Chris Boshoff Accountants Rekenmeesters
Tax Consultant in Cape Town

We service the need of the individual taxpayer, as well as the small to medium business. We are Cape Town based accountants and bookkeepers providing accounting, tax help, tax advice, payroll administration, bookkeeping, valuation and business formation services at affordable rates.

The frustration is understandable if you take into account many taxpayers pay their Vat, PAYE and taxes on time for years and simply expect the same treatment from SARS. Before you submit your return, ensure you have supporting documents available to show how you arrived at your output and input figures. You have five years in which to claim an invoice for input Vat. And unlike busy business people they do not forget. If you have ever lost any data you will know how important a backup is. We are doing our accounts in the cloud and have not regretted the decision one day. Business Rescue and Solvency Gone are the days when unsuccessful business owners jump from the one business to the other and let their creditors pay for their anyway. The steps to be taken are called Business Rescue Proceedings. What this entails is that the company applies for a business rescue. A business rescue practitioner is appointed to take over the running of the business for a period of up to three months to see whether they can turn it around. If a director of a company allows the company to trade while insolvent and hasn’t applied for business rescue proceedings before the company became insolvent, the director is personally liable for the debts of the company. Only requirement is that there should be a function to approve the invoice to ensure unauthorized data does not enter the system. All you have to do is to ensure payments and receipts are correctly allocated. The majority was even impressed by the system in place at SARS calling your number when you had to see an agent. In some cases you sit for two, three or more hours to be helped and then it may take as little as five minutes to sort out the problem. It has now been a few years that a visit to SARS can take a few hours out of your day. As a business owner you should spend your time doing things that have the biggest impact on the bottom line of your business. Analyse every single expense in your business and ask yourself how much it is contributing towards the achievement of your business goals? As a general rule the more knowledgeable the people of a country are, the more money they make. Just talking and asking your clients what they want is a good start. Quick Reaction mechanism provides the legal basis to the countries that are members of the EU to integrate an emergency measure in they are in position to serious case of sudden and massive VAT fraud. Owners and managers require financial statements to make important business decisions affecting its continued operations. In order to understand these guidelines, it helps to understand the objectives of financial reporting. The objectives of financial reporting, as discussed in the Financial Accounting standards Board (FASB) Statement of Financial Accounting Concepts No.