Finance

Income Tax in a Nutshell

Income tax is simply a tax on your taxable income. Your taxable income is your gross income (everything you earned) minus any allowable deductions and exemptions.

In today’s highly competitive business landscape, sustainable growth is a critical concern for many companies. However, market saturation, operational inefficiencies, and evolving customer preferences create unique challenges – these challenges can be inflated for small and medium-sized businesses. In this case study, we explore a non-cookie-cutter approach to overcoming growth challenges, drawing from practical examples of how businesses can thrive in even the most competitive markets.

“Have interest rates peaked? The answer is a resounding no.”

These were the words of Reserve Bank Governor Lesetja Kganyago in July 2023. The bank cautioned that the longer-term outlook remained uncertain amid the electricity and logistical issues, as well as the pressure on food prices. All these factors pose a risk to inflation and spending. This in turn affects our businesses.

The cryptocurrency landscape was rocked recently when the US Securities and Exchange Commission (SEC) took legal action against Coinbase and Binance – two of the largest crypto exchanges – regarding market capitalisation. This development has sent shockwaves throughout the crypto world and traditional banking systems. Fred Razak, Chief Strategist at CMTrading, shares his thoughts on crypto sector challenges.

With the ongoing decline in the popularity of cash, the vast majority of businesses in the modern era will need to be able to receive electronic payments of some kind or another. Whether through EFT credits, debit orders, card payments, these businesses will all require a “payment solutions provider” with access to the banks and can facilitate these payments. Unsurprisingly, who one partners with, in terms of the provision of payment solutions, can become an important decision affecting the business’s day-to-day operations and impacting cash-flow and bottom-line profits. The business owner must understand who they are working with and make their decisions for a payment solution partnership from a position of knowledge. Here then, are the five questions you have to ask a payment solution provider before you agree to sign up.

Traveling overseas can be a life-changing experience, but it can also be expensive. For those with limited funds, saving money for an overseas trip can seem like a daunting task. However, with careful planning and a few smart strategies, it’s possible to save money and make your dream of traveling overseas a reality. Here are some tips on how to save money for going overseas with not a big salary:

John started his business after pitching his idea to some friends around the BBQ. He used all his savings for start-up capital, and family and friends provided loans. He could not apply for finance as his credit rating was not strong enough.
John’s scenario is not uncommon in the business environment. According to gviafrica.co.za, 3.3 million of the 5.6 million small businesses in 2018 were categorised as “survivalist firms”.
A few entrepreneurs have pitched their business idea to a group of funders, conducted market research, or developed a business plan and are not prepared to apply for finance.
John can implement some key strategies in his business to be able to apply for finance in the future. These strategies are: