Credit. If you own your own business, it's very likely you already understand the valuable role that having a good credit score can play in a person's private life, but it is just as valuable for your small enterprise.

Business credit is one of the most important tools in any entrepreneur’s toolkit. Building a good credit reputation helps the business qualify for credit facilities such as business credit cards and loans, and can open up many other funding opportunities. Your business’ credit begins when you register your new company and is likely to become an important aspect of your success.

So how can you build your credit score to ensure you have the best possible score when the time comes that you need it? 

When it comes to managing a small business, no tool will be as important as your accounting software. Accounting software allows entrepreneurs to track accounts receivable and accounts payable, have a clear understanding of their profitability, and be prepared for tax season, all of which are essential for keeping cash flows intact and fulfilling obligations.

There are, however, a myriad of accounting software solutions available on the market, most of which have features or services a small company may never use. Investing in the wrong accounting software can be like going to the dealership for a small runabout and coming home with a Ferrari. So where does a small business owner begin and just what should they be looking for when it comes time to buy this vital piece of software?

SARS recently issued a reminder that all trusts – whether dormant or active - need to be registered for income tax, and that the trust income tax return must be filed by the applicable 2022 tax season deadline dates. 

Many business owners and individuals have trusts, set up to manage and protect assets for nominated beneficiaries, for example, holding the shares of a business or the title to a property. 

In this article, we look at why trusts are used by business owners, how trusts are taxed, how the tax return for a trust must be completed and submitted, and why assistance from an accounting and tax practitioner is essential to avoid the many potential pitfalls, as well as the penalties and interest that will be levied for late returns, late payments, and non-compliance.