New Tax Calculator - Thursday, February 26, 2015
We have updated out Tax Calculator with the new tax rates as presented by Finance Minister Nhlanhla Nene on 25 February 2015, at 2pm.

Try the Free Online Tax Calculator today to see how the new budget affects your pocket! 
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Consulting FAQs

Q: I have appointed a member of my family as my executor so why would I need your services?

Your estate may end up being complex and beyond the scope of your family member’s technical abilities. In addition, that family member may also be emotionally hampered as a result of your death. Finally, estates often take longer than twelve months to finalise. In these circumstances it is often better to use the services of an outside specialist.

Q: Do I need the services of a Commissioner of Oaths?

With the problems of fraud in many government institutions, supplying certified documents is the only way you may be able to change your entity’s details. And if you need to make an affidavit, why do this at the police station when you can use our free service.

Q: Why would I need my business valued?

The sale of a business or the sale of shares in a business will take place at a value that a willing seller is prepared to receive and a willing buyer prepared to pay. The starting point is often the value placed on that business by an outside advisor such as a chartered accountant. When a business forms part of a deceased estate the executor of that estate will require a valuation of the company.

Q: Why would I need to alter my business structure?

Many businesses and business owners allow their business structures to evolve without periodically reviewing them. What was good a few years ago may now not be, due to changes in legislation, terms of trading or business relationships. Talk to our consultant for a view on your position.

Q: How often should I review my will?

We advise clients to review their wills at least once a year. In January of each year, once you have returned from your annual holidays, you should read your will and ensure that it fits your requirements. If it does, file it away; otherwise amend it by way of a codicil or a new will. Should your personal circumstances change, (e.g. through a divorce), then you should amend it right away.

Q: If I already have personal life cover why will there be a claim on my personal estate?

When businesses require funding most lenders require security and in most cases this takes the form of personal security from the shareholders. On the death of a shareholder a claim on that shareholder’s estate will be made. This claim can be limited or eliminated by way of a specific insurance policy.
(Note: Accumulo Consulting is not an insurance broker and therefore does not sell policies.)

Q: Why do I need to plan for my death?

On your death your loved ones will go through a period of mourning and the last thing they need are the financial hassles that come with an estate. By planning for your death you minimise many of these problems through positive and clear planning and instructions. This includes ensuring an up-to-date will, but may include trusts, insurance policies and shareholder or partnership agreements.

Q: Do I need a trust?

A trust is an integral part of estate planning. Yet often it is formed without the creator understanding its role or the specific need for that trust. Given the South African Revenue Services view of trusts it is imperative that your particular set of circumstances is fully investigated before you go ahead. The size of your estate, the age of your children or grandchildren, your current marital status and your business commitments and exposure all need to be taken into account in coming to a conclusion.

Q: What is meant by human resources?

Human resources, i.e. the employees, may be a business’s biggest asset and yet also its largest overhead. Management should ensure that it has policies and procedures in place to ensure that the business is always compliant with the ever-changing legislation. Many smaller businesses do not have the time or expertise to manage this discipline and it makes an ideal function to outsource.

Q: Does the business need to waste money on insurance premiums?

Many businesses are built around the skills of one or more individuals. Untimely death may cause the company to incur substantial costs in replacing that important person. Eliminate this risk with an insurance policy.
(Note: Accumulo Consulting is not an insurance broker and therefore does not sell policies.)

Q: A partnership is built on trust and is therefore a verbal contract - why should we convert this to writing?

A partnership is like a marriage – when things go well no document is required, but when things go bad you need to refer to your agreement. When partners are fighting no agreement can ever be reached.

Q: My fellow shareholders have become family friends so why do we need a shareholders agreement?

Shareholders agreements regulate in a more personal manner the regulations on the rights, obligations and rewards that a shareholder is entitled to in respect of that shareholding. While some of this is covered in the Companies Act, a shareholders agreement personalises this to your company. The strength of the agreement will be tested when there is a dispute among the shareholders.
(Note: the new Companies Act will require some changes in this regard when it is introduced.)

Q: Is taxation planning applicable to my business?

Taxation affects every business and therefore you and the business need to be aware of your obligations and rights. Changes to taxes are an ongoing subject and these changes may bring opportunities to your business in terms of those changes - such as new allowances or accelerated write-offs. Planning is gaining this knowledge and applying it to your business.