Welcoming Tax news for franchise owners

The Tax Court has upheld a decision that a tax deduction allowed by section 24C of the Income Tax Act may be applied to franchisee costs. Section 24C permits the deduction of certain expenses in the current tax year assessment, where those expenses are not yet incurred, on the basis that these expenses will contractually be incurred in future years. […]

Keep your business growing

Having a successful business means ensuring that it continues to grow. Without growth, your business will eventually run dry and stagnant. But with the added responsibility of maintaining your business and keeping things running smoothly, it can be difficult to know where to look for business growth. Look for cost savings This point is especially true when your business is […]

Tax clearance certificates

Taxpayers may require SARS to issue them with a tax clearance certificate for various reasons. This includes a general confirmation that the relevant taxpayer’s affairs are all in order and up to date (a so-called “Good Standing” tax clearance certificate), or a certificate being required to participate in certain government tenders. Perhaps most notably in recent times, natural person taxpayers […]

SARS to intensify action against tax offenders

Despite the fact that SARS has upheld their philosophy of education, service, and thereafter enforcement, they have noticed an increase in taxpayers not submitting their tax returns by the stipulated deadlines, and not settling their outstanding debt with SARS. This is not limited to the current tax year but includes substantial non-compliance across previous tax years. It is for this […]

Converting from conventional accounting software to cloud based accounting software

When we start speaking to clients about the potential move the cloud, we are usually met with uncertainty, as users are accustomed to their desktop software which they have been working on for a number of years. Some of the questions which we face on a daily basis include: “How do you get all my data from system X to […]

When and how to apply for Tax Directive – IRP3(a) and IRP3(s)

A Tax directive is issued in accordance with paragraph 9(1) of the Fourth Schedule. The tax directives are always issued in relation to a specific tax year. The tax directive percentage already takes into account expense claims and deductions that may be claimed on assessment – therefore, the tax directive percentage must be applied to remuneration and not balance of […]

Thuthuka Fund

MMS Group and the Thuthuka Bursary Fund – Together punching above our weight In line with our driving values: Connect, Understand, Solve, MMS is proud be partakers and contributors to the Thuthuka Bursary Fund. Through our involvement in this SAICA initiative, we assist students from disadvantaged communities in their accounting studies to obtain their CA (SA) qualification and contribute to […]

Why you should only use the services of a qualified accountant registered at an approved controlling body

A quite regular question that we as professionally qualified and registered accountants in practice receive, when dealing with both old and new clients, are as follows: “Does it really make difference if the accountant that I am using is a qualified and registered accountant? Surely as long as my accounts are taken care of and my returns are filed at […]

Directors duties

Directors of an organization are in a fiduciary relationship with that organization and should therefore always act in good faith towards that organization, and in the best interests of the organization. This fiduciary relationship forms the basis and the foundation from which all director duties emanate. Below is a summary of Common law duties and Companies Act duties (reference to […]