Thank you for joining us

Thank you for joining us at the live stream of How to start your own Bookkeeping Business

We trust you found it informative and will help you in your career or starting your own business.

To download the handouts, please click on the links below;

Please note that the replay of the live stream will be available on Youtube until Friday, 16 October 2020, after which it will be retired.

Should you have any specific questions, please contact us via our Contact Us page or visit our Knowledge Base.

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Top Achievers: August 2020

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Congratulations to the top students listed below for achieving 90% and higher in your August 2020 ICB exams!

 

Kathryn Janson Bookkeeping to Trial Balance SACOB South African College of Business 99%
Monique Groenewald Bookkeeping to Trial Balance CTU Training – Vereeniging 99%
Desiree Edwards Bookkeeping to Trial Balance SACOB South African College of Business 99%
Janise Mendes Cost and Management Accounting Incredible Skills 99%
Suzanne Snyders Business Literacy 2 SACOB South African College of Business 99%
Maureen Rooke Cost and Management Accounting SACOB South African College of Business 98%
Daleen Henning Cost and Management Accounting Headstart Training – Somerset West 98%
Andrea Hambides Hermanus Jnr Bookkeeper: Payroll & monthly SARS returns Damelin – Cape Town Correspondence 98%
Audra Jonathan Cost and Management Accounting Skills Academy Supported Learning 98%
Suzanne Snyders Business Literacy 1 SACOB South African College of Business 98%
Charnell Janse Van Vuuren Fin Accountant: Management Accounting and Control Systems Academy of York 98%
Lizaan Smit Cost and Management Accounting Boston – George 98%
Rayno Lategan Business Literacy 3 ASORIP 97%
Natalie Marimuthoo TFA: Business Law & Accounting Control Self studying 97%
Losisa Khumalo Financial Statements Self studying 97%
Kerryn Timmerman Bookkeeping to Trial Balance Skills Academy Supported Learning 96%
Nozipho Shabangu Cost and Management Accounting SA-German Training Services 96%
Franssiska De Canha Cost and Management Accounting Unicollege 96%
Sharon Steenkamp Jnr Bookkeeper: Payroll & monthly SARS returns Intec College – Head Office 96%
Odette Van Wyk Fin Accountant: Management Accounting and Control Systems Self studying 96%
Michael Sunkel Bookkeeping to Trial Balance IBTC – Cape Town Correspondence 95%
Karen Naude Jnr Bookkeeper: Payroll & monthly SARS returns SACOB South African College of Business 95%
Cole Stanley Business Literacy 3 Intec College – Head Office 95%
Rina Van Wyk Bookkeeping to Trial Balance Unigrad College 95%
Ashlesha Beharee Bookkeeping to Trial Balance Unigrad College 95%
Ilva Du Preez Bookkeeping to Trial Balance Unigrad College 95%
Natalie  Harilal Business Literacy 3 Careers IT – Chatsworth 95%
Bronwyn Theron Bookkeeping to Trial Balance SACOB South African College of Business 95%
Rosanne Raman Cost and Management Accounting Self studying 95%
Genevieve Bronkhorst Business Literacy 2 Unicollege 95%
Lizl Rautenbach Cost and Management Accounting Self studying 95%
Lizelle Van Der Merwe Cost and Management Accounting Self studying 95%
Suzanne Snyders Business Literacy 3 SACOB South African College of Business 95%
Marna Ross Cost and Management Accounting Intec College – Head Office 95%
Daniel Le Grange TFA: Income Tax Returns SACOB South African College of Business 95%
Kyla-ann Van Wyk Business Literacy 1 Self studying 94%
Yolande Botha Business Literacy 2 College SA 94%
Ansone  Olivier Bookkeeping to Trial Balance Centurion Akademy – Irene 94%
Cole Stanley Bookkeeping to Trial Balance Intec College – Head Office 94%
Cole Stanley Jnr Bookkeeper: Payroll & monthly SARS returns Intec College – Head Office 94%
Lynne Tow Financial Statements CTU Training – Potchefstroom 94%
Natalie  Harilal Business Literacy 2 Careers IT – Chatsworth 94%
Petrus Etzebeth Bookkeeping to Trial Balance College SA 94%
Vaughan Lacon-allin Cost and Management Accounting Richfield – Correspondence 94%
Sandy Francisco Bookkeeping to Trial Balance College SA 94%
Nashika Lalla Financial Statements MSC Business College – Pretoria 94%
Elliot Ngaiso Fin Accountant: Management Accounting and Control Systems Self studying 94%
Tina Viljoen Business Literacy 3 Damelin – Boksburg 94%
Elmarie Grobler Cost and Management Accounting College SA 94%
Lindokuhle Mkhabela Cost and Management Accounting Unigrad College 94%
Samantha Swart Bookkeeping to Trial Balance Institute of Business Management of SA – Correspondence 94%
Bonisiwe Thsoenyane Management Boston – Benoni 94%
Malaika Kifende TFA: Business Law & Accounting Control Self studying 94%
Wanda Korff Cost and Management Accounting Unicollege 94%
Michael Sunkel Business Literacy 1 IBTC – Cape Town Correspondence 93%
Rowena Van Wyk Bookkeeping to Trial Balance SACOB South African College of Business 93%
Kathryn Janson Jnr Bookkeeper: Payroll & monthly SARS returns SACOB South African College of Business 93%
Lindie  Smith Bookkeeping to Trial Balance Centurion Akademy – Irene 93%
Maryna Engelbrecht Bookkeeping to Trial Balance Unigrad College 93%
Maureen Rooke Financial Statements SACOB South African College of Business 93%
Thandiwe Masilela OA: Marketing Management & Public Relations Boston – Bedfordview 93%
Carol-anne Hannabus Financial Statements Walvis Bay Learning Hub 93%
Helga February TFA: Business Law & Accounting Control Self studying 93%
Genevieve Bronkhorst Business Literacy 1 Unicollege 93%
Caroline Magorimbo Cost and Management Accounting Self studying 93%
Zandré Engelbrecht Cost and Management Accounting College SA 93%
Tina Viljoen Business Literacy 1 Damelin – Boksburg 93%
Bianca De Jager Cost and Management Accounting MSC Business College – Rustenburg 93%
Desiree Koekemoer Fin Accountant: Management Accounting and Control Systems Self studying 93%
Carmin Olwage Cost and Management Accounting Damelin – Centurion 93%
Veronica Vermeulen TFA: Income Tax Returns Unicollege 93%
Angeline Ratcliff Cost and Management Accounting Boston – Bellville 93%
Anesu Furusa Cost and Management Accounting Academy of York 93%
Loami Myburgh Fin Accountant: Management Accounting and Control Systems IBTC – Cape Town Correspondence 93%
Joel Geldenhys Bookkeeping to Trial Balance SA-German Training Services 92%
Rene Jales Bookkeeping to Trial Balance College SA 92%
Karen Naude Bookkeeping to Trial Balance SACOB South African College of Business 92%
Danel De Wet Bookkeeping to Trial Balance SACOB South African College of Business 92%
Berna Le Roux Bookkeeping to Trial Balance Boston – Somerset West 92%
Saleena Govindasamy Bookkeeping to Trial Balance Damelin – Centurion 92%
Charlene Kriel Bookkeeping to Trial Balance CTU Training – Stellenbosch 92%
Fortune Zuweni Financial Statements Unicollege 92%
Michelle Herbst Bookkeeping to Trial Balance Self studying 92%
Zinhle Zwane Cost and Management Accounting Charis City College – Pretoria 92%
Ashley Dames Jnr Bookkeeper: Payroll & monthly SARS returns College SA 92%
Natasha Brandon Jnr Bookkeeper: Payroll & monthly SARS returns SACOB South African College of Business 92%
Danielle Joubert Bookkeeping to Trial Balance Skills Academy Supported Learning 92%
Blossom Khanyile-zwane Cost and Management Accounting Self studying 92%
Marli Borman Financial Statements SACOB South African College of Business 92%
Rosanne Raman Financial Statements Self studying 92%
Blessed Munyamana Cost and Management Accounting Falcon Business Institute 92%
Carisna Herbst Cost and Management Accounting Incredible Skills 92%
Phumzile Mahlangu Fin Accountant: Corporate Strategy The Academy of Commerce and Accounting 92%
Alicia Janse Van Rensburg Financial Statements College SA 92%
Sherice Le Roux Bookkeeping to Trial Balance Self studying 92%
Tina Viljoen Business Literacy 2 Damelin – Boksburg 92%
Nenette Oosthiuzen Business Literacy 3 Unigrad College 92%
Patiace Moloi Management Boston – Benoni 92%
Karin Nel TFA: Business Law & Accounting Control Unigrad College 92%
Paulina Smith Fin Accountant: Corporate Strategy Unigrad College 92%
Jacqueline Ryder Cost and Management Accounting Court Campus 92%
Tanja Grobler Business Literacy 2 SACOB South African College of Business 92%
Tanja Grobler Business Literacy 1 SACOB South African College of Business 92%
Petro Bezuidenhout Fin Accountant: Management Accounting and Control Systems Self studying 92%
Chantelle Van Der Westhuizen Cost and Management Accounting Self studying 92%
Juleana Flemix Fin Accountant: Management Accounting and Control Systems MSC Business College – Benoni Correspondence 92%
Lesley-Ann Todd Fin Accountant: Management Accounting and Control Systems Self studying 92%
Lehlohonolo Molotsi Business Literacy 3 Skills Academy Supported Learning 91%
Maria Steyn Bookkeeping to Trial Balance Self studying 91%
Cole Stanley Business Literacy 1 Intec College – Head Office 91%
Ruksar Mahomed Arrie Business Literacy 3 Careers IT – Chatsworth 91%
Natalie  Harilal Business Literacy 1 Careers IT – Chatsworth 91%
Sabeehah Kader Business Literacy 1 Careers IT – Chatsworth 91%
Sabeehah Kader Business Literacy 2 Careers IT – Chatsworth 91%
Melony Van Blerk Bookkeeping to Trial Balance CTU Training – Port Elizabeth 91%
Gabrielle Claassen Bookkeeping to Trial Balance CTU Training – Vereeniging 91%
Danisha De Villiers Bookkeeping to Trial Balance Unigrad College 91%
Yolandi Oberholzer Bookkeeping to Trial Balance Unicollege 91%
Liané Van Zyl Bookkeeping to Trial Balance College SA 91%
Tara Midgley Jnr Bookkeeper: Payroll & monthly SARS returns SACOB South African College of Business 91%
Kathleen Botha Business Literacy 3 Damelin – Braamfontein Correspondence 91%
Catharina Roux Cost and Management Accounting College SA 91%
Lynn Van Der Merwe Financial Statements College SA 91%
Grizelda Pretorius TFA: Income Tax Returns Centurion Academy – Centurion 91%
Lizl Rautenbach Financial Statements Self studying 91%
Angie Erofeev OA: Business and Office Administration 1 Skills Academy Supported Learning 91%
Maryke Tonitz Jnr Bookkeeper: Payroll & monthly SARS returns College SA 91%
Sinegugu Gumbi Management Damelin – Nelspruit 91%
Kim Hough Financial Statements Edge Business School 91%
Finkson Praise TFA: Business Law & Accounting Control Centurion Academy – Centurion Correspondence 91%
Tzu-ling Huang Bookkeeping to Trial Balance IBTC – Sandton Correspondence 91%
Zelna Vercueil TFA: Business Law & Accounting Control College SA 91%
Sumika Brijlal Fin Accountant: Management Accounting and Control Systems Self studying 91%
Mmakgang Dipico Public Accounting Administration Incredible Skills 91%
Monray Henkeman Cost and Management Accounting Damelin – Cape Town Correspondence 91%
Grace Battiss Cost and Management Accounting Damelin – Cape Town Correspondence 91%
Kyla-ann Van Wyk Business Literacy 2 Self studying 90%
Michael Sunkel Business Literacy 3 IBTC – Cape Town Correspondence 90%
Amanda Uliana Bookkeeping to Trial Balance SACOB South African College of Business 90%
Amanda Uliana Jnr Bookkeeper: Payroll & monthly SARS returns SACOB South African College of Business 90%
Leanke Steyn Bookkeeping to Trial Balance Milpark Education – Correspondence 90%
Soné Smith Bookkeeping to Trial Balance Unicollege 90%
Lindokuhle Tabata Business Literacy 3 Charis City College – Pretoria 90%
Nosipho Cele Bookkeeping to Trial Balance Academy of York 90%
Sandy Francisco Jnr Bookkeeper: Payroll & monthly SARS returns College SA 90%
Bronwyn Adams Cost and Management Accounting CTU Training – Boksburg 90%
Marli Borman Cost and Management Accounting SACOB South African College of Business 90%
Emmanuel Chirambo Cost and Management Accounting Academy of York 90%
Elizna Swanepoel Financial Statements Centurion Akademy – Irene 90%
Inge Lamprecht Cost and Management Accounting Academic Institute of Exellence- Correspondence 90%
Sarah Mubure Cost and Management Accounting Transcollege 90%
Kathleen Botha Business Literacy 2 Damelin – Braamfontein Correspondence 90%
Letago Mahlaka Cost and Management Accounting Unigrad College 90%
Helga February TFA: Income Tax Returns Self studying 90%
Mereldene Francis Cost and Management Accounting Academy of York 90%
Natasha Maccario Fin Accountant: Financial Reporting and Regulatory Framework Damelin – Randburg 90%
Noelle Sahadeo Financial Statements Boston – Umhlanga 90%
Petro Gey Van Pittius Fin Accountant: Financial Reporting and Regulatory Framework Boston – George 90%
Nicolene Cumming TFA: Income Tax Returns SACOB South African College of Business 90%
Jennifer Van Deventer Cost and Management Accounting IBTC – Sandton Correspondence 90%
Maphefo Nhlengethwa Management MSC Business College – Alberton 90%
Chaney Van Der Nest Cost and Management Accounting Unicollege 90%
Charmaine Van Rooyen Fin Accountant: Management Accounting and Control Systems Exemption 90%
Phumelele Dube Management Self studying 90%
Elsie Louwrens Fin Accountant: Management Accounting and Control Systems SACOB South African College of Business 90%
Lizelle De Lange Fin Accountant: Corporate Strategy Unigrad College 90%
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It’s official: Stay out of office till October, and SARS will let you claim home office costs

 

Amid some recent uncertainty, the SA Revenue Service has confirmed that full-time employees will be able to claim home-office expenses during lockdown.

Typically, people who earn commission and independent contractors claim these expenses.

But full-time employees can also claim if they work from home for at least six months of the tax year. This means that you would have to work from home at least until the end of September, if you left the office at the start of the national lockdown.

If an employee’s duties are mainly performed from their home, they will be able to claim some expenses, a SARS spokesperson confirmed to Business Insider SA.

“To take a simple example, if an employee works normal office hours for a single employer for the tax year from 1 March 2020 to 28 February 2021, this requirement will be met if the employee performs their duties from the home office for more than half the year,” the spokesperson said.

However, your home office must be specifically equipped for work – and “regularly and exclusively used” for such purposes, he added. This means that you must have a dedicated work area – you can’t just use your dining room table for work.

These are some of the expenses you can claim for a home office:

  • Part of the interest on your bond, or part of the rental of the home – as well as municipal rates and taxes, including water and electricity. This will take into account the floorspace of your home office, compared to the total floor area of your house. If, for example, your home office is 20 square metres and your house is 200 square metres then you can deduct 10% of the qualifying expenses such as rates and taxes or interest payable on bonds. You can’t deduct all your expenses.
  • You can also claim for stationery, and data costs.
  • Wear and tear on office equipment.

Importantly, if you own your home, claiming home office expenses could cost you in extra capital gains tax (CGT) when you sell.

For primary residences, the first R2 million of any capital gain on selling is not taxed. But if you tell Sars that part of your home isn’t a residence, but an income-generating office, that part of your home is excluded from the capital-gains tax break.

So if you claim 10% of the floorspace of the home as an office, then 10% of the eventual selling price could be liable for CGT, at a rate of 40%. However, the CGT calculation also takes into consideration the length of time over which you use your home office

In addition, if your employer reimbursed you for data costs, stationery or other expenses – you may not have to pay tax on these payments.

“(An) employer’s reimbursement of an expense incurred by an employee is not taxable if the expense has been incurred at the employer’s instruction, for the employer’s trade, and the employee must account for it to the employer to prove that it has only been used for that purpose,” the SARS spokesperson said.

Examples of reimbursed expenses that would not be subject to tax would be data bundles purchased to work from home and stationery used for work purposes.

 

Source: https://www.businessinsider.co.za/

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CREATING AN ACCOUNTANT CV: MAKING IT COUNT TO CATCH THE EYE

You might be a whiz with numbers, but maybe you freeze when you see an accountant job description in Ireland because you know you have to create a killer CV and cover letter. Accounting is a competitive industry, so even getting called to an interview is a big achievement.
We have already covered accounting interview questions and answers, so in this short guide, we will show you how to write a CV which gets you that interview in the first place.

How to Write an Accountant CV?

When creating an accounting CV, it is crucial for you to understand the correct format. While it is true that hiring managers hate generic CVs, they still expect to see a specific style that is easy to skim read. We have included a downloadable CV template below, but first, let’s take a look at the correct layout.

Personal Information

Hiring managers expect to see the requisite personal information at the top of your CV. Please include your full name, email address, telephone number, and address. Although you may need to include other information such as gender, date of birth, and marital status when filling in online job applications, don’t include it unless specifically requested.

Write an Accountant Personal Statement

This is arguably the most critical part of your CV. It is usually at this point where employers decide if they intend to read on. Summarize yourself in two sentences. It is a challenge to include your best professional features in 50-60 words, but you need to get it right.

Highlight Key Skills

In this section, you have to include the skills that ensure you are an ideal fit for the job. For example, you must have excellent IT skills which includes experience of using relevant software. Write something original because the hiring manager will read dozens of CVs, so you have to ensure yours stands out.
The top accounting skills requested by employers in Ireland include experience with SAP or Oracle systems, experience with a multinational, or post-qualification experience.

Summarise Qualifications and Educational History

Hiring managers need to see that you have done the hard education yards. Make sure you list the most recent qualification first. For example, include details of your Chartered Accountant status after your Bachelor’s Degree. When it comes to an accountant’s CV, professional certifications are of paramount importance.

Employment History

Since space is at a premium, it isn’t usually necessary to include more than three roles. Also, it is best if you only include jobs with skills and responsibilities transferable to the potential new job. If you were a Payroll Accountant and a Sales Clerk, you don’t need to include your brief time working in the local off-license.

Personal Interests and Hobbies

This is the least important part of the CV, and it shouldn’t make or break your application. Even so, it is good to cast aside the whole ‘accountants have no personality’ stereotype. It is also an opportunity to fill in any gaps in your experience. For instance, you can highlight your leadership skills by showing that you were the captain of a successful sports team.

References

We’ve seen applications where employers demand up to four references! Only include employers, educators, or professionals in this section. Include the name, job title, contact information, and address of their company if applicable.

 

Source: https://www.jobs.ie/

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SARS Auto Assessments – What You Need To Know

In an attempt to streamline the tax return process, SARS has implemented a new Auto Assessment System. In the month of August, many non-provisional taxpayers have begun receiving SMS’s notifying them that they have been selected for the process. The SMS will contain a link directing them to the SARS E-Filling app, where they will be able to view their return, the automated result and have the option to ‘Accept’ or ‘Edit’ the outcome.

 

Returns which have not been ‘Accepted’ or ‘Edited’ by 29 January will be filed automatically.

 

The move has left many taxpayers feeling confused or unsure of how the process works, so we have compiled a list of must know facts when dealing with the new system.

 

I’ve clicked on the link in the SMS, what now? 

 

Once the page has loaded, you will see a clickable option ‘Personal Income Tax (ITR12)’, select this option then click on ‘Request Return’

 

A pop up will then display the automated results, with the exact figure of how much is owed by you (R100), or owed to you (-R100) by SARS.

 

Looks good, what next? 

 

If you agree with the stipulated amount, all you need to do is select ‘Accept’ followed by ‘Confirm”

 

What if you don’t agree? 

 

It is important to review the return and ensure that all taxable revenue streams and deductions are accounted for. When speaking to financial practitioners, they noted that the Auto-Assessment failed to account for all taxable revenue streams, resulting in taxpayers receiving less in their returns, or paying more in tax than they should have.

 

What the auto-assessments doesn’t account for: 

 

  • Rental Income
  • Business & Trade Income
  • Foreign Dividend
  • Foreign Interest
  • Foreign Capital Gain
  • Donations S18A Organisations
  • Travel allowance
  • Use of company car
  • Out of pocket medical expenditure

 

If you suspect that your return has been calculated incorrectly, the ‘Edit’ option will allow you or your tax practitioner to adjust accordingly, ensuring all revenue streams and deductions are accounted for.

 

How long does it take to be paid out? 

 

If you agree with conditions of the rebate, you should receive your refund within three working days. If your return has been edited, it will go under review by SARS. There is no stipulated turnaround time for this review as of yet.

 

As with all new systems and processes, the SARS auto-assessment system has its flaws. It is important to remember that the onus is still on you, the taxpayer, to ensure that your returns are honest, accurate and that all revenue streams are accounted for. This will help ensure that there are no nasty surprises in the future.

SARS Auto Assessments – What You Need To Know

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In an attempt to streamline the tax return process, SARS has implemented a new Auto Assessment System. In the month of August, many non-provisional taxpayers have begun receiving SMS’s notifying them that they have been selected for the process. The SMS will contain a link directing them to the SARS E-Filling app, where they will be able to view their return, the automated result and have the option to ‘Accept’ or ‘Edit’ the outcome.

 

Returns which have not been ‘Accepted’ or ‘Edited’ by 29 January will be filed automatically.

 

The move has left many taxpayers feeling confused or unsure of how the process works, so we have compiled a list of must know facts when dealing with the new system.

 

I’ve clicked on the link in the SMS, what now?

 

Once the page has loaded, you will see a clickable option ‘Personal Income Tax (ITR12)’, select this option then click on ‘Request Return’

 

A pop up will then display the automated results, with the exact figure of how much is owed by you (R100), or owed to you (-R100) by SARS.

 

Looks good, what next?

 

If you agree with the stipulated amount, all you need to do is select ‘Accept’ followed by ‘Confirm”

 

What if you don’t agree?

 

It is important to review the return and ensure that all taxable revenue streams and deductions are accounted for. When speaking to financial practitioners, they noted that the Auto-Assessment failed to account for all taxable revenue streams, resulting in taxpayers receiving less in their returns, or paying more in tax than they should have.

 

What the auto-assessments doesn’t account for:

 

  • Rental Income
  • Business & Trade Income
  • Foreign Dividend
  • Foreign Interest
  • Foreign Capital Gain
  • Donations S18A Organisations
  • Travel allowance
  • Use of company car
  • Out of pocket medical expenditure

 

If you suspect that your return has been calculated incorrectly, the ‘Edit’ option will allow you or your tax practitioner to adjust accordingly, ensuring all revenue streams and deductions are accounted for.

 

How long does it take to be paid out?

 

If you agree with conditions of the rebate, you should receive your refund within three working days. If your return has been edited, it will go under review by SARS. There is no stipulated turnaround time for this review as of yet.

 

As with all new systems and processes, the SARS auto-assessment system has its flaws. It is important to remember that the onus is still on you, the taxpayer, to ensure that your returns are honest, accurate and that all revenue streams are accounted for. This will help ensure that there are no nasty surprises in the future.

 

Source: https://ibtc.co.za/

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