The South African Emigration Checklist: Navigating Tax Consequences and Compliance with SARS
Emigrating from South Africa is a significant life decision that comes with a multitude of considerations, both personally and financially. Among these, understanding the tax consequences and ensuring compliance with the South African Revenue Service (SARS) is of...
Safeguarding Your Legacy: Understanding Inheritance and Succession Planning
Life can be a complex journey, and thinking about what happens when we’re no longer here may not be the cheeriest topic. But getting ready for the unknown is not just a good idea; it’s a way to show love for your family. When it comes to protecting your hard-earned...
Navigating the Financial Landscape: Inheritance and Succession Planning in South Africa
In the web of life, contemplating the inevitable isn’t the most cheerful endeavour. However, preparing for what lies beyond the horizon is not only prudent but also an act of love for your family. When it comes to your hard-earned assets and how they move through...
UK Autumn Statement 2023 – Our highlights
The 2023 Autumn Statement was delivered by Jeremy Hunt on Wednesday 22nd November 2023 where he announced a range of significant changes to ease the burden on tax payers in the UK. We discuss our highlights below; Personal Taxes Venture Capital Schemes: In an effort...
Health Screening through your Limited Company
If you are an employee of your limited company, you can expense the cost of a health assessment provided by your company without incurring income tax liability. You can only expense one health-screening assessment or medical check-up provided by your limited company...
RSA: Two Pot Retirement System
The National Treasury, alongside the South African Revenue Service (SARS), is set to make some changes and clarifications to the original proposals on introducing the ‘two pot’ retirement system. In essence, this system seeks to strike a balance between two problems,...
RSA Budget Speech 2023
The annual National Budget Speech was held on the 22nd February 2023, in which, South African Finance Minister, Enoch Godongwana, discussed the state of the country’s economy, including growth estimates, taxation proposals and social wages. He particularly focused on...
UK: Inflation and Pricing in the Current Market
In September 2022 UK CPI hit 10.1%. The last time figures were as high as this was back in 1990 and prior to that in the 1970s and 1980s when inflation hit 24.2%. This is an unusual situation for UK businesses (and individuals) who have been used to lower inflationary...
RSA: Inflation and Pricing in the Current Market
In SA we have seen the repo rate increasing (now sitting at 6.25%). Although these rates are nowhere near the peak of 23.99% that we saw back in 1998, the country is experiencing high inflation with July 2022 inflation in SA at 7.8%. While there are some signs of this...
IR35 Risk: Off-payroll and Small Consultancies
Contractors in the UK who use limited companies are not always aware of the IR35 risk they face when choosing to contract to one end client. We have written a number of articles about IR35 risk. In this article we outline some tips to reduce your IR35 risk and we look...
Spring Statement 2022
The Chancellor made his annual Spring Statement speech on 23rd March 2022 where he set out the Government’s tax plan to support the UK economy, businesses, and families in both the short and the medium term. Key measures the Chancellor announced as part of the plan...
Stamp Duty Land Tax Changes
Stamp duty land tax (SDLT) reduced rates will apply for residential properties for a limited period stipulated by HMRC. As of 1st July 2021, and up until 30th September 2021, the nil rate band will be £ 250 000. As of 1st October 2021, the nil rate bank will resume...
What you Need to Know About the Non-Resident Landlord Scheme
Landlords who rent out property in the UK but spend more than six months of the tax year living overseas must ensure they, their tenants, letting agent or tenant finders join the Non-Resident Landlord Scheme. It’s not optional. What is the Non-Resident Landlord Scheme...
Did you know, you could claim tax relief for working from home?
You may be eligible to claim tax relief for additional household costs if you have to work from home on a regular basis, either for all or part of the week. This includes having to work from home because of COVID19. You cannot claim tax relief if you choose to work...
Purchasing an Electric Car Through your Limited Company
At SAIL, we are often approached with the question of, “Should I buy a car through my business?” Historically our answer was usually, “No. It is too complex, and you end up with a big tax bill at the end of it I your personal capacity.” This was the answer because any...
Helping you Understand your Child Benefit Entitlements
Did you know you can claim child benefit if you are responsible for bringing up a child who is either under 16 years old or under 20 (if they stay in approved education or training) and you live in the UK? Only one person can get child benefit per child, however there...
COVID: Impact on Retailers
It might be a new year, but the ongoing Covid-19 pandemic means that there are further challenges for the retail industry to come in 2021. With the UK’s third lockdown once again forcing retail stores to close, we look at the changing landscape for how retailers are...
Tax Rates for 2021/22
VAT Rules Post Brexit
(source icaew.com) UK VAT rules up to 31 December 2020 Under the UK’s VAT rules: VAT is charged on most goods and services sold within the UK and the EU. VAT is payable by businesses when they bring goods into the UK. There are different rules depending on whether the...
The Domestic Reverse VAT Charge in the Construction Industry
From 1 March 2021 the domestic reverse VAT charge will come into effect for businesses in the construction industry. The domestic reverse VAT charge (DRC) will now mean that the customer (a VAT registered business) who gets supplies of construction or building...
Why use Xero as your accounting software?
We are often asked by clients why we use XERO as our recommended accounting software. While not the cheapest option available in the market, we like the following features: The linked Hubdoc account allows one to easily scan receipts and automatically allocate them to...
