SARS calculates your income tax liability on the “sliding scale” basis. In other words, the amount of tax due to SARS increases as your taxable income increases. There are seven income brackets (tax tables), and your SARS tax liability is calculated based on where your total taxable income falls within these brackets. If you earn [...]
The structure of your medical practice is critical in determining how your income will be taxed and the legal frameworks that you will need to comply with. These decisions often spark debate amongst medical practitioners. We, therefore, thought we would share some of our insight into the topic. Tax efficiency is often at the top [...]
At Inaura Chartered Accountants, we have assisted in the setup of hundreds of medical practices. While engaging in these services, we have found common issues that clients should consider when setting up and running their practice. We thought that we would share several of them with you. Who should you bank with and does [...]
As accountants that specialise in the medical and tax space, one of the first questions the Inaura team get asked is, ‘Should I register my practice for VAT?’’ There are a few things that need to be understood when it comes to VAT and your medical practice: VAT registration is required once the turnover for [...]
Do you have plans in place for when you decide to hang up your scrubs for the last time? What about your staff – are they prepared for retirement? What is a retirement annuity? A Retirement Annuity (RA) is a type of investment agreement you, as an individual, have with an insurance company where you [...]
