Streamline HR & Payroll: The Harmony Solution
Simplify Payroll, Ensure Compliance, and Manage Your Workforce with Ease Managing HR and payroll doesn’t have to be a headache anymore! VHA Accounting Solutions provides an all-in-one solution designed to streamline operations, ensure compliance, and enhance employee management. What Does HR & Payroll Harmony Offer? ✔ Automated Payroll Processing – Say goodbye to manual errors. […]
The Importance of Mental Health in the Accounting and Finance Industry
With recent poignant stories relating to struggles in the workplace and the impact on mental health, we thought that we should also play our role in bringing awareness to the importance of ensuring your mental health is taken care of. After all, we would not ignore a broken leg, so why do we ignore a […]
Different types of Legal Entities in South Africa and their pros and cons
Different types of Legal Entities in South Africa and their pros and cons Sole Proprietorship A sole proprietorship is when there is a single founder who owns and runs the business. This is the simplest form of business entity because the business is not separate from the owner. Advantages Disadvantages Partnership A partnership is when […]
Navigating discounts in accounting: Up-front vs. Settlement discounts explained
In the realm of business transactions, discounts are a common strategy used to incentivise early payments and foster strong buyer-seller relationships. At VHA Accounting Solutions, we understand the importance of accurately recording these discounts to maintain clear financial records and ensure tax compliance. Today, we’re breaking down the nuances between up-front and settlement discounts and […]
Going Concern Assumption
For those involved in the world of finance, the going concern assumption is a well-known term. Simply put, when an entity prepares its financial statements under the going concern assumption, it means that management of the entity believes that the entity will continue in operation for the foreseeable future (usually 12 months from date of […]
Dividends in cash, dividends in specie and deemed dividends – what’s the difference?
When the word “dividend” crosses our mind, we usually think about it being a sum of money paid, typically annually, by a company to its shareholders (or “beneficial owners”) out of its profits, in proportion to shareholding. This is true for the most part, and this is the classic “dividend in cash”. But did you […]
PAYE and non-residents
Employment income is generally taxed where the services are physically exercised. The place of contract conclusion, where the employer is based and where the remuneration is paid is irrelevant in determining the taxation of employment income. This principle is supported by South African legislation and case law. Income earned from South African employers for services […]
Submit your return on time, or face penalties
Non-residents and earners of foreign income are also receiving extra attention this year The tax season for the 2022 tax year has just started, and it will be one of the shortest to date. The period to submit tax returns opened on 1 July 2022 and runs to 24 October 2022 for individual taxpayers who […]
How a data-driven culture can transform your business
In today’s digital era, data has become an essential resource for businesses to grow and thrive in a competitive market. But not all companies are taking advantage of this opportunity. In fact, many organisations are still struggling to understand how they can benefit from their data assets and use them effectively to improve their performance. […]
Recent amendments to the VAT Act
Recently the following Acts containing amendments to the VAT Act were published. A brief summary of some of the more important VAT amendments is provided below: Life insurance / financial services – textual amendments have been made in section 2 to align the terminology used with reference to the Insurance Act, 2017. As a result, the […]
