Avoid Interest and Penalties, submit your Provisional Tax Return

Provisional tax payments must be made by natural persons on or before 31 August each year. This means that a provisional taxpayer must, during every period, submit an estimate of their total taxable income which will be made in that year of assessment. If the taxpayer also earns a salary, the PAYE deducted during the year of assessment will be […]

The Concept of Scalability

What is scalability? Scalability describes how easy it is to expand a business model and grow its revenue significantly, without equally increasing its cost base. Relative to its fixed cost base, revenue has the potential to increase exponentially and therefore, scalable businesses offer more profitability and huge growth opportunities. Over the long-term, a scalable business model is optimally designed to […]

Submit your 2017 Income Tax Return and avoid penalties

Annual Tax season is here, and Income Tax return submissions began 1 July 2017. We’ve taken the liberty of answering frequently asked questions individuals may have. The South African Revenue Service (SARS) has allocated different submission deadlines dependant on the manner of the submission. What are the submission deadlines for Income Tax Returns? Please pay careful attention to the deadline […]

Section 19 of the FAIS Act and the relevant submissions to the FSB

Section 19 of the FAIS Act states that financial statements must be submitted by all Authorised Financial Service Providers to the registrar, not later than four months after the end of the provider’s financial year end. If your business’ financial year end is 28 February, this deadline is 30 June 2017. Categories of FSP’ and type of financial statements to […]

Technology and accounting systems

For a long time, the popular perception of accountants has been that they’re number-crunching, bean-counting robots – there to perform a function and undertake a task, not to provide insights or counsel to the business. Their duties are process-based: they review, rather than analyse; they compute rather than contemplate; and because of these tendencies, they are essentially interchangeable. This perception […]

Inventory control: Saving your business money

What is Inventory control Inventory control is the process whereby management ensures that inventory on hand is kept safe and in such a manner that it would enhance the entity’s cash flow. Why is inventory control important Management must understand what inventory they have, where it is kept and how and when inventory is moved both in and out. Doing […]

MMS is growing! New office opening in Cape town

We are opening a new MMS office in Bellville, Cape Town, which will be under the reins of Dirk Bester and Reinier Duraan. Together, Dirk and Reinier have more than 10 years of experience in the industry and are both registered as Chartered Accountants. In 2014, Dirk and Reinier founded SumTotal, a boutique auditing, accounting, tax and management consulting company, […]

Should you be looking at a tax-deductible Section 12J investment?

Section 12J (Venture capital investments) came into operation on 1 July 2009, and in the current market environment, alternative investments are attracting a lot of attention. Venture capital companies (VCC) that operate under Section 12J of the Income Tax Act may offer the potential of attractive returns and can also under Section 12J give investors an upfront deduction of their […]

King IV™ Applicability of The Code™:

King IV™ is voluntary applied, on an Apply and Explain basis. It applies to all organisations, regardless of their form of incorporation. It is structured as a Report that includes The Code™, and additional separate sector supplements for SME’s, NPO’s, State-Owned Entities, Municipalities and Retirement Funds. Purpose of The Code™: It focuses on the following outcomes: Ethical culture Good performance […]

Non-Executive Directors (NEDs): Have you registered for VAT?

SARS recently published two Binding General Rulings (number 40 and 41) that have put the tax treatment of non-executive director’s fees to bed, which will come in effect on 1 June 2017. As it stands, a Non-Executive Director (NED) earning more than R1 million in director’s fees in any 12-month period should register for VAT. What will happen when the […]