FlyingSoloSA – The scary stuff
July 26, 2008 by Jamaal
Sarah Rossouw, an accountant for small business, speaks very wisely on accounting and tax matters. She started off saying that after public speaking, most people fear SARS (the South African Receiver of Revenue) most. She asked who has unopened SARS envelopes hidden under other paperwork, and there was much laughter (of guilt?) in the room. She said that the only time you need to fear is after opening the envelope – not before!
Tax and accounting matters are a matter of high interest and concerns to soloists, and many of the people in the room are overloaded with questions. IRP5s, tax returns, PAYE – are all confusing issues for people who are creative thinkers and skilled only in their profession.
People in the room, on the other hand, who have their accountant matters sorted are encouraging others to do the same because of the huge benefits – cost savings, stress relief, and business growth!
Sarah also discussed implications of business entities, especially Close Corporations – and she says that most freelancers have no need to register as a CC, because it complicates things anyway.
One of the questioners also commented that his accountant fees were lower than what the same accountant got back for him from SARS! Wow! Another commented that it’s totally worth the money to get an accountant.