The recent announcements of funding cuts by major global donors, particularly the United States, have sent shockwaves through the African non-profit sector. For NGOs that rely heavily on international aid, this shift can feel like an existential threat. But while the challenges are real, they also present an opportunity for innovation, sustainability, and resilience-building. The […]
01
May
May
Africa Day, celebrated on 25 May, marks the foundation of the African Union and reminds us of the continent’s immense potential. As we celebrate this milestone, it’s the perfect moment to highlight the backbone of Africa’s economy: small and medium-sized enterprises (SMEs). Why SMEs Matter Across the continent, SMEs account for more than 80% of […]
01
May
May
Anytime is teatime when it comes to Mental Health Awareness. It is good to check-in and talk honestly about the toll that running a business can take. Financial pressure, decision fatigue, and burnout arenât signs of weaknessâtheyâre signs that something needs to change. The Entrepreneurial Mental Load Small business owners wear many hatsâCEO, finance manager, […]
01
May
May
With the 28 February tax year-end now behind us, many businesses are taking stock of their financials. If this tax season felt more stressful than it should have, you’re not alone. Let’s unpack the key lessons and how you can position your business for a better, more efficient tax year in 2025/2026. Common Mistakes We […]
01
Apr
Apr
When the Minister of Finance took to the podium for the 2025 South African Budget Speech, many small business owners held their breath. Among the most talked-about announcements? A 0.5% increase in VAT, raising the rate from 15% to 15.5% on 1 May 2025 and 1.5% increase to 17% on 1 April 2026. For many […]
01
Apr
Apr
With the 2025 Budget Speech behind us, many entrepreneurs are asking, “Can my business survive this economy?” Between the VAT hike, rising fuel prices, and consumer belt-tightening, it’s natural to feel overwhelmed. But hereâs the good news: thriving in tough times is possible. It starts with a shift from panic to planning. Start with Mindset […]
01
Apr
Apr
The 2025 Budget Speech delivered its fair share of surprises. For small and micro business owners, one thing is clear: operating costs are rising. Fuel levies went up. So did sin taxes. Public sector wages will continue to demand a big slice of the pie. Inflation, while softening, remains a stubborn reality. But hereâs the […]
01
Apr
Apr
If you’re a sole proprietor, freelancer, or operate an informal business, you might have thought the Budget Speech wasnât “for people like you.” But think again. The 2025 Budget Speech included subtle shifts that directly affect micro-entrepreneurs â and they could either hurt or help your journey, depending on how you respond. Whatâs New for […]
01
Mar
Mar
As a South African business owner, itâs important to stay compliant with regulatory bodies such as the Companies and Intellectual Property Commission (CIPC) and the South African Revenue Service (SARS). While both require annual returns, they serve different purposes. Letâs break down the key differences and why both are essential for your business. What is […]
01
Mar
Mar
March 8 marks International Womenâs Dayâa time to celebrate the resilience, innovation, and leadership of women in business and finance. Despite ongoing challenges, women entrepreneurs and professionals are making significant strides in shaping South Africaâs economy. What is the Role of Women in South Africaâs Business Landscape Women-led businesses contribute significantly to economic growth, job […]
01
Mar
Mar
Key Takeaways from Budget 2025 The South African National Budget Speech is one of the most critical events for business owners and entrepreneurs. The policies announced impact everything from tax rates to government incentives and economic forecasts. Understanding these changes is crucial for making informed financial and strategic decisions. Key Takeaways from Budget 2025 1. […]
01
Mar
Mar
March signals the end of the first quarter of the calendar yearâan ideal time for business owners to assess financial health and make necessary adjustments. A proactive approach now can set your business up for long-term success. Key Financial Health Indicators 1. Cash Flow Management Maintaining a healthy cash flow is critical. Are your customers […]
01
Mar
Mar
With the tax year-end behind us on 28 February 2025, itâs time for business owners to shift their focus from compliance to forward-looking tax planning. March is the perfect month to set a proactive strategy that ensures tax efficiency, maximizes deductions, and keeps your business ahead of regulatory changes. 1. Learn from the Past: Reviewing […]
01
Feb
Feb
February is the month of love, but beyond chocolates and roses, itâs the perfect time to show your business some love, too! Just like any great relationship, a successful business thrives on commitment, care, and long-term planning. By implementing strong financial strategies, you can ensure that your business not only survives but thrives in the […]
01
Feb
Feb
Tax season can be overwhelming, but with the right preparation, it doesnât have to be stressful. As the deadline approaches, hereâs what small businesses need to know to stay compliant and avoid penalties. 1. Know Your Tax Deadlines Missing deadlines can result in costly penalties. Keep track of important dates for VAT, income tax, and […]
01
Feb
Feb
Entrepreneurship is an exciting journey, but financial management can make or break a startup. Young entrepreneurs often face unique challenges, from securing funding to managing cash flow. By adopting smart financial habits early, they can set themselves up for long-term success. Here are some key financial tips for the next generation of business leaders. 1. […]
01
Feb
Feb
February is a month of love, and while romantic relationships take center stage, thereâs one relationship that deserves just as much attentionâyour relationship with your finances! Practicing financial self-care is one of the greatest acts of self-love. It sets you up for long-term security, reduces stress, and gives you the freedom to live life on […]
01
Jan
Jan
South African entrepreneurs face a unique set of challenges in 2025, from navigating fluctuating economic conditions to adapting to technological advancements. Building resilience is key to thriving in this dynamic environment. This article explores actionable strategies to help entrepreneurs overcome obstacles and achieve long-term success. Strategies to Thrive in Uncertain Economic Conditions The Importance of […]
01
Jan
Jan
Managing your busines operations effectively is critical for small business success. With the right tools, entrepreneurs can streamline operations, enhance decision-making, and ensure compliance. These are five tools that we use in our business and some of our clients use in theirs. We consider these to be “must-haves” in our business. We have detailed below […]
01
Jan
Jan
Starting the year with a robust financial plan sets the stage for achieving business success. Use this checklist to streamline your operations and focus on growth. Monthly Checklist for Financial Success Simplify Your Tasks with Primorialâs Tools Primorial offers templates and tools to: Call-to-Action: Join our Facebook group for exclusive access to checklists, how-to-videos and […]
01
Jan
Jan
Financial literacy is a cornerstone of entrepreneurial success. With the right knowledge, business owners can make informed decisions, plan strategically, and drive growth. Hereâs why financial education matters and how Primorial is leading the charge: The Importance of Financial Literacy Empowering Women and Youth Primorialâs initiatives focus on: Upcoming Resources to Look Forward To By […]
01
Dec
Dec
The festive season is a prime time to attract customers without overspending. Focus on leveraging digital platforms, like email campaigns and social media, to promote special offers. Collaborate with other small businesses for cross-promotions. Create holiday-themed content that engages your audience, from giveaways to countdown deals. Emphasize customer loyalty by offering discounts or exclusive perks. […]
01
Dec
Dec
The festive season brings both opportunities and challenges for businesses. Start by reviewing your financials to forecast needs accurately. Create a budget for seasonal spending, including bonuses and marketing, while reserving funds for early-year obligations. Use this time to assess outstanding invoices and streamline accounts receivable processes. Finally, invest in technology or outsourcing solutions to […]
01
Dec
Dec
Year-end is a perfect time to revisit your deductible expenses and ensure your tax claims are accurate and legitimate. Properly utilizing deductions not only reduces your taxable income but also strengthens your financial foundation. Festive payroll often includes bonuses and extra costs, making it essential to plan. Start by calculating year-end payroll expenses, including UIF […]
01
Dec
Dec
As the year ends, staying compliant with SARS regulations is crucial. Start by confirming deadlines for VAT, PAYE, and provisional tax submissions. Organize receipts and documentation to ease the filing process. If your financial records need attention, consider outsourcing to ensure accuracy. Claim all eligible deductions, such as festive season expenses, but avoid over-claiming to […]
01
Dec
Dec
As 2024 wraps up, itâs time to reflect on the past year and set a financial strategy for 2025. A proactive approach ensures your business is equipped for sustainable growth and stability. 1. Evaluate 2024âs Performance Review key financial metrics, including revenue, expenses, and cash flow. Identify trends, strengths, and areas for improvement to guide […]
01
Nov
Nov
In todayâs rapidly evolving global economy, digital nomadism and remote work are no longer niche trendsâtheyâve become mainstream, especially in emerging markets. With advancements in technology and a growing demand for flexible work environments, entrepreneurs across countries like India, Kenya, and Vietnam are seizing the opportunity to leverage global talent pools while significantly reducing overhead […]
01
Nov
Nov
Sustainability is no longer a buzzword but a key business imperative in todayâs global marketplace. Entrepreneurs in emerging markets like Southeast Asia and Africa are increasingly integrating eco-friendly practices into their business models, driven by a growing consumer demand for sustainability. These regions, once heavily reliant on traditional industries, are transforming into hubs of innovation […]
01
Nov
Nov
Blockchain technology is transforming the entrepreneurial landscape in emerging markets, particularly in regions where access to traditional banking is limited. Entrepreneurs across Africa and Latin America are harnessing the power of blockchain to create new business models, foster financial inclusion, and drive innovation. By enabling secure transactions, decentralized finance (DeFi), and transparent supply chains, blockchain […]
01
Nov
Nov
As we move through 2024, the global business environment continues to face significant geopolitical tensions, impacting markets around the world. For entrepreneurs in emerging markets, these challengesâranging from supply chain disruptions to inflationary pressuresâcan create both obstacles and opportunities. While the geopolitical landscape is uncertain, entrepreneurs in countries like India, Kenya, and Brazil are adapting […]
24
Oct
Oct
Financial forecasting is a vital tool for any small business looking to plan for long-term success. It enables business owners to anticipate financial needs, allocate resources effectively, and stay ahead of potential risks. Hereâs how you can get started: 1. Set Clear Objectives Begin by defining what you want to achieve. Whether itâs forecasting revenue, […]
01
Oct
Oct
As an entrepreneur, managing the day-to-day operations of your business can be exciting, but it can also be overwhelming. From tracking expenses and cash flow to ensuring tax compliance and long-term profitability, the financial responsibilities of running a business often contribute to high levels of stress. Without proper financial management strategies, this stress can easily […]
01
Oct
Oct
As a business owner, your employees are one of your most valuable assets. Their productivity, creativity, and commitment are crucial to the sustainability and long-term profitability of your small business. However, in order for them to perform at their best, itâs vital to foster a work environment that supports both their mental and physical well-being. […]
01
Oct
Oct
Running a small business can be deeply rewarding, but it often comes with high levels of stress and responsibility. As a business owner, youâre expected to wear many hatsâoverseeing operations, managing teams, and ensuring your business remains financially stable. For many entrepreneurs, managing finances can be particularly daunting, especially when youâre already juggling countless other […]
01
Oct
Oct
In today’s fast-paced work environment, small business owners often prioritize financial performance and operations to achieve sustainability and long-term profitability. However, a key aspect that is often overlooked but has a direct influence on business success is employee well-being, particularly mental health. Studies have shown that businesses where mental health is prioritized tend to be […]
01
Sep
Sep
Being a business owner is far from the simplicity and predictability of a board game like Monopoly. In Monopoly, the rules are clear, the objectives are straightforward, and the game ends when someone wins by bankrupting their competitors. In contrast, real-world entrepreneurship is a complex, ongoing journey with no defined endpoint. Unlike Monopoly, where everyone […]
01
Sep
Sep
Owning a small business is often portrayed as the ultimate path to freedom and financial independence. The allure of being your own boss, setting your own hours, and reaping the rewards of your hard work can be incredibly appealing. However, the reality of small business ownership is often far more complex and challenging. Behind the […]
01
Sep
Sep
For small business owners, tax payments can be a significant source of cash flow strain. Unlike regular expenses, taxes often come in large, periodic sums that can disrupt the financial balance of a business if not properly managed. However, with careful planning and smart strategies, you can ease this burden and keep your cash flow […]
01
Sep
Sep
At Primorial, we understand that managing cash flow is one of the most critical aspects of running a successful small business. Cash flow management isn’t just about keeping the lights onâit’s about building a foundation for long-term profitability and growth. As your partner in long-term profitability, weâre here to offer actionable tips that will help […]
01
Sep
Sep
For any business, especially small ones, maintaining a positive cash balance is not just a goalâitâs a necessity for survival. Cash flow is the lifeblood of a business, fueling day-to-day operations, growth opportunities, and the ability to navigate challenges. However, managing cash effectively is one of the most common survival challenges that small businesses face. […]
01
Sep
Sep
One Page Plan is a simplified and concise roadmap that captures the core strategies, and key actions of your business â all on a single page.
01
Aug
Aug
Women’s Month in South Africa is a time to celebrate the achievements of women and recognize the ongoing challenges that they face. At Primorial, we are dedicated to supporting female-led startups, helping them break barriers and achieve success through our comprehensive advisory services. The Historical Context of Womenâs Month Women’s Month commemorates the 1956 march […]
01
Aug
Aug
As we celebrate Women’s Month in South Africa, we honour the strength, resilience, and contributions of women to our society. Women’s Month is a reminder of the progress we’ve made and the work that still needs to be done to achieve gender equality. At Primorial, being women-lead ourselves, we are dedicated to empowering women entrepreneurs, […]
01
Aug
Aug
As we celebrate Women’s Month in South Africa, it’s essential to focus on empowering the next generation of female leaders. At Primorial, we are committed to fostering leadership skills through mentorship programs and educational opportunities, ensuring that young women are prepared to lead and succeed in the business world. The Importance of Early Mentorship and […]
01
Aug
Aug
As we celebrate Women’s Month in South Africa, it’s essential to focus on the economic empowerment of women through financial literacy. At Primorial, we believe that equipping women with financial knowledge is crucial for their success and long-term prosperity. The Importance of Financial Literacy Financial literacy involves understanding and effectively using various financial skills, including […]
28
Jun
Jun
At Primorial, we understand the challenges small businesses face in navigating the complex world of taxes. As a SAICA-accredited firm and registered SARS Tax Practitioner, our goal is to partner with businesses for their long-term profitability. Effective tax planning can make a significant difference in your businessâs financial health, helping you save money and reinvest […]
28
Jun
Jun
Starting a new business is an exciting journey filled with opportunities and challenges. As a new entrepreneur in South Africa, one of the most crucial aspects of ensuring your businessâs success is navigating the compliance landscape. At Primorial, we understand the complexities involved and are here to help you every step of the way. Our […]
28
May
May
âThe employment tax incentive is aimed at encouraging employers to hire young and less experienced work seekers.â (SARS Employers ETI Guide) With Youth Day celebrations around the corner, business owners have an opportunity not only to consider unlocking the benefits of having young workers in their teams, but also to make a difference to South […]
28
May
May
âLeadership and learning are indispensable to each other.” (John F. Kennedy) The world of work is changing, rapidly. With more teams made up of diverse people from a wide variety of locations, leadership these days has become less about personal relationships and more about managing across distance and effective organisation. Leaders in this world need […]
28
May
May
âFraud and deceit are anxious for your money. Be informed and prudentâ (John Andreas Widtsoe, scientist, author and religious leader) While accountants have become adept at spotting and preventing financial fraud simply by analysing a companyâs books, there is another kind of fraud that needs alert leadership, record keeping and careful analysis to completely snuff […]
28
May
May
âThe Compensation Fund is mandated to provide social security to the injured-on-duty employees and those who contracted diseases at the workplace.â (Compensation Fund Annual Report 2021/2022) By law, all employers are compelled to register for COIDA (Compensation for Occupational Injuries and Diseases Act No. 130 of 1993) within 7 days of employing their first employee. […]
28
May
May
07 June – Monthly Pay-As-You-Earn (PAYE) submissions and payments 25 June – Value-Added Tax (VAT) manual submissions and payments 27 June – Excise Duty payments 28 June â Corporate Income Tax (CIT) Provisional Tax payments 28 June â End of the 1st fiscal quarter 28 June â Value-Added Tax (VAT) electronic submissions and payments. Disclaimer:Â The […]
26
Apr
Apr
âFailure by an employer to comply with its obligations does not only harm that employer and the fiscus, but also employees. SARS vigorously pursues employers that fail to comply.â (SARS) Employers must submit their annual reconciliation declarations (EMP501) with accurate and up-to-date payroll information about their employees by 31 May this year. This is among the […]
26
Apr
Apr
âFailure is simply the opportunity to begin again, this time more intelligently.â-Â (Henry Ford, founder of Ford Motor Company) Data from StatsSA has shown that more than 1,500 businesses closed their doors for good in South Africa last year. This can come as no surprise to anyone who conducts business in South Africa at the moment, […]
26
Apr
Apr
âIt is imperative that ALL companies and close corporations ensure compliance with the beneficial ownership filing requirements, to ensure good corporate governance and business continuity.â (CIPC) Following changes to the Companies Act on 24 May 2023, company directors and members of close corporations are obliged to lodge and maintain a detailed Beneficial Ownership (BO) Register, along […]
26
Apr
Apr
âThe Internet is a worldwide platform for sharing information. It is a community of common interests. No country is immune to such global challenges as cybercrime, hacking, and invasion of privacyâ â (Lu Wei, the head of the General Office of the Central Leading Group for Internet Security and Informatization from August 2013 to June […]
26
Apr
Apr
07 May – PAYE submissions and payments 24 Mayâ Value-Added Tax (VAT) manual submissions and payments 30 May â Excise duty payments 31 May â VAT electronic submissions and payments, & Corporate Income Tax (CIT) Provisional Tax payments where applicable. Disclaimer:Â The information provided herein should not be used or relied on as professional advice. No […]
26
Mar
Mar
âThe cold, harsh reality is that we have to balance the budget.â (Michael Bloomberg, former New York City Mayor) Budget shortfalls are not uncommon across the public and private sectors, especially in these economically challenging times. A budget shortfall is a significant concern for any individual or organisation and should be corrected promptly. To address […]
26
Mar
Mar
âFind the right price for an irresistible offer, which, by the way, isnât necessarily the lower price.â â (W. Chan Kim, Business strategy advisor and author)Â Â Â Â Â Â Â A good businessperson pays attention to the price of their products. With accountants by their side, they wisely analyse every expense, tax and logistical possibility to ensure their product […]
26
Mar
Mar
âPeople are not your most important asset. The right people are.â (Jim Collins, author, speaker and consultant) Knowing whether to hire a freelancer or full-time employee for any particular role is vital for the successful running of a modern business. With budgets constantly being constrained and the pressure to perform going up, ensuring you maximise your […]
26
Mar
Mar
â[The new requirements] enable⊠a more efficient process to make deductions available to qualifying donor taxpayers and to help prevent section 18A claims abuse.â (SARS) Public benefit organisations (PBOs) are engaged in public benefit activities for example religious institutions, day care centres, disaster relief organisations, health clinics, etc. Many are dependent on donations and, to […]
26
Mar
Mar
05 April – Monthly Pay-As-You-Earn (PAYE) submissions and payments 25 April â VAT manual submissions and payments 29 April – Excise Duty payments 30 April – Value-Added Tax (VAT) electronic submissions and payments & CIT Provisional payments where applicable. Disclaimer:Â The information provided herein should not be used or relied on as professional advice. No liability […]
âOur bigger challenge⊠is that our pie is not growing fast enough and this limits our ability to generate sufficient revenues to distribute among our priority areas.â (Finance Minister Enoch Godongwana â Budget 2024) Finance Minister Enoch Godongwanaâs third Budget Speech in an election year contained few surprises, but also little in the form of […]
Budget 2024 effectively brought an increase in personal income tax by not adjusting the tables for tax rates, rebates and medical tax credits, while also implementing substantial increases in âsinâ taxes and introducing a proposed global tax on multinational companies. This selection of official SARS Tax Tables and other useful resources will help clarify your […]
âIt’s far better to buy a wonderful company at a fair price, than a fair company at a wonderful price.â- (Warren Buffett, investor, businessman and philanthropist) When buying a small business there are a number of things that need to be checked before pulling the trigger and signing the contract. Doing proper due diligence will […]
âThe only thing worse than training your employees and having them leave is not training them and having them stay.â â (Henry Ford, Founder, Ford Motor Company) In a world where everything seems more expensive today than it was yesterday training and advancement of staff can seem of lesser importance. As an increasing number of […]
07 March – Monthly Pay-As-You-Earn (PAYE) submissions and payments 25 March â VAT manual submissions and payments 27 March â Excise duty payments 28 March â End of the 2023/24 Financial year, Value-Added Tax (VAT) electronic submissions and payments, & CIT Provisional payments where applicable. Disclaimer:Â The information provided herein should not be used or relied […]
30
Jan
Jan
âProvisional tax is merely a mechanism to pay the normal income tax liability during the tax year⊠an advance payment of a taxpayerâs normal tax liability.â (SARS) To provisional taxpayers, especially those who are liable for provisional tax in both their personal capacities and as business owners, it may well seem that there are endless […]
30
Jan
Jan
âNever take your eyes off the cash flow because itâs the lifeblood of businessâ (Sir Richard Branson, entrepreneur, investor, and author) Cash is king, said one anonymous business genius. At the end of the day, itâs having money in the bank that keeps a company running smoothly. According to a recent study by Sibongiseni Selby […]
30
Jan
Jan
“Great things in business are never done by one person. They’re done by a team of people.” (Steve Jobs) There are many benefits to having a great team, and these have been backed up by scientific research around the world. These include, for example: Improved productivity, with thousands of employees noting that having the respect of […]
30
Jan
Jan
âAt least 40% of all businesses will die in the next 10 years⊠if they donât figure out how to change their entire company to accommodate new technologies.â John Chambers, former CEO of Cisco Systems) Around the boardroom tables of the world, one thing is on every agenda â digital transformation. From global conglomerates to […]
30
Jan
Jan
07 February – Monthly Pay-As-You-Earn (PAYE) submissions and payments 23 February – Value-Added Tax (VAT) manual submissions and payments 28 February – Excise Duty payments 29 February â CIT Provisional Tax payments 29 February â PIT Provisional Tax payments 29 February â Value-Added Tax (VAT) electronic submissions and payments Disclaimer:Â The information provided herein should not […]
05
Jan
Jan
“The best way to predict the future is to create it.” (Peter Drucker) Facing what may well be another tough year, company owners and managers will be well aware that many of the external challenges will be beyond their control. Fortunately, what remains under your control is how this new year is approached and starting 2024 […]
05
Jan
Jan
âInflation is bringing us true democracy. For the first time in history, luxuries and necessities are selling at the same price.â (Robert Orben, comedian and writer) Interest rates and inflation are a nasty partnership that can, if managed badly, derail any small to medium enterprise. Their effects are felt in every area of the business […]
05
Jan
Jan
âSARS is willing and ready to assist taxpayers who want to be compliant. Where taxpayers willfully and intentionally ignore their legal obligations, SARS will act sternly.â (SARS Commissioner Edward Kieswetter) Businesses are often required to share their tax compliance status, for example for a tender application, bidding process or prequalification as a supplier; to confirm that […]
05
Jan
Jan
âThe way to get started is to quit talking and begin doing.â (Walt Disney) Whether starting a business is your New Year’s resolution or something you have been waiting to do for years, if you are thinking of launching it in January 2024, then you have already made a wise decision. January is a popular […]
05
Jan
Jan
05 January – Monthly Pay-As-You-Earn (PAYE) submissions and payments 24 January â End of Filing Season for Provisional taxpayers 24 January â End of Trusts Filing Season for taxpayers liable for provisional tax 30 January – Excise Duty payments 31 January – Value-Added Tax (VAT) electronic submissions and payments & CIT Provisional payments where applicable. […]
28
Nov
Nov
âA real gift comes attached with ribbons, not strings.â (Raymond C Nolan) Most clients, suppliers and business associates will appreciate a thoughtful gift from your company, and the Festive Season is the most appropriate time to send such a gift. The challenge lies in selecting a gift that conveys genuine intentions to thank the recipients […]
28
Nov
Nov
âThink of giving not as a duty but as a privilege.â (John D. Rockefeller Jr.) Most businesses want to show appreciation to their employees at the end of a long yearâs work, and the âSeason of Givingâ is the ideal time. A thoughtful gift will make any employee feel more recognised and appreciated, and this […]
28
Nov
Nov
âIf you do not know where you are going, every road will get you nowhere.â (Henry A. Kissinger) Creating a business plan is one of the most important processes when running a business. It is the roadmap for the success of any business and should include everything from cash flow planning to expansion strategies and […]
28
Nov
Nov
âNo man has a good enough memory to be a successful liarâ â Abraham Lincoln, President of the United States of America, 1861-1865 Â In a recent survey conducted by StandOutCV more than 50% of Americans admitted to lying on their CV. Itâs a staggering number, and something that is taking place in a country where […]
28
Nov
Nov
7 December â Monthly Pay-As-You-Earn (PAYE) submissions and payments 28 December â Excise Duty payments 29 December – End of 3rd Financial Quarter 29 December â Value-Added Tax (VAT) electronic submissions and payments & CIT Provisional payments where applicable. Disclaimer: The information provided herein should not be used or relied on as professional advice. No liability […]
27
Oct
Oct
“Always treat your employees exactly as you want them to treat your best customers.” (Stephen R. Covey, author of The Seven Habits of Highly Effective People) Small businesses often lose their talent to large companies simply because they canât afford the kinds of salaries and incentives on offer at a global corporate. Keeping staff happy […]
27
Oct
Oct
ââŠimposing administrative non-compliance penalties is to ensure the widest possible compliance with the provisions of a Tax Act ⊠they are imposed impartially, consistently and proportionately to the seriousness and duration of the non-compliance.â (SARS) The Tax Administration Act stipulates that SARS can issue administrative penalties for outstanding tax returns. In previous years, penalties were only imposed […]
27
Oct
Oct
âThere are only two things in a business that make money – innovation and marketing, everything else is costâ (Peter Drucker, author) Running a business is never cheap and starting one up may be one of the most expensive things you ever do. According to the U.S. Small Business Administration, most microbusinesses cost around R60 […]
27
Oct
Oct
âThe importance of the ability of taxpayers to challenge the legality of actions and decisions within the tax system is internationally recognised.â (Taxpayersâ Rights: Theory, Origin and Implementation) In South Africa, taxpayers have the right to dispute tax assessments, interest, late payment penalties, and administrative penalties for various taxes, including Personal Income Tax (PIT), Corporate Income […]
27
Oct
Oct
7 November – Monthly Pay-As-You-Earn (PAYE) submissions and payments 29 November – Excise Duty payments 30 November – Value-Added Tax (VAT) electronic submissions and payments & CIT Provisional payments where applicable. Disclaimer:Â The information provided herein should not be used or relied on as professional advice. No liability can be accepted for any errors or omissions […]
27
Sep
Sep
âThe common assumption is that trusts are some kind of tax panacea…Then, conversely, from a South African Revenue Service (SARS) perspective, trusts are viewed with a degree of suspicion and mistrust. [T]he truth lies somewhere between these positions.â (Broomberg on Tax Strategy) The legal and tax landscape in which South African trusts operate has changed […]
27
Sep
Sep
âGrowth is never by mere chance; it is the result of forces working togetherâ â (James Cash Penney, Founder of JCPenney) Every business decision carries profound consequences for the enduring existence of the organisation, and this is no more true than when it is applied to those decisions affecting business growth. Knowing how and when […]
27
Sep
Sep
âWe need to do a better job of putting ourselves higher on our own âto-doâ list.â (Michelle Obama, former First Lady of the United States) The four-day work week has been in the news a lot recently with a number of significant studies and trials coming out in favour of the arrangement. While many would assume […]
27
Sep
Sep
âThe bottom line is that cyber risks sit right alongside rising systemic risks, and is the biggest emerging, and constantly evolving risk facing businesses today.â (SHA Specialist Risk Review 2022) In Africa, Interpol has identified phishing â particularly Business Email Compromise (BEC) â as well as online scams, as both the biggest current crime threats, […]
27
Sep
Sep
6 October – Monthly Pay-As-You-Earn (PAYE) submissions and payments 30 October – Excise Duty payments 31 October – Value-Added Tax (VAT) electronic submissions and payments & CIT Provisional payments where applicable. Disclaimer:Â The information provided herein should not be used or relied on as professional advice. No liability can be accepted for any errors or omissions […]
29
Aug
Aug
âDonât be fearful of risks. Understand them, and manage and minimize them to an acceptable level.â (Naved Abdali, Financial journalist and author) Managing risk in your business is absolutely critical for developing it to success. Knowing exactly which threats are really relevant and which will help any leader to develop strategy and prepare for the […]
29
Aug
Aug
âThe difference between tax avoidance and tax evasion is the thickness of a prison wall.â (Denis Healey, former British prime minister)Â Â Â Â Section 234 in Chapter 17 of the Tax Administration Act (TAA) sets out a list of criminal tax offences. If prosecuted and convicted of a tax criminal offence, taxpayers will – at the least […]
29
Aug
Aug
“Any taxpayer can be selected by SARS for verification for the purpose of proper administration of tax, including on a risk basis.” (SARS) Companies must, within 12 months of their financial year-end, submit to SARS an Income Tax Return for Companies (ITR14), as well as supporting documents, declaring their full income tax responsibility to SARS. This declaration, return and […]
29
Aug
Aug
âQuiet quittingâ isnât laziness…When they donât feel cared about, people eventually stop caring. If you want them to go the extra mile, start with meaningful work, respect, and fair pay.â â (Adam Grant, organizational psychologist and speaker) The idea of the recently acknowledged trend of quiet quitting is not really new at all. Some people […]
29
Aug
Aug
7 September – Monthly Pay-As-You-Earn (PAYE) submissions and payments 28 September – Excise Duty payments 29 September â End of the 2nd Financial Quarter, Value-Added Tax (VAT) electronic submissions and payments, CIT Provisional payments where applicable. Disclaimer: The information provided herein should not be used or relied on as professional advice. No liability can be accepted for […]
27
Jul
Jul
âThe submission of accurate personal income tax returns on time is important for a seamless filing season. Taxpayers must take control of their own tax affairs to ensure they are aware of their obligations and remain compliant.â (SARS Commissioner Edward Kieswetter) SARS recently announced the dates and changes for the 2023 Tax Season, which opened on […]
27
Jul
Jul
âThe value of a business is a function of how well the financial capital and intellectual capital are managed by human capital.â (Dave Bookbinder, author) There are a lot of factors that go into working out the true cost of an employee. According to the US Small Business Administration, employees really cost between 1.25 and 1.4 […]
27
Jul
Jul
âBorrowing isn’t inherently bad; it depends a lot on what the debt is financingâ (Stephen Moore, writer and economic commentator) Â Taking on debt can be a good thing for a company. It can fund expansions, help you seize market share or diversify offerings. Handled incorrectly it can, however, lead to severe problems that could ultimately […]