A – Z of Accounting | Basics of Accounting

First things first, Accounting is the practice of recording and reporting on business transactions. This helps you see how well your business is performing, in comparison with your expectations. 

Accounting methods 

Cash Accounting

Expenses paid and income received is accounted for when cash flows(when cash is paid or received)

Accrual Accounting

Expenses and income are accounted for when incurred

GAAP suggests Accrual Accounting. It portrays more accurate records

We touched a bit on this topic in our Bookkeeping workshop, here’s a skit:

Record Keeping

To enlighten you, this means setting up accounts in which financial information is stored. Accounts fall into the following classifications:

•Assets: business valuables, help the business make more money. E.g. product design 

•Liability: obligated to be paid by the business, they take money out of the business. E.g. loans 

•Equity: ownership of assets that may have debts or other liabilities attached to them. Eg. shares

•Revenue: this is the amount billed to customers in exchange for the delivery of goods or provision of services.

•Expenses: the cost of operations that a company incurs to generate revenue.


If you own a company, you should set up separate accounts for banking, credit cards, etc. Don’t buy business supplies with your personal credit card. Organize your accounts and protect yourself and keep these two separate. Amongst other reasons, this will help you if any tax or legal issues arise (might depend on your business structure). 

These transactions are recorded within the business’s accounts by the accountant. Key transactions include:

✅The purchase of materials and services from suppliers.

✅Selling goods and services to customers. (Send invoice to customer) 

✅Receive payments from customers. 

✅Pay employees. (subtracting tax and other deductions, resulting in net salary).


Also known as Bookkeeping, recording all transactions that occur in the business account. Amongst other reasons, this helps you budget, know the financial health of your business, and prepare you for tax season. The most common books are Income statements, Balance sheets, and Cash flow statements. 

Just to expand the above mentioned:

Income Statement – it presents all revenues and subtracts all expenses. It essentially measures the ability of a business to attract customers and operate in an efficient manner.

Balance Sheet – it presents the assets, liabilities, and equity of a business as of the end of the reporting period. This can also determine the ability of an organization to pay its bills.

Statement of Cash Flows – it presents the sources and uses of cash during the reporting period. It is especially useful when the amount of net income appearing on the income statement varies from the net change in cash during the reporting period.

Another thing to look at is Budgeting and Forecasting. This has much more benefits other than getting funds from the bank or investors. Planning your finances helps you keep a healthy relationship with your money/accounts; thus helping you make better financial decisions in your business. Keep it realistic and achievable. 

Should you need assistance or have any questions regarding accounting, do get in touch with us here: 

📧: info@accasesolutions.co.za

☎: 0615238833


5 ways to make money from your skill/qalification | 2022

It does not matter what you study in varsity, you can monetize the skills you learned in your course without going about getting employed. Well, most courses. The important thing that most, maybe even most students miss is having skills. Your job does not stop at getting your qualification, you constantly need to upgrade your skills, especially in the ever-changing world that we live in. 

In this blog, we will share with you various ways you can explore to monetize your skill. Sometimes, just sometimes, you do not need to be employed or have a big business to get benefits from the skills you’ve learned – simple things like blogging. Read on.

5 ways to make money from your skill/qualification:

In this digital era that we live in, you will have to be online to get the most of these: 

(1) Freelancing

This is one of the well-known forms of making money: some take it as a side hustle, and some are making a living off it and fund their lives with it. Even if you are unemployed, you can still make the most of it. You will have to build a personal brand, it helps when you’re active online. Share relevant content in your industry: whether it’s news, trends, new things that are working in your industry, and all that kind of content. You will find that in some cases, clients will want to see your previous, which is understandable. 

What you can do to build your portfolio is to either do a trade exchange with a business (where you will both benefit), or give them free work so you can have something to use to build your portfolio. 

(2) Become a coach

This is not so popular, but coaching is one way to make money both on and offline. You can offer training to either professionals or businesses. Yes to professionals too. As we have mentioned prior, you need to constantly improve your skills, in any industry. 

Offering coaching will essentially help businesses or business owners in that they will stay on top of their game and have a competitive advantage. You can offer monthly or quarterly contacts to come and train employees. 

(3) Create an online course

By this time, we’ve probably all taken an online course at least once. An online course is basically curated and packaged content; these mostly include video content. Thanks to platforms such as Udemy, you can create a profile and sell your course there. Udemy is one of the biggest global online academies that exist: an advantage is that there are already people looking for a course you have to offer. 

Although this is not an online platform, you can even use social media or LinkedIn. LinkedIn actually has an academy called LinkedIn to learn. However, you decide to sell, selling courses is lucrative. 

(4) Sell digital products

Digital products are intangible products such as electronic books. Just like a course, you can package it nicely and sell it. The nice thing about ebooks is that you can sell them at quite a low price, and you know what they say about low prices, “customers want high quality at a low price and they want it now”. Crazy as it may sound, this can be one of the viable options to do so. 

(5) Start a podcast

A podcast is a distributed audio file using RSS feeds to the subscribed user. Podcasting becomes easier when you are also good at speaking. It allows you to open/start conversations around what’s happening in your industry, what’s working on not, or just sharing advice. You can even feature or invite other professionals to have a session with you. 


A side hustle/money-making idea on monetizing a Bookkeeping:

Following our successful Bookkeeping Workshop in February 2022, we have packaged the session into a mini-course. This includes recordings of the session, and materials (editable sheets too). 

With this skill, you can make money in the following ways: 

➡️ Freelance this service to businesses 

➡️ Write an ebook and sell it to small business owners 

➡️ Host mini webinars and teach this skill to small business owners at a fee. 

To buy this workshop session + material, send a DM or email to info@accasesolutions.co.za 📧

Have you tried any of these? Did it work for you? Let us know in the comments. 

Business hardships

Business Doesn’t Have To Be Hard. Read These 7 Tips

 If you have been in business for some time, you know how challenging the entrepreneurial journey can be, it can get lonely too. It’s worse if you are a solo entrepreneur or don’t have a dedicated team you work with. In this blog, we will share some tips that will help make your journey a little less of a pain in the butt. 

Running a business shouldn’t take up all of your time, especially with small tasks. Thanks to technology, there are automation tools, and many other business systems you can put in place, that can make your life easier. Which we will get into. These shouldn’t cost you a leg and an arm either, especially for small businesses. 

According to reports and statistics, some of the common reasons why startups fail are due to, but not limited to lack of knowledge, and poor sales and marketing. Let’s get to it below.

7 tips to make running a business easier:

(1) Build cultures: the culture of an organization affects the running of it largely. If you share the same values, beliefs, attitudes, and practices that you live by in your organization, not only will you work well together, but you will get more done. For instance, let’s take it back to one of our examples of the common startup failure reasons stated above – lack of knowledge. If you have a reading culture in your business you get to learn more and ultimately earn more. 

(2) Hire young people: this is practically free. Organizations such as SEDA can lend you, interns, for free. You don’t have to pay them a salary, but mentor them and give them work experience. This can also help you save coins on taxes, this is called Employment Tax Incentive.  In his 2022 Budget Speech, Finance Minister Enoch Godongwana announced an increase in the ETI values from 1 March 2022.

(3) Automate: we can’t emphasize how much time you will save by automating things. From bookkeeping systems, accounting, marketing, social listening, and so forth, these things can save you so much time yet do so much for your business to keep it running smoothly. It is even becoming unnecessary to hire an administrator because these things can be automated, even email responses. Depending on the kind of business you’re in, automate things where you can, while you tackle tasks that need your attention more. 

(4) Use customers as advocates: a happy customer will give you free marketing! You can use this as a strategy. You’d be surprised how easy it is to get people to do stuff, all you need to do is ask. If you are selling products, send them a personalized card and ask them to tag you when they use it. If you’re selling services, ask them to leave you a review on your page or website. Endorsements are effective, but you need to fully satisfy customers.

(5) Tell stories: people love hearing success stories and things they can relate to… which can help you with their confidence in your product or solution. Storytelling is the use of evoking emotions to connect your brand to customers. Be authentic when building your brand, show what it takes, or what it took for your business to get where it is. Share highlights of your business, awards, the evolution of your logo, social proof/client testimonials, and show them before and after service of a client’s success. Take your community along with you on your journey. 

(6) Keep your books updated: you can either do this by setting up software or hiring a bookkeeper to keep your books in check. It can be easy to use business money for personal use, especially if you’re a solo entrepreneur. Poor money management can lead to business failure. Not only does keeping your books up-to-date let you know how much you made or lost, but it also makes things easier during tax season. We have a full guide on this, which we discussed in our Bookkeeping Workshop. Get in touch with us if you are interested in getting the session recording + materials: info@accasesolutions.co.za 

(7) Cut down unnecessary costs: don’t wait until your ship sinks till you save, start now. Saving money is critical for the survival of your business. Cut down on traditional marketing and go digital, stop attending unnecessary meetings and do virtual meetings instead, unless it’s necessary to do so. Partner with other entrepreneurs, creators, or freelancers, in that way you save on costs while getting serviced. This can also take us to our first point – hire interns. 

Let us know if any of these have worked for you, or which ones you are going to try, Feel free to add more in the comment section down below. 


How to boost your business’s Tax Incentives by hiring young people

We had briefly touched on this in our previous blogs, but let’s get a bit deeper into it. President Cyril Ramaphosa emphasized the role of the government in helping businesses thrive in this year’s State of the National Address (SONA). This is mainly for job creation in South Africa. 

With the unemployment rate in South Africa (as discussed in our previous blog), the need to support small businesses so they grow, and also to encourage entrepreneurship, especially amongst the youth has significantly increased. 

Introducing ETI’s

The good news for businesses, they can utilize the tax benefit by hiring young people. This is called the Employment Tax Incentive (ETI), and it’s said to be one of the most powerful tax benefits out there. ETI essentially reduces your overall Pay-As-You-Earn (PAYE) contribution without affecting the employee’s salary. 

> Employers will be able to claim the incentive for a 24 qualifying month period for all employees who qualify.

> The incentive amount differs based on the salary paid to each qualifying employee and whether the qualifying employee was employed after the inception of the ETI programme. 

How ETI works

Simple example:

If you hire 4 young people with salaries of R5000 per month, the total monthly payroll for all 4 employees would be R7500 from your overall monthly PAYE liability in the first 24 months in which the employee qualifies.

This can be done on your payroll system, and your employee’s salary will totally be unaffected. 

NB: The value of the ETI the employer may claim depends on the value of the monthly remuneration paid to the qualifying employee. If the employee has worked less than 160 hours in the month, the remuneration amount must be ‘grossed up’ to 160 hours per month to calculate the value of the ETI. The amount can then be calculated and be ‘grossed down’ in the same ratio.

Source: SARS

The math is simple, employers are rewarded for hiring young people, in return, they gain skills and experience. The private sector grows, and the economy grows. 

Who qualifies?

In his 2022 Budget Speech, Finance Minister Enoch Godongwana announced an increase in the ETI values from 1 March 2022.

An employee qualifies for the ETI if he/she:

  • works for you assists in conducting business, and receives remuneration for their work,
  • is documented in your employer records according to the provisions of section 31 of the BCEA,
  • earns at least the minimum wage,]
  • is between 18 and 29 years old, or is employed in a special economic zone, and
  • has a valid South African ID, a valid asylum seeker permit, or an ID in terms of Section 30 of the Refugees Act.

An employee will not qualify for the ETI if he/she:

  • is a domestic worker,
  • is a “connected person” to the employer,
  • spends more time studying than working (unless the employer and employee have entered into a learning programme as defined in Section 1 of the Skills Development Act, or
  • earns a monthly remuneration of R6,500 or more.

We hope this helps you somehow, feel free to contact us if you need any more clarity. You may also refer to our blog about other effective and legal ways to avoid paying tax in South Africa: https://accasesolutions.co.za/2021/06/17/how-to-avoid-paying-tax-as-a-small-business-in-south-africa/


Job seeking strategies for young jobseekers when they experience rejection

They say “it takes a village to raise a kid”, indeed it does. The unemployment statistics are getting worse by the year. It was reported on the news:

“According to Statistics South Africa (StatsSA), youth aged 15-24 years and 25-34 years recorded the highest unemployment rates of approximately 66.6% and 43.5% respectively”. Pupils with no educational background make up a large percentage of this (52,4%), while those with just matric (37,7%) 

Is it really that there aren’t enough opportunities for everyone, or that young job seekers don’t know how to make themselves employable? Let’s explore both.  

Just at the start of the new year [2022], LinkedIn was filled with “starting a new role”, “employed”, and “promoted”. So is it really that the jobs aren’t there? It’s arguable, but we believe that there is something that can be done. 

Rejection will always be there, it’s a skill you need to possess in life because you will experience it nonetheless. Don’t take it personally. It’s important to remember that companies hire people who are a fit for THEM, therefore keep looking for a company that’s also a fit for YOU. Sometimes it’s not that you don’t qualify for the position, but that you don’t fit in their work culture – which is one of the important things. Always ask for constructive feedback. 

Here are 5 ways you can improve your job hunting search and increase your chances of getting hired: 

(1) Learn about the company beyond their offerings, find out about their values, work culture, vision, all those other important things. You can usually find this on their website. If you can’t find this information anywhere, these should be the questions you ask them during the interview. Knowing this kind of information helps you give better responses because you would have all the information about what they stand for, what they value, and maybe even what they look for in an employee, thus helping you better structure your responses.

(2) Ask for constructive feedback. Many might not know, but you actually do have the right to ask why you were not a successful candidate. This kind of feedback can help you in your next interview. Taking rejection gracefully can be so difficult, but showing interest might even impress them because they can now see you are open to learning/improving and maybe even taking constructive criticism… which could potentially increase your chances of them calling you the next time they hire. 

(3) Review your job search process. One way to do this is to ask for feedback from the companies to which you have applied to. Do your research, keep up with the times. Be strategic about it. We elaborated on this point more on (5) below. 

(4) Take a break. 

“Sometimes you can’t find a solution because you’re just too close to the problem. Take a step back. Breathe. Gain perspective then get back to it when you are ready.” ~ Lebo Lion

People who have been job hunting for a long time, especially, will tell you how draining it can get, don’t exhaust yourself too much. In anything (that requires effort), you have to take breaks in between. The quote above explains this beautifully, you could be going about it the wrong way but not noticing because you are desperate to get a job. Times are tough, and circumstances push us to get up and do something. But once in a while, just once in a while…a break is important. 

(5) Network with your previous interviewers and recruiters. Networking is important, hence people like to say “networking is important, you could literally get rich just by knowing/being associated with rich people”. This can expose you to a lot of opportunities, and thanks to social media this has gotten a lot easier. Apps like LinkedIn have made it easier to connect with people like recruiters, decision-makers, and even employees of people who work for the same company you might wish to work for. Below is a script you can use to break the ice and start a conversation:

Hi, my name is ______ and I currently work as a ______at______. I’m really interested in transitioning my career towards X and would love to connect to learn more about your role and experiences working at Company Y.

Looking forward to chatting! Thank you

Vector illustration of a student wearing toga climbing stairs made from books

3 sustainable ways in which businesses can assist school leavers prepare for the work environment


This has probably been a dialogue for many years. With the unemployment statistics in South Africa hiking up so much, we are yet to have this chat again. We hope this blog sheds some light on business owners, even small business owners – just how they can help support school leavers as they prepare for the work environment. 

There’s a gap we need to bridge between students graduating – finding work. We have so many graduates yet no opportunities. Could it be that they are not workplace ready? Is it a skill problem? Are schools not teaching the skills that are needed in the real world? Are some skills useless in this ever-changing world of technology? So many questions. But these questions need answers if we want to grow as a country. Businesses will not hire a person that won’t increase productivity or help grow the business in any way.

South Africa has graduate unemployment of 12.5% – 22.4 percentage points lower than the national official unemployment rate.

Source: BusinessTech

High school is when learners start thinking about life after school as they also apply to tertiary institutions. Choosing a course can also be tricky, technology is advancing every day – making some skills less needed by humans, we live in an automated world. Things like basic admin and customer inquiries can be taken care of by a robot. In as much as businesses might discriminate against school leavers with no required workplace skills, businesses are also responsible for equipping those school leavers with the skills that they might look for.

..moving right along, let’s look at a few practical ways in which businesses can intervene. 

3 sustainable ways in which businesses can assist school leavers prepare for the work environment 

(1) Job shadowing programs for teens – this has been around for quite some time. This is where businesses use the art of apprenticeship to show the students new itineraries for jobs. This is essentially done during spring break, sometimes even on weekends. 

The great thing about Job Shadowing is that learners can start while they are young – this is a time where they are getting prepared for life after school and still trying to figure things out in terms of their interests, capabilities, and so on. At this time, test, break and make. There’s still have time to think about passions and plan out what they want to do for the rest of their lives. 

(2) Introducing programs that will help the teachers and students to understand what the companies need. This needs both the school and the business to work closely in order to find time and resources to make this kind of program succeed. This is what we touched on briefly in our introduction. It’s inevitable that times are changing, and therefore new skills are needed. 10 years ago, people didn’t make money off social media management, in fact, the career didn’t exist. In today’s time, people make 6 figures from it – it’s a career, and brands/businesses employ them every other day. Perhaps the next point can be an action step towards achieving this:

(3) They can speak at school student assemblies and advise employment opportunities and offer them the tools needed for a specific job – partner with local businesses to see what skills are in high demand and short supply. Some schools do have career days where learners dress up as their future selves working in their dream jobs, while other schools bring in professionals/experts to talk to the learners about career choices. This should be an annual thing in schools, especially for Grade 10’s or even Grade 9 when they are still making a choice about which subject stream to choose. They can create training programs to give not only graduates but also high school learners to equip them with the skills in those jobs with a path to a job at those companies.


Business Structures | 2022

Firstly, there’s a difference between a business structure and an organizational structure, don’t confuse the two. The distinction is that an organizational structure defines how activities such as task allocation, coordination, and supervision are directed toward the achievement of organizational aims… while a business structure refers to how a company is organized, in regard to its legal status. This influences the day-to-day operations of a business.

When we talk of taxes, this is probably the most important decision you have to make. The most common forms of business are sole proprietorship, partnership, corporation, and S corporation… with limited liability company (LLC) and the limited liability partnership (LLP) being the most recent development to these forms of business. Each comes with a tax consequence, so choose wisely. It should match your business’s needs too. 

Sole proprietorship 

A sole proprietorship is when there is a single founder who owns and runs the business. It’s worth noting that in this form of business entity, the business is not separate from the owner. 

You own and have 100% control over your business and you are entitled to all profits, however, the risk is that if your business falls into debt, your assets will be seized to pay for business debt, and you are personally liable for any obligations.

If you decide to start your business as a sole proprietorship but later decide to take on partners, you can reorganize as a partnership or other entity. Be sure to notify SARS.


This is established when 2 or more co-owners run a business together. Partners invest money, skills, and time into making the business successful. This means that you will have more capital to kick-start the business, more skills, and expertise, and you get to share the workload. 

The upside of a partnership is that you share control of the business – with which sometimes you might have different views, and dealing with people is not always seamless. Another important thing to note is that everyone is liable for debts whether they were caused by other partners or not.

Pty Ltd 

A Pty Ltd (proprietary limited company) is a private company and is treated as a separate legal entity. Even if you launch your business single-handedly, this type of business is registered as a separate legal entity. The owners of this kind of business are known as shareholders. 

Because the business is a separate entity, it continues to run smoothly even if you sell your shares or take on partners. Additionally, you/the shareholders are not liable for company debts. 

The limitation is that you can’t offer shares to the public or list the business on a stock exchange, as this is a private company. You can’t even go to meetings and make decisions alone, two shareholders must be at a meeting… except when the company only has one shareholder. 

Public Company (Corporation) 

A public company—also called a publicly-traded company—is a corporation whose shareholders have a claim to part of the company’s assets and profits. This kind of company trades its stock on at least one stock exchange. The daily trading of the public company’s stock determines the value of the whole business.

A Publicly traded company is different from a Pty Ltd in that shareholders can be anyone who purchases stock. With anyone being an equity owner of the business, this offers you more capital to work with, and the risk is spread out amongst the various shareholders. The more shareholders, the less risk everyone holds. 

It’s important to remember though, you will need to reveal some of your documents and annual accounts published for inspection to the public. This doesn’t enable you to guard your secrets effectively. And since there are more shareholders and leaders of the company, making decisions can take longer.


A franchise is a licensed business to a third party by the owner of a business. This gives anyone the right to operate the business or distribute goods and/or services using the business’s name and systems at a fee.

With this type of business, you can capitalize on the franchise’s successful track record and a positive reputation. On top of that, franchises have training programs designed to optimize how you run the business and bring you up to speed quickly, plus operational support. 

However, you will have to follow the rules, regulations, system operations, and directives of the franchise. It’s also worth noting that the cost of becoming a franchisee is high, and you are liable to pay royalties to the franchise for the use of their name and systems. 

Choosing a business structure 

The type of business structure will depend on the type of business and its needs. You can still switch between types as your business grows. 

You can start as a Sole Proprietor and eventually grow into a Pty Ltd or public company. Tell us in the comment – what type of business are you running or thinking of venting into? 


4 Business Financing Options In South Africa | 2022

Although there are various ways or rather businesses that do not need financial assistance to launch/kick-off (which the majority of established businesses in South Africa did not need), some businesses cannot be launched nor can they survive without start-up capital. In this blog, we will be talking about substantial sources of financial aid and opportunities in South Africa. 

  1. Government grant funding

This is the most popular type of funding, as it does not need to be repaid. It’s worth noting though, the application process is pretty intense. What can help enhance your chances of securing funding is if you show how your business will improve the lives of others through employment, solving a need, or contributing to economic growth.

Some well-known programs you can check out:

National Youth Development Agency (NYDA)

Youth Pipeline Development Programme

Black Industrialists Scheme (BIS)

Technology Innovation Agency (TIA)

Small Enterprise Finance Agency (SEFA)

This type of funding is best suited for black-owned, youth-owned, and female-owned businesses.

  1. Equity funding   

This is where the investor takes an ownership percentage of the business in exchange for funding. There are no monthly interest repayments whatsoever. However, this works best when you want to expand. It is not impossible to get it when you are just a start-up, although it is more challenging when you have no track record of sales whatsoever. Sometimes private equity funders are more interested in growing their investments. 

With Equity Funding, investments are paid back in two ways:

· Paying dividends when the business makes money. (percentage of profits to be outlined in agreement contract). 

· Sale of shares. Investors eventually ‘exit’ the business. The goal of every investor is to make more from their shares than they initially paid for them.

This is basically a partnership. To find these kinds of people, either approach people with common goals/mindset or a business-minded person you know might be interested. To win this kind of proposal, it’s important to make sure they see the value and ROI.  

  1. Venture capital funding

Unlike personal equity funders, venture capitalists actually fund start-ups and mainly focus on making money from your business. This means that they are likely to invest exclusively in businesses that can provide good returns on their investment.

Be careful with venture capital though, it can be very expensive funding, especially in a case where your business is still in the start-up phase with a low valuation – you may end up giving a high percentage of ownership away in exchange for funding. 

Here is a list of 2 prominent venture capitalists:

AngelHub Ventures

Edge Growth

  1. Personal debt finance

This is the use of personal means such as credit cards, home loans, or even your pension fund, to fund your business. The nice thing about this option is that you have full control of your money and business, the downside to it is that your business failure will be a big blow to your personal finances.

Every type of financing has its downsides, do thorough research before going with any option. Find out what they stand for and what they are trying to achieve. As mentioned, it’s also important to make sure you have a shared values and vision. Let us know in the comments how you raised capital to start your business. 


How to harness liabilities to generate money | 2022

We like to start our teachings with the basics, so let’s get to understand what liabilities are. Liabilities are essentially what you owe other parties. Unlike assets, liabilities take money out of the pocket! 

Examples of liabilities are:

  • Bank debt
  • Mortgage debt
  • Money owed to suppliers (accounts payable)
  • Wages owed
  • Taxes owed

Liabilities are known to decrease a company’s value and equity. But in this blog, we’re going to look at things with a different eye. Debt is a word that many people are afraid of. We’ve also seen some shows and all types of reads specifically teaching people to get out of debt. Although, we don’t believe debt can only be seen as a negative measure. Let’s show you how…

You really need to be strategic about it and make sure your potential gains are high. The general rule of thumb here is to make sure your gains are much more than your debt. 

Have you ever heard anyone say “the rich use credit to make money? It’s actually very true. Take the property business for instance: agents may take up a loan to buy property in a good area, either renovate it and sell it, or rent it out. Either way, they get to make good gains. Let’s take a look at some other examples you can implement in your business: 

Assets financing – ideal for business owners looking for funding specifically to purchase physical equipment. 

If you are looking at expanding your offerings or growing your business by getting better production equipment etc, this could be a good investment for your business. 

Commercial real estate loans – best for business owners looking to finance purchasing new or existing commercial property or renovating commercial space

Do a good research about the area you are thinking of locating your business, considering the demographics, activities in the area, and things as such. Also, search about the property value. Should you think of relocating your business, you will at least make a good profit from that 

Microloans – ideal for new or established businesses looking for a small amount of capital. For established businesses, this money can be thrown in things like marketing campaigns and ADS. Things like data mining and interpretation can help you make better decisions in these instances, ensuring that you take a calculated risk with the loan. 

Five tips to help you manage your debt well;

  1. Pay the amount due, or more, on time – when it is due.
  2. Know what admin fees and other charges apply, and when they must be paid.
  3. Know the interest rate you are charged, as well as if and when it can change.
  4. Make sure you can afford the repayments if interest rates rise.
  5. Talk to your creditors if you run into financial difficulty.

The word we’re leaving you with is, debt requires you to be disciplined. If you miss payments or pay later than the agreed time, you might face penalties or other obligations. 


How the tax system works in South Africa | 2022

With everything, you first have to understand the most basic things. Tax is simply a compulsory contribution to state revenue that every South African working citizen and business must pay. Non-South African residents are taxed on South African-sourced income. The majority of the state’s income is derived from income tax (personal and company tax).

Every year, the Minister of Finance presents the Budget, which outlines the total government expenditure for the following financial year and the ways in which this expenditure will be financed. Which we recently had on the 23rd of February 2022. See below:

This tax money pays for public goods and services, but it is also key in the social contract between citizens and the economy. Paying taxes fosters economic growth and development. 

Understanding taxes: types, filing for returns, refunds from SARS:

There are many different types of taxes. Just to mention a few, some include:

  1. Pay As You Earn (PAYE)
  2. Personal Income Tax
  3. Provisional Tax
  4. Capital Gains Tax
  5. Value Added Tax

An example: 

Ordinary taxpayers are the people who earn a salary from an employer. The employer deducts Pay As You Earn (PAYE) from their salary monthly and pays that to SARS on their behalf. Here’s an example of how Net Income will look like after taxes: 

Filing for tax returns

Income tax returns must be requested by registered taxpayers every year. The year of assessment for individuals covers 12 months, beginning on 1 March and ending on the final day of February the following year. Tax returns must be submitted to SARS on the date given, please note that SARS tax returns and CIPC tax returns are two different things and must be filed separately to both organizations respectively. 

Companies are required to submit an income tax return within 12 months from the date on which their financial year ends. People whose income comes from sources other than a wage  – such as a trade, profession or investments and companies – are required to submit two provisional tax returns and where applicable make two provisional tax payments during the course of the tax year and may opt for a third “topping-up” payment six months after the end of the tax year. – Source: SARS. 

You can submit tax returns yourself, or hire a certified and registered tax practitioner to file your returns on your behalf. Here are some things to consider when picking the best accountant/tax personnel for your business 👇

As per Tax Administration Act no. 28 of 2011, every person who provides advice to another with respect to the application of tax principles or assists with any tax matters for a fee must:

✅ Be registered with a Recognized Controlling Body that’s registered with SARS. 

✅ Be qualified.

✅ Undergo examination to evaluate their ability to competently perform functions of a tax practitioner

✅ Engage in continuing professional development.

Accase Solutions, for instance, is registered with the IAC, Institute of Accounting and Commerce as a Certified Tax Practitioner since the registration of Accase Solutions, practicing under practitioner number PR0100503.

Why SARS issues refunds:

If for instance, you take unpaid leave at work, the payroll administrator has to adjust your tax therein. If the adjustment is not made, it means that your company deducted more tax as it was based on a wrong annual income. In this case, SARS is liable to give you a refund.

The whole point of filing for tax returns is for SARS to determine all your taxes, and if you have paid, they conclude on the right amount. If you have overpaid them, they will definitely give you your money back. Understand that, you only get a refund IF you have overpaid because you filed for returns.

If you want a breakdown/in-depth understanding of different types of taxes, please refer to this blog: https://accasesolutions.co.za/2021/03/29/important-things-to-know-about-tax-in-south-africa/