from previous years. The remaining assessed loss balances could be carried forward indefinitely. This meant that a company would only pay income tax once it made a taxable profit and all previous assessed losses had been deducted from the taxable income.

These rules have changed and may affect your next income tax bill.

Subscribe to Newsletter Search for: Recent Posts Budget 2023: How It Affects You and Your Business Budget 2023: Your Tax Tables and Tax Calculator How To Prepare a Reliable Disaster Recovery Plan Five Essential Bookkeeping Tips for Small Businesses Effective 1 March 2023: New Earnings Threshold and....

24/02/2023

Budget Speech 2023 | How it affects you and your business
Click here to view SAICA’s Budget Analysis and Commentary with Tax Guide:https://buff.ly/3Zjrt1O
View FAQs on Solar Tax Incentive: https://buff.ly/3YZdZIO

The 2023 budget speech delivered by Finance Minister Enoch Godongwana brought a fair amount of good news for South Africans.

There will be support for households and businesses installing renewable energy, no income tax increases were announced, and the fuel levy remains unchanged, taking some pressure off people’s budgets.

However, the Minister could not avoid acknowledging that the problems at Eskom are a big challenge to the country’s growth prospects.

“The lack of reliable electricity supply is the biggest economic constraint,” Godongwana said.

He therefore announced that government would be taking over a big portion of Eskom’s debt to take some pressure off the utility, and that a number of steps were being taken to restructure the local electricity industry.

“Establishing a competitive electricity market will enable South Africa to ensure a stable, uninterrupted power supply as it transitions to a clean energy future,” National Treasury stated in its budget review.

16/02/2023

Maximise Your Business Travel Tax Deduction
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Even while recovering from the economic impact of COVID and facing the challenges of power blackouts, businesses and their employees are also contending with the costs of travel that have reached historic highs. Thankfully, expenses related to business travel can be deducted from taxable income – reducing the tax liability for taxpayers, including businesses, employees, commission-earners and independent contractors. All these taxpayers should prioritise maximising the available tax deductions by ensuring they can claim for every actual business travel-related expense.

Subscribe to Newsletter Search for: Recent Posts Ignoring an Online Review Could be Catastrophic for Your Business! Maximise Your Business Travel Tax Deduction Loadshedding: Survival Tips for Small Businesses How the New Assessed Loss Tax Limitation Works Budget 2023: The Minister of Finance Wants t...

27/01/2023

The Financial Steps You Need to Take Before You Open Your New Business
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You have your idea, you have your mission statement and perhaps you even have an idea of who your first customers will be, but there are still a few things you should consider doing before you launch your company. When it comes to your finances doing these five things in advance will ready you and your business for success and allow you to focus more on the company and less on the necessary financial administration.

20/01/2023

Start 2023 Strong with the “Fresh Start Effect”
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Every January, individuals and businesses have an opportunity to take advantage of what is called the “Fresh Start Effect” – referring to research evidence that shows people are more likely to make positive changes at times that mark the start of a new time period and represent a new beginning, most notably the start of a new year.

Subscribe to Newsletter Search for: Recent Posts Start 2023 Strong with the “Fresh Start Effect” The Financial Steps You Need to Take Before You Open Your New Business The Importance of Maintaining Your Tax Compliance Status in 2023 How to Know if You Need an Office for Your Business (and How to...

13/01/2023

Happy New Year
Wishing you a happy and prosperous 2023!