6 Ways to Make the Most of Your Employees’ Performance Reviews

“Always treat your employees exactly as you want them to treat your best customers.” (Stephen R. Covey, author of ‘7 Habits of Highly Effective People’) Good business leaders recognise that regular employee performance reviews play a vital role in improving transparency, identifying talent, and enhancing performance – yet often this process is handled in a casual fashion or even not implemented at all. In fact, a recent study revealed that…  Read more

What More Can We Do for You This International Accounting Day?

“Accounting is the bridge between financial chaos and structured prosperity.” (Amanda Green) International Accounting Day is celebrated on November 10 every year. The day is all about acknowledging the role of accountants in supporting businesses and the economy – at local, national and global levels. Accountants supporting the economy Accountants are integral to any economy, as they: Enable strong, sustainable, and inclusive global economic growth through quality financial reporting, auditing,…  Read more

Not Another Lanyard! How To Make the Most of Promotional Gifts

“Many companies have forgotten they sell to actual people. Humans care about the entire experience, not just marketing, sales, or service.” (Dharmesh Shah, CTO and co-founder, HubSpot) Brand awareness is at the heart of building a successful business. If your target customers, and the public at large don’t know who you are, you might as well close your doors. Promotional gifts have long been a powerful and effective element of…  Read more

Global Corporate Tax Changes: Advice Is More Crucial Than Ever

“Over the next few years, we are also implementing a global minimum corporate tax to limit the negative effects of tax competition.” (Enoch Godongwana, Minister of Finance, Budget 2024) There have been significant shifts in the corporate income tax landscape in South Africa and globally. Recent trends noted by the OECD and The Tax Foundation include: Statutory corporate income tax rate changes in 13 countries in 2023 A reversal of…  Read more

Your Tax Deadlines for November 2024

07 November – Monthly PAYE submissions and payments 25 November – Value Added Tax (VAT) manual submissions and payments 28 November – Excise duty payments 29 November – VAT electronic submissions and payments, Corporate Income Tax Provisional Tax 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 nor for any loss or…  Read more

Business Owners: Have You Tried These Money-Saving Hacks?

“Beware of little expenses; a small leak will sink a great ship.” (Benjamin Franklin) When a company is struggling with cashflow, or simply looking to improve profitability, the directors will often consider making grand sweeping changes like retrenching staff, slashing the marketing budget or even selling off resources. While this kind of kneejerk reaction can provide instant gratification, it may not be the solution to your long-term struggles. Cutting back…  Read more

How To Avoid an eFiling Profile Hijacking

“…it is vital that all stakeholders in the digital ecosystem, including the taxpayers, SARS, and the banks, work together to prevent and combat profile hijacking.” (SARS) The recent spike in the number of SARS eFiling profiles being hacked by cybercriminals should raise red flags for every taxpayer. It’s got so bad that the Minister of Finance has given the Office of the Tax Ombud (OTO) approval to conduct a review…  Read more

Five Signs It’s Time for a Rebrand

“Your brand is what other people say about you when you’re not in the room.” (Jeff Bezos) You have a great product or service that fills a need. You are doing your marketing. Your accountant has helped you streamline your cashflow and provided you with your financial forecasts. You are well aware of the risks and challenges, but you are still not connecting with your customers. What could possibly be…  Read more

Ready to Submit Your Interim EMP501 Reconciliation By 31 October?

“The interim reconciliation process has become an integral part of the employer reconciliation and assists employers…” (SARS) Employers are assisted by the interim EMP501 reconciliation, says SARS, because it makes it easier to: make more accurate annual reconciliation submissions maintain an up-to-date employee database register employees for income tax purposes Of course, there are other benefits, such as maintaining your compliant tax status, and avoiding wasting money on stiff penalties…  Read more

Tax Deadlines

07 October – Monthly PAYE submissions and payments 21 October – End of filing season for individual taxpayers (non-provisional) 25 October – Value Added Tax (VAT) manual submissions and payments 30 October – Excise duty payments 31 October – VAT electronic submissions and payments, Corporate Income Tax Provisional Tax payments where applicable, and Personal Income Tax Top-up Provisional Tax payments. Disclaimer: The information provided herein should not be used or relied…  Read more

Beware the Taxman When Accessing Your Three-Pot Retirement Savings!

“The two-pot system is meant to support long-term retirement savings while offering flexibility to help fund members in financial distress.” (National Treasury) With two new pots added to what used to be the one-pot South African retirement system, fund members can now access a portion of their retirement savings before retirement, while still preserving savings for retirement. There are, however, immediate and long-term tax and other implications that should be…  Read more

5 Top Tips for Managing Debt in Your Startup

“There are no shortcuts when it comes to getting out of debt.” (Dave Ramsey, finance journalist and author) Most businesses have debt of some kind or another. Whether you need help to buy stock, maintain equipment or even fund a property, it’s likely that at some stage in your business’ life you will need to take out loans. The challenge comes in balancing the needs of your business with the…  Read more

Is it Possible To Run a Successful Ethical Business?

“It takes 20 years to build a reputation and 5 minutes to ruin it. If you think about that you will do things differently.” (Warren Buffett) During tough economic times it can be tempting to illegally cut corners, hire staff at lower salaries, or avoid paying taxes you know you should be paying. The unethical approach can be very tempting if you find yourself battling to keep your business going.…  Read more

How to Survive Trust Tax Season 2024

“A Trust is a ‘person’ for tax purposes and is therefore a taxpayer in its own right.” (SARS) With Tax Season 2024 for trusts opening on 16 September, there’s no better time to draw trustees’ attention to SARS’ continued emphasis that all trusts must register for income tax purposes, including dormant trusts. Once registered, trusts are obligated to submit income tax returns that are aligned with other trust reporting requirements…  Read more

Your Tax Deadlines for September 2024

06 September – Monthly Pay-As-You-Earn (PAYE) submissions and payments 16 September – Start of Filing Season 2024: Trusts 25 September – Value Added Tax (VAT) manual submissions and payments 27 September – Excise duty payments 30 September – VAT electronic submissions and payments, Corporate Income Tax Provisional Tax payments where applicable, and Personal Income Tax Top-up Provisional Tax payments. Disclaimer: The information provided herein should not be used or relied on…  Read more

Do You Qualify for These Tax Rebates? Let Us Check!

“The hardest thing in the world to understand is the income tax.” (Albert Einstein) Tax rebates, deductions and incentives provide relief to taxpayers by reducing the amount of tax payable to SARS, resulting in welcome tax savings. But how do you figure out which rebates, deductions or incentives apply to you – and what’s the procedure for claiming them? This is where we come in. Chances are we’ve already applied…  Read more

When Should Your Company Be Cautious of AI?

“Artificial intelligence is just a new tool, one that can be used for good and for bad purposes and one that comes with new dangers and downsides as well.” (Sarah Jeong, information and technology journalist) Using powerful data analytics and pattern recognition, Artificial intelligence (AI) has become the latest buzzword in every business on the planet. If you looked hard enough, you could probably find an AI solution for every…  Read more

Top Tips for a Hassle-Free Tax Season 2024

“We urge taxpayers to be transparent and accurate when filing their tax returns to enable a constructive relationship with SARS.” (Edward Kieswetter, SARS Commissioner) July 15 marked the start of the 2024 Filing Season for provisional and non-provisional taxpayers who were not subjected to auto-assessments, covering the tax period 1 March 2023 to 29 February 2024. As part of our quest to simplify your life, we’ve compiled a list of…  Read more

Five Foolproof Tips for Onboarding Remote Employees

“Employee orientation centres around and exists to help the individual employee, but it is the company that ultimately reaps the benefits of this practice.” (Michael Watkins, author of “The First 90 Days”) Onboarding a new employee is always a delicate task. And it’s a whole lot trickier (and arguably more important) if your new hire is going to be working remotely. Here are our tips for getting your new remote…  Read more

Your Tax Deadlines for August 2024

07 August – Monthly Pay-As-You-Earn (PAYE) submissions and payments 23 August – Value Added Tax (VAT) manual submissions and payments 29 August – Excise duty payments 30 August – VAT electronic submissions and payments, Corporate Income Tax Provisional payments where applicable, and Personal Income Tax Provisional payments. Disclaimer: The information provided herein should not be used or relied on as professional advice. No liability can be accepted for any errors or…  Read more

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