âSARS will implement these tax relief measures because compliant taxpayers have paid their fair share of tax, making it possible for government to provide such a temporary safety net in a time of extreme difficultyâ (SARS) Battered by national lockdowns of varying intensity since March last year, many businesses have been further affected by weeks […]
27
Aug
Aug
“If everyone is moving forward together, then success takes care of itself” (Henry Ford) Initiating, setting up and launching a new, typically, small business is a challenge and can be a lonely journey to growth and, hopefully, success. Could developing a partnership or co-operative with like businesses be a pathway to growth and profitability? How […]
27
Aug
Aug
“The pessimist complains about the wind. The optimist expects it to change. The leader adjusts the sails.â (John Maxwell) To be a good leader in the small business environment a person needs to possess a variety of skills, understand themselves and recognise areas where there is room for improvement. The leaderâs abilities will be the […]
27
Aug
Aug
âDo you know the difference between education and experience? Education is when you read the fine print; experience is what you get when you don’tâ (American singer and social activist, Pete Seeger) Microinsurance refers to an area of cover made accessible to low-income individuals and businesses at relatively low cost. Within the South African context, […]
27
Aug
Aug
07 September â Monthly Pay-As-You-Earn (PAYE) submissions and payments 23 September – Value-Added Tax (VAT) manual submissions and payments 29 September – Excise Duty payments 30 September – Corporate Income Tax (CIT) Provisional Tax payments where applicable 30 September – End of the 2nd Financial Quarter 30 September – Personal Income Tax (PIT) top-up Provisional […]
28
Jul
Jul
âWe would simply ask taxpayers to consider carefully the longer-term implication of defining an area in their primary residence as a home office for tax purposesâ (Edward Kieswetter – SARS Commissioner) âAll employers should allow their employees to work from home unless it is absolutely necessary for them to perform work on-siteâ was among the […]
28
Jul
Jul
âGenerosity is a virtue, but unlimited generosity is a fast route to bankruptcyâ (Bret Stephens) Healthy cash flow is what keeps a company afloat. The ability to pay suppliers and staff, without risking the future of the business, entirely independently of expected new payments, is vital for any enterprise to keep going. In this era […]
28
Jul
Jul
âWhen looking for funding, donât just look for cash. Look for the right peopleâ (American fashion entrepreneur, Jodie Fox) According to South African Reserve Bank data, the low level of small business financing appears to be emanating from the demand side as âthe vast majority of SMEs indicate that they do not borrow from financial […]
28
Jul
Jul
âOne of our strategic objectives is to make it easy for taxpayers to comply with their tax obligations, and hard and costly for those who willfully do not complyâ (Edward Kieswetter, SARS Commissioner) Earlier this year, SARS and the NPA (National Prosecuting Authority of South Africa) announced that they are joining up to deal with […]
28
Jul
Jul
7 August â Monthly Pay-As-You-Earn (PAYE) submissions and payments 25 August – Value-Added Tax (VAT) manual submissions and payments 30 August – Corporate Income Tax (CIT) Provisional Tax Payments, where applicable 30 August – Excise Duty Payments 30 August – Personal Income Tax (PIT) Provisional Tax Payments Disclaimer: The information provided herein should not be used […]
28
Jun
Jun
âWhat counts in life is not the mere fact that we have lived. It is what difference we have made to the lives of others that will determine the significance of the life we leadâ (Nelson Mandela)Â Nelson Mandela, our former president and world-renowned human rights champion, was born on 18 July. Fondly known as […]
28
Jun
Jun
 âThe secret to getting ahead is getting started.â (Mark Twain) To avoid the last-minute rush, the risk of errors and omissions, and the cost of late submissions, penalties and audits, there is no better time to get ahead on your company and individual tax returns than the day the 2021 tax season opens. What applies […]
28
Jun
Jun
âEven if you are on the right track, youâll get run over if you just sit thereâ (Will Rogers) In the hostile business environment in which we find ourselves, every small advantage could be the difference between success and failure. While traditionally companies and their shareholders have looked at profit and the cold hard numbers […]
28
Jun
Jun
âAll forms of rental income must be declared to SARS ⊠We are ⊠determined to make it hard and costly for non-compliant taxpayers not willing to meet their obligations. We are working hard to improve system capabilities, in order to detect those taxpayers who do not comply by using data to identify riskâ (extracts […]
28
Jun
Jun
1 July – Start of Filing Season 2021 for Individuals (Non-Provisional) 1 July – Start of Filing Season 2021 for Individuals (Provisional) & Trusts 7 July – Monthly Pay-As-You-Earn (PAYE) submissions and payments 23 July – Value-Added Tax (VAT) manual submissions and payments 29 July – Excise Duty payments 30 July – Corporate Income Tax […]
27
May
May
The future of money is digital currencyâ (Bill Gates, Co-founder of Microsoft) Note: The risks and consequences of willfully or negligently failing to make full and true declarations to SARS, or to submit documents or information requested by SARS are now substantial, so ask your accountant for advice specific to your circumstances! Cryptocurrencies have been […]
27
May
May
âIf [business is] not listening to the youth, they are not listening to their future competitors, employees, or customersâ (Wadia Ait Hamza, head of Global Shapers at the World Economic Forum) Youth Day commemorates and celebrates the impact the youth of a country can have on the future – the Soweto Uprising on 16 June […]
27
May
May
âDigital is the main reason just over half of the companies on the Fortune 500 have disappeared since the year 2000â (CEO of Accenture, Pierre Nanterme) With the increased buzz around 4IR (the Fourth Industrial Revolution) in the last year particularly, due to lockdowns and âisolated industrializationâ, itâs befitting to zoom-in the lens on how SMMEs […]
27
May
May
âYou are what you shareâ (Charles Leadbeater, We Think: The Power of Mass Creativity) Instagram is a popular photo and video-sharing social media platform with over one-billion active users around the globe. Users are able to share photo or video posts as well as temporary âStoriesâ that exist on their profile for just 24 hours. […]
27
May
May
7 June â Monthly Pay-As-You-Earn (PAYE) submissions and payments 25 June – Value-Added Tax (VAT) manual submissions and payments 29 June – Excise Duty payments 30 June – Value-Added Tax (VAT) electronic submissions and payments 30 June – Corporate Income Tax (CIT) Provisional Tax Payments where applicable 30 June â End of the 1st Financial […]
28
Apr
Apr
âThe more that energy costs, the less economic activity there can beâ (Robert Zubrin) It has been 13 long years since we first experienced load shedding in 2007. Since then, businesses have lost thousands of hours of productivity and significant amounts of money to these ârolling blackoutsâ. The situation is not going to improve â […]
28
Apr
Apr
âThe point to remember is that what the government gives it must first take awayâ John S. Coleman If it weren’t for the PAYE system, which forces employees to pay taxes as they earn their money, each of us would be liable for a lump sum payment of between 18% and 45% of our total […]
28
Apr
Apr
âBy failing to prepare you are preparing to failâ (Benjamin Franklin) The media is awash with warnings about the dangers of not complying with POPIA (the Protection of Personal Information Act) by 1 July 2021, and indeed the risks of non-compliance are substantial. The clock is ticking âŠ. if anyone in your business needs to […]
28
Apr
Apr
Many decisions are made on the basis of careful research and considerations about a variety of issues. Not all these deliberations will necessarily turn out to be correct. That in itself does not place question marks over the leadershipâs execution of its responsibilities in terms of the Companies Act to act with due care, skill […]
28
Apr
Apr
7 May â Monthly Pay-As-You-Earn (PAYE) submissions and payments 25 May – Value-Added Tax (VAT) manual submissions and payments 28 May – Excise Duty payments 31 May – Value-Added Tax (VAT) electronic submissions and payments 31 May – Corporate Income Tax (CIT) Provisional Tax Payments where applicable Disclaimer: The information provided herein should not be […]
29
Mar
Mar
âIs there a phrase in the English language more fraught with menace than a tax audit?â (Erica Jong, American novelist) A number of recent tax developments strongly indicate that taxpayers will face even more intense scrutiny from SARS in this new tax year. Most recently, an additional R3 billion was allocated to SARS in the […]
29
Mar
Mar
âDesigning a presentation without an audience in mind is like writing a love letter and addressing it ‘to whom it may concern” – Ken Haemer In these challenging times, raising finance could very well be a matter of business survival, so knowing how to pitch to potential investors is a critical skill you should not […]
29
Mar
Mar
The European (and South African) authorities (refer to governance codes below) opted for a principles-based approach. However, governance cannot be truly effective without the integrity of purpose and actions which drive the âtone from the topâ leading to a strong moral compass founded on ethically-based values. The governance imperative Corporate Governance has been a topic of ongoing […]
29
Mar
Mar
âAn investment in knowledge pays the best interest,â (American politician and inventor, Benjamin Franklin) Most SMMEs (Small, Medium and Micro Enterprises) in South Africa fold in the first two years of doing business. Reports suggest that the lack of education and training are some of the primary reasons for the low level of entrepreneurial activities […]
29
Mar
Mar
The Compensation for Occupational Injuries and Diseases Act (COIDA) provides a statutory insurance policy for your employees and pays them compensation if they are killed, injured, disabled or contract an occupational disease or illness whilst at work. As an employer you are required to register and to submit an annual return (RoE or Return of […]
29
Mar
Mar
7 April – Monthly Pay-As-You-Earn (PAYE) submissions and payments 23 April – Value-Added Tax (VAT) manual submissions and payments 29 April – Excise Duty payments 30 April – Value-Added Tax (VAT) electronic submissions and payments 30 April – Corporate Income Tax (CIT) Provisional payments where applicable. Disclaimer: The information provided herein should not be used or […]
26
Feb
Feb
âHope is being able to see that there is light despite all of the darkness.” (Archbishop Emeritus Desmond Tutu) It was with a sense of trepidation that South Africans awaited the 2021 Budget Speech by Finance Minister Tito Mboweni. Still confronted with all the challenges that existed before COVID-19 – massive debt, lacklustre growth, unemployment, […]
26
Feb
Feb
How much will you be paying in income tax, petrol and sin taxes? Use Fin 24âs four-step Budget Calculator here to find out. Have a look at the tax tables below for the new Individual and Special Trust income tax brackets, and for a convenient reminder of the various other taxes that remain unchanged – Source: SARS […]
26
Feb
Feb
âIf we believe that tomorrow will be better, we can bear a hardship todayâ (ThĂch Nháș„t HáșĄnh) According to a press release issued this year by the World Bank, the pandemic has taken âa heavy toll of deaths and illness, plunged millions into poverty, and may depress economic activity and incomes for a prolonged periodâ. […]
26
Feb
Feb
âIt’s been said that government doesn’t create jobs, business does. For the most part, this is true. But government creates the environment in which businesses can excel and expandâ (American politician and lawyer, Christine Gregoire) There are several resources that the government, under the guidance of the Department of Small Business Development (DSBD), has made […]
26
Feb
Feb
(N.B. The increases highlighted below are extracted from the Employment and Labour Ministerâs announcement of 9 February 2021, and emphasis has been supplied where helpful in enabling quick identification of your employment sector. Comment is in square brackets) âThe National Minimum Wage (NMW) for each ordinary hour worked has been increased from R20,76 to R21,69 per hour [a 4.5% […]
26
Feb
Feb
5 March â Monthly PAYE submissions and payments 25 March – VAT manual submissions and payments 30 March – Excise Duty payments 31 March – VAT electronic submissions and payments 31 March â Corporate Income Tax Provisional Tax payments where applicable. Disclaimer: The information provided herein should not be used or relied on as professional […]
28
Jan
Jan
“The only thing that hurts more than paying an income tax is not having [an income on which] to pay an income tax” (Thomas Dewar) Provisional tax is not a separate tax but rather a method of payment used to collect in advance some of a taxpayerâs income tax payable for the year. SARS calls […]
28
Jan
Jan
âSales are contingent upon the attitude of the salesman â not the attitude of the prospectâ (W. Clement Stone) With the world experiencing its toughest business environment in decades, your sales reps are the people who more than anyone else need to not only embody the company and its values, but also be capable of […]
28
Jan
Jan
Many small and medium-sized enterprises (SMEs) are owned and managed by the founder(s), sometimes with the involvement of family members, and in the early stages of the life of a small or medium-sized company there would seem to be little reason or motivation to appoint independent non-executive directors to the board. However, as an entity […]
28
Jan
Jan
âThere are no secrets to success. It is the result of preparation, hard work and learning from failureâ (Colin Powell) The obvious starting points to securing tenders would be the likes of B-BBEE certification and company registration, but from an operational perspective â there are things suppliers can do to find relevant tenders, and to […]
28
Jan
Jan
5 February â Monthly PAYE submissions and payments 25 February – VAT manual submissions and payments 25 February – Excise Duty payments 26 February- Personal Income Tax Provisional Tax payments 26 February – VAT electronic submissions and payments 26 February â Corporate Income Tax Provisional Tax payments  Disclaimer: The information provided herein should not […]
06
Jan
Jan
“If you think compliance is expensive – try non-compliance.” (Paul McNulty, former US Deputy Attorney General) The extent of corporate taxes â from income tax, employment taxes and value added tax (VAT) to dividend taxes, capital gains taxes, transaction taxes and other indirect taxes â along with the operational aspects such as data and reporting […]
06
Jan
Jan
âAn investment in knowledge pays the best interestâ (Benjamin Franklin) It can be tempting to look at South Africa and the bad news that seems to hit us like freight trains one after another, and immediately consider moving all your money offshore. There is however far more to consider than simply your gut feel, and […]
06
Jan
Jan
Due to the recession, there are a rising number of local companies in financial distress and facing threats or applications from creditors to liquidate their businesses. The latest Statistics South Africa (StatsSA) figures released in November show that the total number of liquidations increased by 33.2% in the three months ended October 2020 compared with […]
06
Jan
Jan
“Any sufficiently advanced technology is indistinguishable from magic” (Arthur C. Clarke, English science writer and inventor) Virtual meeting platforms have their pros and cons, but the standout advantages seem to be their cost effectiveness, time saving capabilities and their ability to host large numbers of attendees at very small cost. The options available to companies […]
06
Jan
Jan
7 January – PAYE submissions and payments 25 January – VAT manual submissions and payments 28 January – Excise Duty payments 29 January – VAT electronic submissions and payments 29 January – CIT provisional payments Disclaimer: The information provided herein should not be used or relied on as professional advice. No liability can be accepted […]
27
Nov
Nov
The prevalence of remote working since the start of the national lockdown in March has brought to the fore the need to distinguish between an employee and an independent contractor. This topic has both labour and tax law implications. Anli Bezuidenhout, a Cliffe Dekker Hofmeyr employment lawyer, said during an interview that a situation could […]
27
Nov
Nov
“The avoidance of taxes is the only intellectual pursuit that carries any reward”: John Maynard Keynes While there are diverse reasons why SMMEs ultimately fail, financial mismanagement and poor performance are two of the most often-cited explanations. A financial forecast as a tool, allows businesses to plan their finances for the future – with the […]
27
Nov
Nov
âHe said that there was death and taxes, and taxes was worse, because at least death didnât happen to you every year.â (Terry Pratchett, Reaper Man) Tax-free savings accounts (TFSAs) have been around for just over five years, and yet many people still do not know about them, are unfamiliar with the benefits or don’t […]
27
Nov
Nov
“Every advantage has its tax.” (Ralph Waldo Emerson) The purpose of the foreign remuneration exemption, which was introduced in 2000, is to provide relief from any possible double tax that may arise where both South Africa and the foreign country taxes the same income derived from employment, according to a SAICA article on the topic, […]
27
Nov
Nov
 7 December â Monthly PAYE submissions and payments 24 December â VAT manual submissions and payments 30 December â Excise Duty payments 31 December â VAT electronic submissions and payments 31 December â CIT Provisional Tax Payments where applicable. Disclaimer: The information provided herein should not be used or relied on as professional advice. […]
29
Oct
Oct
âA leaderâs lasting value is measured by succession.â (John C. Maxwell)Â Succession planning is preparing for the future of your business, ensuring the people and resources are available for its ongoing success beyond the lifetime of the current key players. It is especially critical in small businesses where the loss of a key person can […]
29
Oct
Oct
âMeetings should be like salt – a spice sprinkled carefully to enhance a dish, not poured recklessly over every forkful. Too much salt destroys a dish. Too many meetings destroy morale and motivationâ (Entrepreneur and author of âReworkâ, Jason Fried) While the capacity for digital meetings and interviews has been around for some time, they […]
29
Oct
Oct
âForewarned is forearmedâ (Samuel Shellabarger, Prince of Foxes) The daily Covid-19 infection rate has decreased considerably over the last month or so. South Africans have found a way to live with the risk of infections and have in the recent past become generally more active. This has increased the fear that there might be a […]
29
Oct
Oct
There are five common tax pitfalls that owners of small businesses should look out for and avoid. These hazards include three value added tax (VAT) issues, one provisional tax matter, and the fifth item deals with the tax implications for owners of small businesses when they draw money from their company. Failing to avoid these […]
29
Oct
Oct
6 November – Monthly PAYE submissions and payments 16 November – D-date for taxpayers filing online 25 November â VAT manual submissions and payments 27 November â Excise Duty payments 30 November â VAT electronic submissions and payments 30 November – Company Provisional Tax Payments where applicable. Disclaimer: The information provided herein should not be […]
29
Sep
Sep
âIt goes without saying that no company, small or large, can win over the long run without energized employees who believe in the mission and understand how to achieve it.â (Jack Welch, former CEO of GE) The health and wellbeing (HWB) of employees has a substantial impact on business success and sustainability, and this has never been more […]
29
Sep
Sep
The South African economy could take as long as seven years to get back to the size of R5.1 trillion it was at the end of 2019 before Covid-19 and the national lockdown. This forecast is according to Citadel chief economist Maarten Ackerman, who expressed this view during an interview. Long way back Christopher Loewald, […]
29
Sep
Sep
âCyber-Security is much more than a matter of IT.â (StĂ©phane Nappo, 2018 Global Chief Information Security Officer of the year) According to official communications from Experian, a consumer, business and credit information services agency, an individual in South Africa claiming to represent a legitimate client fraudulently requested services from it and was simply given the […]
29
Sep
Sep
Business start-up planning has been extensively covered over the past twenty years and longer, and without understating its importance or re-inventing the wheel, perhaps it has been overplayed. Much training is available on the Internet, including templates and guidelines provided by banks and the SA Department of Trade and Industry. To start a freelancing business […]
29
Sep
Sep
7 October – Monthly PAYE submissions and payments 22 October – D-day for Branch filing – Taxpayers who cannot file electronically 23 October â VAT manual submissions and payments 29 October â Excise Duty payments 30 October â VAT electronic submissions and payments 30 October – Company Provisional Tax Payments where applicable Disclaimer: The information […]
27
Aug
Aug
âCreating an environment in which SMMEs can thrive is inextricably linked to creating conditions in which all businesses can thrive.â (National Treasury, 2019 Economic Strategy document) The VCC (Venture Capital Companies) incentive allows a holder of shares to claim a 100% tax deduction of the cost of the shares issued by an approved VCC, provided […]
27
Aug
Aug
âAll great changes are preceded by chaos. The disruption we see in the world is the prelude to emergence.â (Deepak Chopra) The greatest innovation is created in times of chaos. Many successful business stories began during times of recession, depression, chaos and crisis. Not paralysed by uncertainty or frightened into inaction, these business leaders and […]
27
Aug
Aug
Small businesses across South Africa face the challenge of keeping their best staff and skills during the COVID-19 pandemic to ensure that they can survive these hard times and can thrive when the economy picks up again. For small and medium enterprises (SMEs), keeping top talent is vital to ensuring that these companies deliver effective […]
27
Aug
Aug
âGiven the nature of the crisis, all hands should be on deck, all available tools should be usedâ (Christine Lagarde, President of the European Central Bank) 1. Working from home is possible Ever since the creation of the internet employees have been pushing for more opportunities to work from home and the vast majority of […]
27
Aug
Aug
1 September â Starting date for online filing 1 September – Branch filing – Taxpayers who cannot file electronically 1 September – Start date – Provisional taxpayers who file electronically 7 September – Monthly PAYE submissions and payments 25 September â VAT manual submissions and payments 29 September â Excise Duty payments 30 September â […]
30
Jul
Jul
“We like to give people the freedom to work where they want, safe in the knowledge that they have the drive and expertise to perform excellently, whether they at their desk or in their kitchen. Yours truly has never worked out of an office, and never will” (Richard Branson) Thousands of employees have had to […]
30
Jul
Jul
âIt takes a lifetime to build a good reputation, but you can lose it in a minuteâ (Will Rogers) Whilst many employees enjoy working from home, this is a time of uncertainty for them. They read of people being retrenched or furloughed and wonder if they are next. The isolation of working from home can […]
30
Jul
Jul
Driving licence test centres were closed during the lockdown and even prior to that centres were running behind in renewing driverâs licences and testing first time driverâs licence applicants. The Minister of Transport recognised these difficulties and gave motorists until August 31 to renew their licences. That has now been extended to January 31 2021 and […]
30
Jul
Jul
Globally, governments are responding to the vast amounts of information flooding into the public domain due to the growth in companies like Amazon, Facebook and Twitter. As much of this information is personal, POPIA seeks to regulate how this personal information is processed and stored. South Africa, like many countries, has a constitutional mandate to […]
30
Jul
Jul
7 August â Monthly PAYE submissions and payments 25 August â VAT manual submissions and payments 28 August â Excise Duty payments 31 August â VAT electronic submissions and payments 31 August â CIT Provisional Tax Payments where applicable 31 August â Personal Income Tax Provisional Payments. Disclaimer: The information provided herein should not be […]
29
Jun
Jun
âDeath, taxes, and childbirth! There’s never any convenient time for any of themâ (Margaret Mitchell, Gone with the Wind) This yearâs tax season will unfold in a different manner to previous years. These changes have been driven by ongoing innovation at SARS and by the Covid-19 pandemic. The tax season is split into three time […]
29
Jun
Jun
There is usually an upsurge in giving when there is a severe crisis. COVID-19 is no exception â witness the outpouring of help for vulnerable people who face lockdown without income or food. This reaction is to be admired as it affirms our humanity, but it is worth doing some due diligence on who you […]
29
Jun
Jun
Many trends that emerged in the lockdown period will almost certainly continue post Covid-19. Technology, for example, has received a huge boost with products like Zoom now household names. One thing we shouldnât forget is that periods of anxiety and boredom provide a perfect platform for creativity to flourish. Hopefully, many of you have taken […]
29
Jun
Jun
There has been a surge in internet scams over the past three months â from malware, phishing and ransomware to obtaining your log-in details. Take extra precautions such as dual authorisations for payment, carefully validate new beneficiaries and get your IT staff or consultants to regularly check that no malware is loaded onto your IT […]
29
Jun
Jun
7 July â Monthly PAYE submissions and payments 24 July â VAT manual submissions and payments 30 July â Excise Duty payments 31 July â VAT electronic submissions and payments 31 July â CIT Provisional Tax Payments where applicable. Disclaimer: The information provided herein should not be used or relied on as professional advice. No […]
26
May
May
âThere are decades where nothing happens; and there are weeks where decades happenâ (Vladimir Lenin, who would have known!) In a recent seminar, the President of Microsoft, Brad Smith, gave his thoughts on what is unfolding in business due to COVID-19, plus how he saw the post-pandemic world. Fasten your seatbelts! Ransomware and hacking rose […]
26
May
May
âI Have Bad News and – No, Actually I Just Have Bad Newsâ (Rick Riordan) In the current year it has taken the average South African 126 days to pay off their taxes and only from the next day did the taxpayer then work for him or herself. This date fell on 6 May this […]
26
May
May
When SARS have requested documentation from taxpayers who do not use eFiling, the taxpayers have had to take these documents into a SARS Branch. Now SARS have launched on online form that taxpayers can complete and upload with the documentation requested by SARS. The online form can take ten documents which need to be 5MB […]
26
May
May
5 June â Monthly PAYE submissions and payments 25 June â VAT manual submissions and payments 28 June â Excise Duty payments 30 June â VAT electronic submissions and payments 30 June â CIT Provisional Tax Payments where applicable. Disclaimer: The information provided herein should not be used or relied on as professional advice. No […]
06
May
May
At the start of this year, I wrote an article, Starting an SME isn’t easy which introduces the topic of the challenges faced by SMEs (Small and Medium Businesses). Little did I know at the time, what life had in store for the world in 2020. On 30 January 2020 the World Health Organisation declared […]
29
Apr
Apr
There are significant obligations placed on directors by the Companies Act and personal and criminal liabilities if they fail to meet these obligations. As a director you will no doubt be focusing on critical issues like keeping your business afloat and solvent (the CIPC has waived its right to intervene when a company becomes temporarily […]
29
Apr
Apr
In this brave new world of COVID-19, many people are working from home. Even after there is a cure for the virus, this trend will likely continue. Researchers at Harvard University have come up with some good ways to ensure you get maximum productivity and loyalty from your employees working remotely. Key points Both managers […]
29
Apr
Apr
âPrediction is very difficult, especially if it’s about the futureâ (Niels Bohr) Pandemics kill more people than wars â the introduction of the Black Death plague led to 14th Century Europe losing 40% of its population within two years. What will our world look like when normal life begins to return? Predicting the future can […]
29
Apr
Apr
We read about Eskom staff having to undergo lifestyle audits so that corruption can be identified and stamped out. SARS have been conducting lifestyle audits since 2007. These audits are conducted when SARS suspects that the taxpayer is not declaring all his or her income and thus is underpaying tax due. SARS have access to […]
29
Apr
Apr
7 May â Monthly PAYE submissions and payments 25 May â VAT manual submissions and payments 28 May â Excise Duty payments 29 May â VAT electronic submissions and payments 29 May â CIT Provisional Tax Payments where applicable 31 May – End of Employer Annual Reconciliation. Disclaimer: The information provided herein should not be […]
30
Mar
Mar
The President, telling the nation that âWe will prioritise the lives and livelihoods of our people above all else, and will use all of the measures that are within our power to protect them from the economic consequences of this pandemicâ, has announced a variety of initiatives to assist SMMEs (Small, Medium and Micro-Enterprises) that […]
30
Mar
Mar
âNever let a good crisis go to wasteâ (Winston Churchill) Globally, the COVID-19 coronavirus has spread panic amongst societies and markets. Businesses are suffering their most challenging times since the 2008 Global Financial Crisis. This is the time for urgently reviewing how events have affected your business and how you can respond to the seeming […]
30
Mar
Mar
Consider these facts: Over 80% of hacking is password related. In the first world the average cost of fixing a successful hack is $3.9 million. The average person spends 11 hours a year changing or resetting his or her passwords. For a company with approximately 15,000 employees, the cost of this is $5.2 million per […]
30
Mar
Mar
UK Revenue officials recently released some entertaining excuses from taxpayers: One taxpayer claimed their mother-in law was a witch and had cursed them. Some said that hamsters and dogs had eaten the post. A taxpayer was up a mountain and without internet access. Some strange expense claims were received, such as pet food for a […]
30
Mar
Mar
7 April â Monthly PAYE submissions and payments 24 April â VAT manual submissions and payments 29 April â Excise Duty payments 30 April â VAT electronic submissions and payments 30 April â CIT Provisional Tax Payments where applicable Disclaimer: The information provided herein should not be used or relied on as professional advice. No […]
02
Mar
Mar
Taxpayers were preparing for once again being squeezed in 2020, but we have been pleasantly surprised as we have been given a myriad of tax concessions in this budget. In fact, the average taxpayer will be over 5% better off than in 2019/2020. The Finance Minister has decided that taxpayers have borne the brunt of austerity […]
02
Mar
Mar
âBaby, baby, baby youâre out of timeâ (The Rolling Stones) Over the past several years South Africaâs debt position has worsened considerably to the point where of the major ratings agencies only Moodyâs has not downgraded us to junk status. They have made it clear that they are seriously considering such a move and will […]
02
Mar
Mar
âAn investment in knowledge pays the best interestâ (Benjamin Franklin) The Companies Act 2008 places onerous duties on directors and if you do not meet these obligations, you risk personal liability for any damages flowing from these actions. âKnowingâ in the company law context A director gets âknowingâ (actual knowledge) of the company by remaining […]
02
Mar
Mar
How long will you work for the taxman today? Input your salary into the 2020 Tax Clock calculator and find out how many hours you will spend today working for the taxman, and at what time precisely you will finally start working for yourself (warning â itâs not pretty!). How will your income tax change? Put your […]
02
Mar
Mar
6 March â Monthly PAYE submissions and payments 25 March â VAT manual submissions and payments 30 March â Excise Duty payments 31 March â VAT electronic submissions and payments 31 March â CIT Provisional Tax Payments where applicable Disclaimer: The information provided herein should not be used or relied on as professional advice. No […]
06
Feb
Feb
Starting an SME sounds attractive but is not easy. The start of a New Year (although we are now a month in) is always an interesting time of reflection which may be accompanied by hopes, plans and goals for the future but inevitably reflections of the past year. Some of the self-criticism we bestow upon […]
29
Jan
Jan
“There are two systems of taxation in our country: one for the informed and one for the uninformed” (U.S. Judge Learned Hand) Small and medium-sized enterprises (SMEs) have limited access to capital markets. As SMEs are considered to be the cheapest and most cost-effective sector in creating jobs, the Revenue authorities sought to address this […]
29
Jan
Jan
“Why do approximately 70% – 80% of small businesses fail within five years? Why are certain entrepreneurs more successful than others?” (Extract from UWC article below) Recent research by the University of the Western Cape on the rate of failure of small businesses makes for interesting reading and provides insights that we all really need […]