Accounting & Tax Tips, Tax benefit to small businesses

With regards to the current tax year, it's quite important for small businesses to note that some of them are entitled to two dispensations where they can benefit from a number of tax concessions. Accountants in Swartland, Accounting & Tax Malmesbury, Darling, Moorreesburg, Piketberg, Porterville, Riebeek-Kasteel, Riebeek-Wes and Yzerfontein.

If your business qualifies as a small business corporation (SBC), then you will only have to pay a reduced percentage of tax on scaled profits, contrary to the flat rate of 28% standard businesses are compelled to pay.

The good news for qualifying SBCs includes that they pay 0% tax on the first R57 000 profit made during the year. Following that, they will pay 10% tax on profit up to R300 000, with the standard rate of 28% only applicable on annual profits of more than R300 000.

Accountants in Paarl, Stellenbosch, Breede River and Witzenberg. Accounting & Tax Paarl, Accounting & Tax Stellenbosch, Accounting & Tax Breede River and Accounting & Tax Witzenberg.