“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 taxpayer’s income tax payable for the year. SARS calls…
“Sales are contingent upon the attitude of the salesman – not the attitude of the prospect” (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…
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…
“There are no secrets to success. It is the result of preparation, hard work and learning from failure” (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 – there are things suppliers can do to find relevant tenders, and to…
5 February – 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 – Corporate Income Tax Provisional Tax payments Disclaimer: The information provided herein should not…
“If you think compliance is expensive – try non-compliance.” (Paul McNulty, former US Deputy Attorney General) The extent of corporate taxes – from income tax, employment taxes and value added tax (VAT) to dividend taxes, capital gains taxes, transaction taxes and other indirect taxes – along with the operational aspects such as data and reporting…
“An investment in knowledge pays the best interest” (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…
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…
“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…
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…
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…
“It 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.” (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…
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,…
“Cyber-Security is much more than a matter of IT.” (Stéphane 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 …
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…
7 October – Monthly PAYE submissions and payments 22 October – D-day for Branch filing – Taxpayers who cannot file electronically 23 October – VAT manual submissions and payments 29 October – Excise Duty payments 30 October – VAT electronic submissions and payments 30 October – Company Provisional Tax Payments where applicable Disclaimer: The information…