Business Expenses with SARS Virus

whyme

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I am curious to know what kind of expenses you can include as part of business expenses bit of an open ended question I know.

So far I only have obvious ones:

Rent
Salaries
With regards to own salary how do u guys handle that ?

Bike parts can one swipe them with business card and claim as an expense? Maybe if buying and entire bike(Enduro) will they pick it up as a toy:icon_lol:?

Cars are in my personal name, can anything be done to bring them under business so I can claim ?

Feel free to throw in any advise(Companies one can use etc) :thumbs up:
 

Dean_E232

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I am curious to know what kind of expenses you can include as part of business expenses bit of an open ended question I know.

So far I only have obvious ones:

Rent
Salaries
With regards to own salary how do u guys handle that ?

Bike parts can one swipe them with business card and claim as an expense? Maybe if buying and entire bike(Enduro) will they pick it up as a toy:icon_lol:?

Cars are in my personal name, can anything be done to bring them under business so I can claim ?

Feel free to throw in any advise(Companies one can use etc) :thumbs up:
you can hire your car to the company , but then you use it so must be taxed on the fringe benefit
buy bike parts and pout them through as repairs and maintenance
Entertainment expenses
Audit and accounting fees
Legal fees
Workmans compensation
Insurance ( Put your car under your companies insurance as well )
Water and lights for the business
Rental
stationary
computer expenses
staff welfare ( Coffee teas milk etc )
the list carries on
Advertising ( your bike sticker kits ) buy shirts and pants with companies logo on and riding kit etc ............
 

GrantMcD

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There are lots of deductions, allowances and income exemptions to apply if you know your way around the tax act. If it’s feasible get a good accounting firm to help you with your books. They will do all your tax calculations and by the sounds of things you will save a lot of tax as you don’t seem to be putting many expenses through the business.

In terms of a recommendation for an accounting firm - I have only had experience with PKF VGA in Alberton and they seem very good, especially when it comes to tax.
 

whyme

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you can hire your car to the company , but then you use it so must be taxed on the fringe benefit
buy bike parts and pout them through as repairs and maintenance
Entertainment expenses
Audit and accounting fees
Legal fees
Workmans compensation
Insurance ( Put your car under your companies insurance as well )
Water and lights for the business
Rental
stationary
computer expenses
staff welfare ( Coffee teas milk etc )
the list carries on
Advertising ( your bike sticker kits ) buy shirts and pants with companies logo on and riding kit etc ............
Thanks

- - - Updated - - -

There are lots of deductions, allowances and income exemptions to apply if you know your way around the tax act. If it’s feasible get a good accounting firm to help you with your books. They will do all your tax calculations and by the sounds of things you will save a lot of tax as you don’t seem to be putting many expenses through the business.

In terms of a recommendation for an accounting firm - I have only had experience with PKF VGA in Alberton and they seem very good, especially when it comes to tax.
Thanks

- - - Updated - - -

delivery bike ?? ktm 2020 300 Braaaaaaaaaaaaaaaaap
LOL
 

whyme

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The issue of moving cash to investment account and reflecting it as loan repayment on bank statement? :icon_lol:
 

J37

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Sim, speak to Mark O'Hara. He is clued up on all of this.
If you need his cell no., Whatsapp me.
 
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