You’ve probably heard the term “financial year-end” used by businesses, particularly in the business world. But what does it all mean, and why is it important? In this blog, we’ll look at the concept of a company’s fiscal year end and how it affects businesses. What exactly is the end of the financial year? A…
Category: Accounting and Tax Blogs
Gavin Bacon Reappointed as Tax Court Member
Tax Court Member Reappointment Professional Accountants and Tax Consultants (PATC) is proud to announce the reappointment of Gavin Bacon as an accountant member of the Tax Court of South Africa. This prestigious appointment was recently made on the 4th of January 2023. Gavin is no stranger to the Tax Court having been a previous Commercial…
Working From Home and Tax Implications
While working remotely has become a norm for many companies it does come with certain complications such as a scattered workforce and its various tax implications. While many offices are equipped to help employees work efficiently, working from home for long periods of time can become challenging, the need for equipment and supplies therefore becomes…
PATC Welcomes Two New Appointments
Dear Clients, Staff and all Interested Parties As you know, we pride ourselves on only appointing employees of the highest calibre to ensure that you receive the best possible attention and service. This is why I am proud to announce the appointment of two new employees that have joined our PATC team. Please join me…
Termination of an Employee Contract
Notice of termination of an employee contract must be given in writing. If an employee who receives notice of termination is not able to understand it, the notice must be explained orally by employer/representative to the employee in an official language the employee reasonably understands. Notice of termination of a contract of employment given by…
What is an appeal to SARS?
What is an appeal to SARS? If you do not agree with SARS after you did an objection, you have the right to appeal to the decision. The appeal needs to be lodged with SARS within 30 business days after SARS delivered the notice of disallowance or partial allowance of the objection. This period may…
SARS is Done Asking Nicely
This article first appeared on BusinessTech on 28 August 2021. The National Prosecuting Authority (NPA) is issuing summonses to taxpayers with outstanding tax returns as part of a continued compliance drive by the South African Revenue Service (SARS). SARS commissioner Edward Kieswetter has pledged that the tax body will make life difficult for non-compliant taxpayers,…
Personal Taxation on Cryptocurrency
Understanding personal taxation and cryptocurrency Q: What info is required to be submitted to SARS regarding Cryptocurrency transactions and in what format? A: You will need to treat it like transactions and keep a detailed report of all your transactions. For example: the date you purchased cryptocurrency, the cost amount spent on the asset, the…
Understanding the Principles of ISQC 1
The objective of the firm is to establish and maintain a system of quality control to provide it with reasonable assurance that: The firm and its personnel comply with professional standards and applicable legal and regulatory requirements; and Reports issued by the firm or engagement partners are appropriate in the circumstances.
Implementing Liquidation Procedures for The Business
The liquidation process can be defined as the process in which a company voluntarily proceeds to declare itself as being insolvent or where a creditor of the company brings an application to court in order to have the company declared insolvent. The result thereof is that the company may no longer proceed to operate its…
