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 […]
27
Jul
Jul
âThe backbone of any successful phishing attack is a well-designed spoofed email or spoofed website, which is why it pays to have a healthy level of scepticism when it comes to opening emails and visiting websites.â (Phishing.org) With Tax Season 2023 upon us, expect an upsurge in scam emails, seemingly from SARS but actually clever […]
27
Jul
Jul
7 August – Monthly Pay-As-You-Earn (PAYE) submissions and payments 30 August – Excise Duty payments 31 August – Value-Added Tax (VAT) electronic submissions and payments, CIT Provisional payments where applicable, first provisional tax payment (individuals). Disclaimer:Â The information provided herein should not be used or relied on as professional advice. No liability can be accepted for […]
27
Jul
Jul
7 August – Monthly Pay-As-You-Earn (PAYE) submissions and payments 30 August – Excise Duty payments 31 August – Value-Added Tax (VAT) electronic submissions and payments, CIT Provisional payments where applicable, first provisional tax payment (individuals). Disclaimer:Â The information provided herein should not be used or relied on as professional advice. No liability can be accepted for […]
28
Jun
Jun
âIf you talk to a top accountant about his field of expertise, it’s mind-boggling.â (Vincent Kompany, professional football manager and former player) Accountants are the tax and compliance champions of any industry, but the best ones do so much more for their clients, as strategic advisors and trouble-shooters who can also assist with automating a […]
28
Jun
Jun
âThe lack of adequate, accurate and up-to-date beneficial ownership information facilitates money laundering and terrorist financing by allowing criminals to hide their true identities, and the true purpose and/or source or use of funds.â (Financial Intelligence Centre – FIC) South Africaâs grey listing by the Financial Action Task Force (FATF) earlier this year and the […]
28
Jun
Jun
“Eskom plays a critical role in the life of South Africa, and life of South Africans. Due to its important role in the economy, its inability to provide electricity on demand and on time is a crisis.” (President Cyril Ramaphosa) The South African Reserve Bankâs Financial Sector Contingency Forum (FSCF) has recently encouraged South African […]
28
Jun
Jun
“Confidentiality of taxpayer information has always been a fundamental cornerstone of tax systems⊠taxpayers need to have confidence that the often-sensitive financial information is not disclosed inappropriately, whether intentionally or by accident.” (Organisation for Economic Co-operation and Development – OECD) The confidentiality of taxpayersâ information has recently come under the spotlight in South Africa. This […]
28
Jun
Jun
7 July – Monthly Pay-As-You-Earn (PAYE) submissions and payments 28 July – Excise Duty payments 31 July – 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
May
May
âThe amount of work we can automate with AI is vastly larger than before. As leaders, it is incumbent on all of us to make sure we are building a world in which every individual has an opportunity to thrive.â (Andrew Ng, Co-founder and lead of Google Brain) Artificial Intelligence has come a long way […]
29
May
May
âA trustee has a responsibility to guard the assets of others with a higher degree of care than he does his own.â (John Ashcroft) Onerous new duties have recently been imposed on all trustees of all trusts – by government through legislative amendments, and also by SARS – in addition to their existing fiduciary duty […]
29
May
May
âThe difference between successful people and really successful people is that really successful people say no to almost everything.â (Warren Buffet, Investor) Anyone who has ever started a business knows the feeling a new enquiry can generate. The excitement that things seem to be working, may make the new entrepreneur set aside their concerns and […]
29
May
May
âThe government expects that, by encouraging companies to undertake R&D in South Africa, local companies will strengthen their capabilities of developing value-added products, technologies and services.â (Department of Science and Innovation (DSI) – South Africa) Research and development (R&D) is essential to boost innovation in the business sector, as it improves the capability to develop […]
29
May
May
Disclaimer: The information provided herein should not be used or relied on as professional advice. No liability can be accepted for any errors or omissions nor for any loss or damage arising from reliance upon any information herein. Always contact your professional adviser for specific and detailed advice. © CA(SA)DotNews
25
Apr
Apr
âThe lack of reliable electricity supply is the biggest economic constraint⊠I am pleased to announce two tax measures to encourage businesses and individuals to invest in renewable energy and increase electricity generation.â(Finance Minister Enoch Godongwana â Budget 2023) In the 2023 Budget, the lack of a reliable electricity supply was highlighted as the countryâs […]
25
Apr
Apr
âAlways treat your employees exactly as you want them to treat your best customers.â (Stephen R. Covey) Gallup describes âengaged employeesâ as those who are involved in, enthusiastic about, and committed to their work and workplace. Numerous studies over many decades have confirmed the benefits of engaged employees especially to smaller companies, where they are […]
25
Apr
Apr
âA house built on granite and strong foundations, not even the onslaught of pouring rain, gushing torrents and strong winds will be able to pull down.â (Haile Selassie, Former Emperor of Ethiopia) When starting a new business, few things are as important as establishing your finances and making sure they are right. Building the foundation […]
25
Apr
Apr
âIn 2022 South Africa had the 12th highest income tax burden, the 9th highest company income tax burden, and the 14th highest non-resource tax burden worldwide.â (Garth Zietsman, South Africa’s Tax Freedom Day statistician)  Tax Freedom Day marks the day in the year when South Africans stop giving all their money to their government for the year and […]
25
Apr
Apr
5 May – Monthly Pay-As-You-Earn (PAYE) submissions and payments 30 May – Excise Duty payments 31 May – 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 […]
30
Mar
Mar
âWe need to give importance to skill development because this way we can end unemployment.â (Narendra Modi, Prime Minister, India) Since 1999, the Skills Development Levy (SDL) has served to fund skills development in the country. It encourages a planned and structured approach to skills development so employers, employees and the economy can benefit from […]
30
Mar
Mar
âProper business planning demands that you focus on the self-interest of the customer at all times.â â (Brian Tracy, Author and Speaker) Writing a business plan can feel like a daunting process, and making mistakes is part of the package, even if you follow the online guides and templates. To make this process simpler, we […]
30
Mar
Mar
ââŠgovernments internationally have increasingly used tax measures to support efforts aimed at regenerating urban areas.â (SARS Guide to the UDZ Allowance) The urban development zone (UDZ) tax incentive, provided for in section 13quat of the Income Tax Act (the Act), was introduced 20 years ago in 2003, as an accelerated depreciation allowance for property investments in certain central business […]
30
Mar
Mar
âConsumers donât just buy products and services anymore; they buy experiences. This demands a new approach to marketing, sales, and services; one that hinges on winning customer trust.â (Ben Jackson, Author “The Future of Commerce) With customer trust being the most important element in attracting sales, contracts and clients, gaining that trust is an important […]
30
Mar
Mar
1 April â Start of the 2022/23 Financial Year 6 April – Monthly Pay-As-You-Earn (PAYE) submissions and payments 26 April – Excise Duty payments 28 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 […]
07
Mar
Mar
âThis is not an austerity budget. It is a budget that makes tough trade-offs in the interests of the countryâs short and long term prosperity.â (Finance Minister Enoch Godongwana â Budget 2023) Finance Minister Enoch Godongwanaâs second Budget contained no major tax proposals, thanks to an improvement in revenue from higher collection in corporate and personal […]
07
Mar
Mar
The big Budget Speech 2023 tax news was the introduction of tax incentives for investing in rooftop solar and renewable energy. The Budget also detailed tax relief in the form of adjusted tables for tax and rebates for individual taxpayers, adjusted tables for retirement tax and transfer duty, and the expected increases in âsinâ taxes. […]
07
Mar
Mar
“The time to prepare for disasters is before they happenâ (Stephen Matheson, Vice President of Product at BridgeHead) Given how reliant we all are on our IT infrastructure, it will come as no surprise to learn that one of the worst things that can happen to a business is for a failure to occur in […]
07
Mar
Mar
âMaking good judgements when one has complete data, facts, and knowledge is not leadership – it’s bookkeepingâ (Dee Hock, Founder and CEO of VISA) When running a small business, it often feels like you are doing everything yourself, and some important tasks can slip under the radar. One aspect that should never be forgotten though […]
07
Mar
Mar
Employers and employees need to keep an eye on the annual increases in both the National Minimum Wage and the Earnings Threshold, summarised below for your convenience. Both are effective from 1 March 2023. The National Minimum Wage increase The National Minimum Wage (NMW) for each âordinary hour workedâ has been increased by 9.6% from […]
07
Mar
Mar
7 March – Monthly Pay-As-You-Earn (PAYE) submissions and payments  30 March – Excise Duty payments  31 March â End of the 2022/23 Financial Year  31 March – 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 […]
07
Mar
Mar
âYour most unhappy customers are your greatest source of learningâ (Bill Gates) If you have founded a business then there is little less certain than that at some point in the future, you will get a bad review. Itâs simply impossible to please all of the people all of the time, which is why many […]
07
Mar
Mar
âWithout a logbook, you will not be able to claim a travel deduction.â (SARS Travel Logbook 2022/23) Even while recovering from the economic impact of COVID and facing the challenges of power blackouts, businesses and their employees are also contending with the costs of travel that have reached historic highs. Thankfully, expenses related to business […]
07
Mar
Mar
“We want to assure business that by the time you get back to work in January, we will have a much more stable situation.” (Public Enterprises Minister, Pravin Gordhan, December 7, 2018) With loadshedding now a constant reality in our lives and Eskom and the government offering no signs of any form of short-term recovery, […]
07
Mar
Mar
“People who complain about taxes can be divided into two classes: men and women.” (Unknown) The assessed loss rules have always allowed companies to deduct from their taxable income each year any assessed losses from previous years. The remaining assessed loss balances could be carried forward indefinitely. This meant that a company would only pay […]
07
Mar
Mar
âFinally, we pay tribute to the millions of South Africans, whose resilience and courage during these times of pandemic and economic hardship, is an inspiration to all of us who have the privilege to serve in the public sector.â (From the 2022 Budget Speech) Finance Minister Enoch Godongwana has invited the public to share suggestions […]
07
Mar
Mar
âWe change our tools and then our tools change us.â (Jeff Bezos) Every January, individuals and businesses have an opportunity to take advantage of what is called the âFresh Start Effectâ â referring to research evidence that shows people are more likely to make positive changes at times that mark the start of a new […]