{"id":298,"date":"2016-02-13T11:39:17","date_gmt":"2016-02-13T09:39:17","guid":{"rendered":"https:\/\/nononyathi.wordpress.com\/?p=298"},"modified":"2020-07-08T15:58:24","modified_gmt":"2020-07-08T13:58:24","slug":"298","status":"publish","type":"post","link":"https:\/\/www.nononyathi.co.zw\/index.php\/298\/","title":{"rendered":"Tax planning"},"content":{"rendered":"
\n
\n \t<\/i> Read Time:<\/span>1 Minute, 41 Second <\/div>\n\n <\/div>

\"image\"<\/a><\/p>\n

Tax is a huge financial risk which may become burdensome if not addressed with caution. Tax risk is the risk of non-compliance which can be mitigated by adequate tax planning. Have you ever thought of having a tax team for your business?<\/p>\n

Tax planning is an exercise undertaken to minimise a tax liability through the best use of all available allowances, deduction, exclusions, exemptions etc. to reduce taxable income and\/or capital gains. Tax planning may pose to be an opportunity to increase taxable income in a period before the expiration of a tax loss. The ultimate goal of tax planning is to arrange your financial affairs so as to minimise your taxes.<\/p>\n

There are various ways to reduce your taxes and include reducing your income or increasing your deductions. For example, you can reduce your income by holding on to an asset which if disposed in the current tax year would give rise to a taxable recoupment and dispose of it in a subsequent tax year. You can elect special initial allowance (SIA) and accelerated wear and tear in cases where you are arriving at a taxable income instead of an adjusted tax loss. You can also dispose of assets that will result in a scrapping allowance.<\/p>\n

In instances where a trader has an assessed loss which is approaching expiry he must not accelerate deduction of his expenses. He should elect wear and tear as opposed to SIA. He can also opt to defer claiming expenditure and claim it in subsequent years. However, if deferring the claim of expenditure results in the expenditure being lost then the trader should claim the expenditure. You can also maximise income by disposing of unusable assets which will give rise to a taxable recoupment.<\/p>\n

In conclusion, stay up to date with tax changes and take advantage of deductions, allowances, credits etc. For example, you may now claim a capital allowance on your computer software with effect form 1 January 2015. These are allowances that definitely reduce your taxable income.<\/p>\n

\n
\n \n
\n \n \"Happy\"\n <\/a>\n
\n Happy <\/div>\n
\n 0<\/span>\n \n 0<\/span> %<\/span>\n <\/div>\n <\/div>\n\n
\n \n \"Sad\"\n <\/a>\n
\n Sad <\/div>\n
\n 0<\/span>\n 0<\/span> %<\/span>\n <\/div>\n <\/div>\n\n
\n \n \"Excited\"\n <\/a>\n
\n Excited <\/div>\n
\n 0<\/span>\n 0<\/span> %<\/span>\n <\/div>\n <\/div>\n\n
\n \n \"Sleepy\"\n <\/a>\n
\n Sleepy <\/div>\n
\n 0<\/span>\n \n 0<\/span> %<\/span>\n <\/div>\n <\/div>\n\n
\n \n \"Angry\"\n <\/a>\n
Angry<\/div>\n
\n 0<\/span>\n 0<\/span> %<\/span>\n \n <\/div>\n <\/div>\n\n
\n \n \"Surprise\"\n <\/a>\n
Surprise<\/div>\n
\n 0<\/span>\n 0<\/span> %<\/span>\n <\/div>\n <\/div>\n\n <\/div>\n <\/div>\n\n ","protected":false},"excerpt":{"rendered":"

Tax is a huge financial risk which may become burdensome if not addressed with caution. Tax risk is the risk of non-compliance which can be mitigated by adequate tax planning. Have you ever thought of having a tax team for your business? Tax planning is an exercise undertaken to minimise a tax liability through the […]<\/p>\n","protected":false},"author":1,"featured_media":1088,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[3],"tags":[],"class_list":["post-298","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-tax-insights"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/www.nononyathi.co.zw\/wp-content\/uploads\/2016\/02\/Tax-Planning.jpg","jetpack-related-posts":[{"id":344,"url":"https:\/\/www.nononyathi.co.zw\/index.php\/2016-tax-season-in-zimbabwe\/","url_meta":{"origin":298,"position":0},"title":"2016 Tax Season in Zimbabwe","author":"Nono Nyathi","date":"12 April 2016","format":false,"excerpt":"What is tax season? Tax season is the time period between January 1 and April 30 of each year in which individuals and companies traditionally prepare the previous year's financial statements and reports. In Zimbabwe, individuals and companies registered for income tax must file their annual tax return by April\u2026","rel":"","context":"In "Tax Insights"","block_context":{"text":"Tax Insights","link":"https:\/\/www.nononyathi.co.zw\/index.php\/category\/tax-insights\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.nononyathi.co.zw\/wp-content\/uploads\/2016\/04\/Tax-Season.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.nononyathi.co.zw\/wp-content\/uploads\/2016\/04\/Tax-Season.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.nononyathi.co.zw\/wp-content\/uploads\/2016\/04\/Tax-Season.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":380,"url":"https:\/\/www.nononyathi.co.zw\/index.php\/tax-management-policy-and-strategy\/","url_meta":{"origin":298,"position":1},"title":"Tax Planning and Management: Policy and Strategy","author":"Nono Nyathi","date":"24 September 2016","format":false,"excerpt":"Every business organisation requires a responsible approach to the management of taxes, which is able to deliver sustainable outcomes that are right for the business. Definitions Tax policy refers to the governance framework that sets standards for the way tax decisions are made and subsequent activity executed. It formally sets\u2026","rel":"","context":"In "Tax Insights"","block_context":{"text":"Tax Insights","link":"https:\/\/www.nononyathi.co.zw\/index.php\/category\/tax-insights\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.nononyathi.co.zw\/wp-content\/uploads\/2016\/02\/Tax-Planning.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.nononyathi.co.zw\/wp-content\/uploads\/2016\/02\/Tax-Planning.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.nononyathi.co.zw\/wp-content\/uploads\/2016\/02\/Tax-Planning.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":405,"url":"https:\/\/www.nononyathi.co.zw\/index.php\/entrepreneurs-tax-guide-announces-major-rebranding\/","url_meta":{"origin":298,"position":2},"title":"Entrepreneur’s Tax Guide Announces Major Rebranding","author":"Nono Nyathi","date":"7 March 2018","format":false,"excerpt":"Harare, Zimbabwe. March 7, 2018. In line with their branding strategy, Entrepreneur's Tax Guide, announced a major rebrand which will see the firm focusing on educating, engaging and establishing businesses through providing tax information. Nono Nyathi, managing consultant and author at Entrepreneur's Tax Guide, said, \u201cEntrepreneurs and a myriad of\u2026","rel":"","context":"In "Tax Insights"","block_context":{"text":"Tax Insights","link":"https:\/\/www.nononyathi.co.zw\/index.php\/category\/tax-insights\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.nononyathi.co.zw\/wp-content\/uploads\/2018\/11\/workbook-1205044_960_720.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.nononyathi.co.zw\/wp-content\/uploads\/2018\/11\/workbook-1205044_960_720.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.nononyathi.co.zw\/wp-content\/uploads\/2018\/11\/workbook-1205044_960_720.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.nononyathi.co.zw\/wp-content\/uploads\/2018\/11\/workbook-1205044_960_720.jpg?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":56,"url":"https:\/\/www.nononyathi.co.zw\/index.php\/the-ethics-of-paying-taxes\/","url_meta":{"origin":298,"position":3},"title":"The ethics of paying taxes","author":"Nono Nyathi","date":"18 June 2015","format":false,"excerpt":"We pay taxes frequently especially value added tax (VAT) on the groceries and toiletries we use in our daily lives. We never think hard about it because we have no choice but to pay for the goods and services we need. In my opinion, we seem to have no problem\u2026","rel":"","context":"In "Tax Insights"","block_context":{"text":"Tax Insights","link":"https:\/\/www.nononyathi.co.zw\/index.php\/category\/tax-insights\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.nononyathi.co.zw\/wp-content\/uploads\/2015\/06\/20141223205151-book.jpeg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.nononyathi.co.zw\/wp-content\/uploads\/2015\/06\/20141223205151-book.jpeg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.nononyathi.co.zw\/wp-content\/uploads\/2015\/06\/20141223205151-book.jpeg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.nononyathi.co.zw\/wp-content\/uploads\/2015\/06\/20141223205151-book.jpeg?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":387,"url":"https:\/\/www.nononyathi.co.zw\/index.php\/20172017-tax-season\/","url_meta":{"origin":298,"position":4},"title":"2017 Tax Season","author":"Nono Nyathi","date":"2 November 2016","format":false,"excerpt":"With just 60 days to go till the 2017 tax season, are you collecting the necessary paperwork now? Tax season in Zimbabwe is the time period between January 1 and April 30 of each year in which individuals and companies traditionally prepare the previous year's financial statements and reports in\u2026","rel":"","context":"In "Tax Insights"","block_context":{"text":"Tax Insights","link":"https:\/\/www.nononyathi.co.zw\/index.php\/category\/tax-insights\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.nononyathi.co.zw\/wp-content\/uploads\/2016\/11\/Tax-Season-2017.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.nononyathi.co.zw\/wp-content\/uploads\/2016\/11\/Tax-Season-2017.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.nononyathi.co.zw\/wp-content\/uploads\/2016\/11\/Tax-Season-2017.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.nononyathi.co.zw\/wp-content\/uploads\/2016\/11\/Tax-Season-2017.jpg?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":260,"url":"https:\/\/www.nononyathi.co.zw\/index.php\/tax-is-a-sure-thing\/","url_meta":{"origin":298,"position":5},"title":"Tax is a sure thing","author":"Nono Nyathi","date":"13 July 2015","format":false,"excerpt":"Tax is a sure thing. Just like we are all going to return to dust one day or another, we all have to pay tax in one form or another. As long as you have some form of income, business or investment and even employment income then hey, tax is\u2026","rel":"","context":"In "Tax Insights"","block_context":{"text":"Tax Insights","link":"https:\/\/www.nononyathi.co.zw\/index.php\/category\/tax-insights\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.nononyathi.co.zw\/wp-content\/uploads\/2015\/06\/033111taxes1.jpg?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"jetpack_sharing_enabled":true,"jetpack_likes_enabled":true,"_links":{"self":[{"href":"https:\/\/www.nononyathi.co.zw\/index.php\/wp-json\/wp\/v2\/posts\/298","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.nononyathi.co.zw\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.nononyathi.co.zw\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.nononyathi.co.zw\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.nononyathi.co.zw\/index.php\/wp-json\/wp\/v2\/comments?post=298"}],"version-history":[{"count":1,"href":"https:\/\/www.nononyathi.co.zw\/index.php\/wp-json\/wp\/v2\/posts\/298\/revisions"}],"predecessor-version":[{"id":1089,"href":"https:\/\/www.nononyathi.co.zw\/index.php\/wp-json\/wp\/v2\/posts\/298\/revisions\/1089"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.nononyathi.co.zw\/index.php\/wp-json\/wp\/v2\/media\/1088"}],"wp:attachment":[{"href":"https:\/\/www.nononyathi.co.zw\/index.php\/wp-json\/wp\/v2\/media?parent=298"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.nononyathi.co.zw\/index.php\/wp-json\/wp\/v2\/categories?post=298"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.nononyathi.co.zw\/index.php\/wp-json\/wp\/v2\/tags?post=298"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}