7 December – Monthly Pay-As-You-Earn (PAYE) submissions and payments 28 December – Excise Duty payments 29 December – End of 3rd Financial Quarter 29 December – 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… Continue reading Your Tax Deadlines for December 2023
News
Employee Incentives That Really Work for Small Businesses
“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 can’t afford the kinds of salaries and incentives on offer at a global corporate. Keeping staff happy… Continue reading Employee Incentives That Really Work for Small Businesses
SARS Admin Penalties: What Taxpayers Can Do
“…imposing 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.” (SARS) The Tax Administration Act stipulates that SARS can issue administrative penalties for outstanding tax returns. In previous years, penalties were only imposed… Continue reading SARS Admin Penalties: What Taxpayers Can Do
The Hidden Costs of Starting a Business
“There are only two things in a business that make money – innovation and marketing, everything else is cost” (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… Continue reading The Hidden Costs of Starting a Business
Dispute with SARS? Here are the New Rules…
“The importance of the ability of taxpayers to challenge the legality of actions and decisions within the tax system is internationally recognised.” (Taxpayers’ 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… Continue reading Dispute with SARS? Here are the New Rules…
Your Tax Deadlines for November 2023
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: The information provided herein should not be used or relied on as professional advice. No liability can be accepted for any errors or omissions… Continue reading Your Tax Deadlines for November 2023
The Risky New Trust Landscape – What Trustees Need to do Now
“The 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.” (Broomberg on Tax Strategy) The legal and tax landscape in which South African trusts operate has changed… Continue reading The Risky New Trust Landscape – What Trustees Need to do Now
Tips for Pacing Business Growth for Sustainability
“Growth is never by mere chance; it is the result of forces working together” – (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… Continue reading Tips for Pacing Business Growth for Sustainability
Why the Four-Day Working Week Just Might Happen
“We need to do a better job of putting ourselves higher on our own ‘to-do’ list.” (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… Continue reading Why the Four-Day Working Week Just Might Happen
Don’t Fall Prey to the Most Common Cybercrimes!
“The bottom line is that cyber risks sit right alongside rising systemic risks, and is the biggest emerging, and constantly evolving risk facing businesses today.” (SHA Specialist Risk Review 2022) In Africa, Interpol has identified phishing – particularly Business Email Compromise (BEC) – as well as online scams, as both the biggest current crime threats,… Continue reading Don’t Fall Prey to the Most Common Cybercrimes!