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…
“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…
“He said that there was death and taxes, and taxes was worse, because at least death didn’t happen to you every year.” (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…
“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,…
7 December – Monthly PAYE submissions and payments 24 December – VAT manual submissions and payments 30 December – Excise Duty payments 31 December – VAT electronic submissions and payments 31 December – CIT Provisional Tax Payments where applicable. Disclaimer: The information provided herein should not be used or relied on as professional advice.…
“A leader’s lasting value is measured by succession.” (John C. Maxwell) 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…
“Meetings 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 motivation” (Entrepreneur and author of “Rework”, Jason Fried) While the capacity for digital meetings and interviews has been around for some time, they…
“Forewarned is forearmed” (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…
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…
6 November – Monthly PAYE submissions and payments 16 November – D-date for taxpayers filing online 25 November – VAT manual submissions and payments 27 November – Excise Duty payments 30 November – VAT electronic submissions and payments 30 November – Company Provisional Tax Payments where applicable. Disclaimer: The information provided herein should not be…