Tag: tax

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…

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 UIF’s Temporary Employment Relief Scheme (TERS)

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As you by now know – clients can claim from TERS (UIF). However, more lenient coverage has come about with effect from 30.4.2020 and was broadcast by SAIPA today. Click here and here to download and read the documents for more specific information.

Business Rescue

a warmly-lit desk with a notepad, calculator, money and paperclips as well as a pair of hands calculating and drawing charts on the notepad

At PATC, we assist with business rescue, which is defined by the Companies Act 2008 with an aim to facilitate the rehabilitation of a company that is “financially distressed,” by providing for: the temporary supervision of the company and management of its affairs, business and property by a business rescue practitioner, a temporary moratorium (“stay”)…

Strategic Planning & Budgeting

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During the process of strategic planning, budgeting for the long-term should be a major consideration. Trying to plan for long-term expenses often proves difficult for many people. Here are the basics of how to budget for long-term success. Determine Goals The first thing that you will need to do to plan is to decide exactly…

Solvency & Liquidity

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Solvency & Liquidity Test A test required by the Companies Act which requires the directors of a company to assert that the company can meet all its expenses out of its incomes for the next 12 months (liquidity) and that its assets are more than its liabilities (solvency). This test must be conducted before the…