It costs to grow a business, but GoalSave can help you get there even more quickly. With the help of the effective savings tool called GoalSave, your money will grow at rates of interest that rise over time.
You receive interest on the funds in your GoalSaves at a rate that increases over time.
As long as the cumulative balance of all of your GoalSaves and your EveryDay account does not exceed the limit established for your profile or R100 000 across all 10 GoalSaves, you are permitted to have up to 10 active GoalSaves and to add money as frequently as you like.
What to do after opening your business bank account
Online payments are becoming more and more popular. A convenient online payment method encourages customers to pay their invoices earlier. Here’s how to cash in on the trend.
Popular online payment methods
Online payment methods are probably something you’ve used if you’ve ever made a purchase online. Among these are credit cards, debit cards, automated clearing houses (ACHs) like PayPal, and direct debits. Payment methods such as these are generally instant and allow customers to pay without having to visit their bank’s website.
A direct debit allows customers to authorise ongoing payments. Whenever a bill is due, money can be taken directly from their bank account.
Benefits of online payment
Online invoice payments help small businesses get paid twice as fast. It is possible for them to get paid immediately in some cases.
It’s easy and quick for customers to make online payments. They also have the option of using a credit card, which gives them greater financial flexibility.
How does online payment work?
A merchant service provider can help businesses accept online payments. Getting set up with a reputable provider shouldn’t cost you anything (but transaction fees will apply).
Select a merchant service provider who can integrate with your invoicing software. Most should. Once the service is switched on, a ‘pay now’ button will appear on your invoices. When you email the invoice to a customer, they can click the button to pay you instantly.
What is a merchant service?
Merchant service providers (like PayFast, Peach Payments, and Paystack) are specialist companies that handle online payments for you (online payment platforms). Generally speaking, some of them focus on debit and credit card processing, others focus on ACH processing, and a third category looks after direct debit. It’s unlikely you’d need to offer all of these payment options.
You’ll need online invoicing software to make it work. Just find the add-on apps and select your preferred provider. There is usually a wizard to guide you through the installation process. Or if you have a tech-savvy accountant or bookkeeper, ask them to do it.
What are merchant service fees?
While it should cost you nothing to set up a merchant service provider and accept online payment, there will be transaction fees. For debit and credit cards, the fee works out to between 2% and 4% of the invoice value. For direct debit, the fee will depend on the size of the transaction but should never get any higher than about R50 per transaction.
Just because you know how to accept payments online, doesn’t mean you have to do it every time. You can switch it on and off. To help keep costs down, businesses tend not to offer online payment on invoices of more than R50,000.
How do I account for the transaction fee?
When preparing your business accounts, you’ll need to treat the transaction fee as an expense. You’ll want to match it with the payment so you can correctly calculate your profit on the order. Smart accounting software can do that automatically for you.
Will everyone pay faster?
Not all customers will pay faster when you offer these “buy now” options. But other customers could pay you straight away.
That’s the thing with online payment services. You should find that you get paid faster overall, which is a plus. And you may just transform a consistently late payer into an always on-time payer. It’s all about making it easy for them.
Jump in and learn how to accept payments online
If you use software to send invoices, it’s easy to offer convenient payment options. It’s a bonus for your customers, and it will get you paid faster.
Didiserv will provide additional information about how auto-assessment will function this year. See the Filing Season 2022 dates and other information on the Filing Season.
If you are not in the SARS auto-assessment group and must file a return, see our information for provisional and non-provisional taxpayers in the Didiserv Blog for the 2022 Tax Filing Season.
How is the SARS Auto-Assessment different this year (2022) from last year (2021)?
SARS will offer auto-assessments to taxpayers whose tax issues are less complicated this year. This year, however, they have made it much easier – if you agree with your auto-assessment, there is no need to “accept” the assessment. If SARS incorrectly assessed you, you can seek assistance from Didiserv by filing a tax return with the new information within 40 working days of the date of your assessment.
How does the SARS Auto-Assessment function?
Employers, medical plans, banks, retirement annuity funds, and others provide data to SARS. They then use that information to compute your tax assessment. SARS will issue the assessment to you via eFiling or the SARS MobiApp if they are satisfied that the data and tax calculation are correct. At the same time, SARS will send you a notification via your preferred mode of communication (such as SMS or email) informing you that your assessment is ready for viewing on SARS eFiling or SARS MobiApp. Log in to SARS eFiling right now.
What should you do after receiving your SARS auto-assessment?
The first step is to access your evaluation via eFiling or the SARS MobiApp. You will be able to examine all of the data that was used to determine your score.
If you owe SARS, make your payment through eFiling or the SARS MobiApp.
If you disagree with the assessment, you can access your tax return through eFiling or the SARS MobiApp, complete the return through Didiserv, and we will file it within 40 business days of the date SARS issued your assessment.
How will you know the information is accurate?
For the first time this year, you can view your data in-depth, as follows:
Log in to eFiling.
Submit/search any certificate that you want to validate using the “Third-Party Data
Certificate” search option on the menu bar.
Choose the appropriate certificate type.
If your data has an error or is incomplete, you can fix it by doing one of two things:
Request that the organization that provided SARS with the data fix it by forwarding updated data to SARS and yourself.
When you receive the revised data, access your tax return through eFiling or the SARS MobiApp, amend the data on the tax return, and file your tax return by eFiling or the SARS MobiApp.
What if tax is due to SARS (I owe SARS)?
If your assessment shows that you owe SARS tax, it is critical that you pay as quickly as possible to prevent interest. The “Notice of Assessment” shows the payment due date for the amount payable to SARS (ITA34). The quickest way to make a payment is to log into eFiling or the SARS MobiApp and schedule it there. You can, however, pay at any Absa, FNB, Nedbank, Normal Bank, or Capitec branch, or make an electronic funds transfer (EFT) using the bank’s standard drop-down list of pre-loaded beneficiary IDs. The beneficiary reference is the Payment Reference Number (PRN) that appears on your assessment notice (ITA34). Before accepting any money owed to SARS, we recommend that you consult Didiserv.
Will I be chosen for verification or audit by SARS?
No, your evaluation has already been quality reviewed, and if you agree with it, you will not be chosen for verification or audit. However, please ensure that your evaluation is complete. For example, if you received rental income or other income or have deductions in addition to what we reflected in your assessment, you must file a tax return within 40 business days of the date of your assessment with the information in addition to what we have already pre-populated on your tax return. In such a circumstance, you may be chosen for verification or, if needed, audit. As a result, it is critical that you provide supporting documentation for any adjustments you wish us to make to your SARS auto-assessment.
What should you do if you disagree with your SARS auto-assessment?
Simply access your tax return through eFiling or MobiApp, complete it, and file it through eFiling or MobiApp within 40 business days of the date SARS issued your assessment. If you are unable to file your tax return within 40 business days, you can contact Didiserv. If SARS accepts your tax return revisions, they will award you a reduced or additional assessment. If they refuse to accept the updates in your tax return, they will explain why. If you disagree with the reason(s) why they did not accept the revisions in your tax return, you can use the standard objection and appeal procedure.
By when must you file a SARS tax return?
Because you are subject to auto-assessment, you are not needed to file a tax return. If you disagree with your auto-assessment, you must file a tax return in the normal manner within 40 business days of the date SARS sent the assessment to you, or within the extended period if SARS granted an extension.
Many times, we at Didiserv get asked: How do I register for SARS eFiling? Apart from completing your tax returns for refunds you may be eligible for, we also provide free, resourceful information about the South African Revenue Services (SARS). Below are the steps to register for sars eFiling.
Please visit SARS’s website (https://www.sarsefiling.co.za) for eFiling registration. On the middle right side of the home page, there is a selection of choices from which you must choose Register Now.
The eFiling Register screen will display, where you must enter your personal information and then click Next.
Fill in your contact information and the sars eFiling login information you want to use, then click Next.
Complete all of your further personal information so that SARS may register you for a tax number and e-filing.
register for tax number
Choose your chosen method of communication with SARS. The method you choose will be used to send a One-Time-Pin (OTP) to verify you and will serve as your eFiling security contact details for your SARS login.
Enter the proper OTP pin number that was sent to you through SMS or email.
When you are finished, the eFiling Login screen will appear, indicating that your registration was successful.
On the top right side of the main page, log in to the SARS efiling website using the Username and Password data you entered while completing the registration process, and then click Next.
The terms and conditions will be displayed on the eFiling welcome screen; please read them and click the “I Accept” button at the bottom of the screen to proceed with the log-in procedure.
The screen will display your information as you input it. After selecting the appropriate return type(s), click “Submit” to activate your SARS efiling profile.
You will then be taken to the eFiling home page, where a visual summary of your current tax affairs will be displayed. You can request a statement of account or any notices sent by SARS from this page to see if you are up to date with all of your tax returns.
How would you like your business to be found more easily on local search engines? This guide will help you improve your local SEO (search engine optimization), both on your website and elsewhere online.
When someone doesn’t have an accountant and needs help with taxes or accounting, what should they do? Do they consult their phone book? Maybe, if they still live in the 20th century. In today’s world, it’s more likely that they’ll use a search engine like Google or even ask Siri or Alexa.
As a result, they are finding more and more customized results based on factors such as location. Search for “accountant near me” on Google and you’ll probably see results similar to the one below.
Let’s dissect that.
The first few results are frequently advertisements, which are placed there by businesses that use Google Ads to appear whenever someone searches for “accountant near me.” This has nothing to do with SEO and is more commonly referred to as SEM (search engine marketing). That is a quick way to the top of the search results, but it is not free.
Following that, if Google knows your location, you may see a map of the local area with some local accountants pinpointed. Is your company listed in your own search results? If not, this article will explain how to change that.
Following that, you’ll usually see ‘organic results,’ which are links to web pages that Google believes are most likely to satisfy searchers looking for an accountant in the area. You’ll want your company to appear near the top of these results as well.
However, the first few organic results are not always accounting firm websites. In this example, you’ll see links to accounting firm directories. You will want to be included on those lists as well.
All of this takes time, so if your company is difficult to find in search results, you should address the issue now so that your next generation of clients can find you during tax season. So, let’s get this party started!
Your Step-by-Step Guide to Local SEO for Accountants
This article will concentrate on your top four initial considerations. If you complete all four steps, the cumulative effect will be greater than if you only complete a couple of the steps.
Before we begin, please take a moment to determine your company’s contact information. It is critical to maintaining these throughout each step below. If you ever use slightly different names when referring to your business (e.g., “Ramaphosa and Zuma Accounting”, “Zuma & Ramaphosa, CPA or CA(SA) or BAP(SA)”, “Zuma & Ramaphosa, Inc”) or hand out addresses or phone numbers that aren’t completely identical in every respect, now’s the time to decide exactly what those should officially be going forward. If you don’t do this, you’ll complicate things for search engines and other influential websites, and potentially give your competitors an advantage.
Open up a document right now and type in the following items, so you can easily copy and paste them whenever you need them throughout this process. This will ensure complete consistency.
The name of your company
The full address of your business, including zip or postal code
The primary telephone number of your business, including area code
Now for the first step…
1. Create a professional Google My Business profile.
If you haven’t already signed up for a Google My Business profile, do it now. There should be one in every small firm.
Make sure to include the exact business name, address, and telephone number discussed above when creating your profile. When asked to categorize your business, choose the most appropriate option. If your business is solely focused on tax preparation, a tax-related category may be appropriate. If not, consider a category such as “accounting firm” instead.