Tax expert shares hard facts and innovative tax advice with Pretoria business owners

When it comes to VAT, employees’ tax (PAYE), and other tax issues, business owners likely agree: tax is a thorny, headache-inducing matter – even when you think you have finally got to grips with the intricacies of the system. AfriForum’s Sakenetwerk understands enterprises and the frustrations many small businesses grapple with daily. To take the sting out of taxation, Pretoria-based tax expert Wimpie Vogel recently addressed members of the AfriForum Sakenetwerk Pretoria branch, laying down the hard facts of taxation in a way that was easily digestible for business owners.

Maree van den Berg, from AfriForum Sakenetwerk’s Pretoria branch (left), and Wimpie Vogel.

This training session was held on Wednesday 26 August, at the Akademia study centre in the Pretoria Moot, where members of the network’s Pretoria branch gathered.

Vogel focused on the three most important tax laws – namely the Income Tax Act, the Value-Added Tax Act, and the Tax Administration Act – and highlighted critical elements within them that are of particular importance to small businesses.

According to Vogel, the issue of tax is not merely something relevant at the end of the tax year, but something that must be carefully tracked and managed throughout the year. “Tax is not just a bill a small business owner pays; it determines how much of their income ultimately remains in the business,” he explains.

He further believes that seemingly minor oversights in tax administration can cost a business dearly and ultimately erode its income. “For instance, ensuring that a tax invoice is complete – containing details such as the VAT number, date, description, and VAT amount – determines whether or not VAT can be reclaimed on a transaction. Similarly, poor management leading to late tax payments results in unnecessary interest charges, while non-compliance with tax requirements or underestimating tax liabilities can incur administrative penalties.”

Ranya van der Walt, AfriForum Sakenetwerk coordinator, emphasises that this knowledge gives small business owners an edge on their path to success, and that opportunities like this are specifically aimed at empowering owners. “Establishing a business in a highly competitive economy remains challenging. Furthermore, not only bringing a unique and creative business idea to fruition but also trying to make sense of the labyrinth of legal requirements can make or break the enterprise. That is why the analyses and training opportunities offered by the AfriForum Sakenetwerk are so valuable; they equip small business owners to truly give wings to their entrepreneurial dreams,” she concludes.

Join one of the AfriForum Sakenetwerk branches today. Visit the network’s website for more information or to locate your nearest branch.

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