Newsletter

There’s a thin line between tax avoidance, which is legal, and tax evasion, which is a tax crime. Every taxpayer, corporate or individual, has the right and duty to ensure they don’t pay any more tax than what is legally required – but tax evasion can result in hefty penalties and even jail time.  In this article we establish where the line is, and why it is best navigated with the help of your accountant.As a business owner, at some stage you will inevitably be asked to...

Increased funding allocated in Budget 2025 will enable SARS to zoom in on an estimated R800 billion in unpaid taxes in South Africa, including a substantial so-called “tax gap” of uncollected taxes. For taxpayers, this means more scrutiny, enquiries, verifications, and audits – and more stringent debt collection measures.  Here's how we can help you mind the “tax gap” by maintaining complete compliance and taking immediate action if your tax affairs become th...

The proposed VAT increase of 0.5% in 2025 and another 0.5% in 2026 is the big news from Budget Speech 2025. The increase is strongly opposed by political parties within and outside the GNU – but it is only one way in which individual and corporate taxpayers will bear the brunt of another substantial Budget shortfall.     Here’s a brief overview of how the tabled Budget 2025 proposals will impact individuals and businesses (if they come into effect). Professional tax ...

The biggest benefit of small businesses is their adaptability. It’s much easier for a small business to pivot and change course when things are going wrong.  But how do you know it’s time to change direction rather than hold the line or even throw in the towel all together? These six signs, taken together or on their own, might mean it’s time to go a different way.If you don’t agree with an assessment from SARS, swift action and careful management of the dispute pr...

The second provisional tax deadline for the 2025 tax year is just days away (28 February 2025). It’s the trickiest and most important provisional tax deadline of the tax year, because the income estimates on which it’s based must be highly accurate. Estimates that don’t fall within 80 – 90% of your actual taxable income can expose taxpayers to a stiff 20% under-estimation penalty. We can help you to meet this important deadline and ensure that it meets SARS’ strin...

In a world where market conditions and consumer preferences are constantly shifting, many business advisors tell leaders to be agile and adaptable if they want their businesses to succeed. While this can be effective, it’s even better for your business to already be positioned to take advantage of any changes that may occur.  Whatever the size of your business, the right planning and structure can lead to growth. Here are three proactive things you can do that will pay off in the ...

Should your business host year-end functions for staff, clients and suppliers? While there’s no obligation to have an end of year shindig, it may be a long-held tradition in some companies or an expectation among suppliers or clients in certain industries. There are a few business benefits to hosting an event, along with a few cons and tax implications. This article will help you make the right decision for your business. Revenue targets are an essential business tool. They allow leader...

With the end of the year around the corner, many businesses will be thinking of conducting their annual performance reviews. These discussions are essential for streamlining business operations and strengthening the bonds between team leaders and employees. But all too often they’re viewed as nothing more than a necessary evil by all involved. Here are six tips for getting the most out of your employee assessments.International Accounting Day is the ideal opportunity to assess the value ...

Times are tough, so it’s only natural to look for ways to scale back and save money.  Retrenchments and cutting down on marketing are both popular solutions. But there are many more effective ways to save money, restructure cash flow and put your business on a healthier footing.  Here are five hacks that you could implement right now.SARS eFiling profile hijackings are becoming an increasingly concerning and common hazard. Reports of this type of cybercrime have peaked in re...

Two new ‘pots’ have been added to SA’s retirement system from 1 September 2024. This allows South Africans to access a portion of their retirement savings before retirement, without having to resign their jobs and withdraw all their savings, as before. Beware, however! There can be significant immediate and long-term tax implications to dipping into your savings! This is where we come in. Allow us to ensure that you and your employees understand the full tax consequences and ...

Tax season isn’t all bad. Did you know that SARS offers a plethora of rebates, deductions and incentives to both individual taxpayers and businesses? When correctly applied, these tax relief measures can make a substantial difference to your tax liability. This is where we come in. We can check which of the various tax relief measures listed in this article apply to you, your company and your employees, making sure you don't pay more tax than you should – and potentially achieving ...

In just a few days, on 18 July, the world will commemorate Nelson Mandela Day, dedicated to honour our Tata, Madiba, known for his great leadership skills and his ability to inspire people around the world to greater heights.  Mandela also left us with some really effective lessons that can inspire and encourage business owners and entrepreneurs in these uncertain times. In this article, we highlight 7 important business lessons inspired by Madiba’s wisdom. Nobody wants to go t...

Youth Day, celebrated on 16 June each year, is an ideal opportunity for businesses to look at ways of bringing fresh young talent into their teams to unlock a myriad of business benefits.  One way of doing so is by utilising the Employment Tax Incentive or ETI for short, an incentive provided by SARS to encourage employers to hire young work seekers. Our team can help you take advantage of this incentive and to unlock the benefits of having young workers in your business.With businesses i...

Employers have only until 31 May 2024 to submit their Annual Reconciliation Declarations for the period 1 March 2023 to 29 February 2024. This is a focus area for the South African Revenue Service (SARS), not just to ensure employer compliance, but also because it ultimately enables SARS to issue individual taxpayers with income tax auto-assessments.  Non-submission or late submission of declarations, and the submission of incorrect or inaccurate data, can attract penalties, interest and ...

Government's approach to balance this year's National Budget 2024 shortfall of R15 billion didn't set a positive example for South African individuals and businesses that face the same economic challenges but are, unlike government, unable to side-step spending cuts by squeezing taxpayers and tapping into national reserves. Given the economic conditions, business and personal budget shortfalls are not uncommon. Find out here why it is so important to balance your own budgets and what to do whe...

There were few surprises and little in the form of good news in Budget Speech 2024. Although there were no major tax proposals and no major tax rate hikes announced, individual taxpayers will bear the brunt of a R15 billion Budget shortfall, while multinational corporations will pay a global minimum corporate tax, and plans are afoot to tap into the SARB-administered contingency reserve account.  Here is a brief overview of the most pertinent announcements for individuals and businesses t...

Especially for taxpayers required to make provisional tax payments on income as both individuals and as owners of companies, it may seem that a provisional or final income tax deadline lurks around every corner, with the next and crucial second payment deadline for most companies and individuals just a few short weeks away on 29 February 2024. Given the numerous declarations and payments overlapping through the year, provisional tax is among the most confusing aspects of the tax regime, and th...

South African businesses have survived some incredibly trying and uncertain years, marked by lockdowns and blackouts, rising interest rates and tight economic conditions. While businesses have little control over these external challenges, what is under every business owner’s control is how the company approaches 2024.  You can exercise this control in three simple steps: Assessing the past, measuring the present, and planning for the future – approaching the year ahead with c...

There is no more appropriate time than the Festive Season to show appreciation to clients, suppliers and business partners, to build better business relationships and to differentiate your company from the competition.  Well-chosen corporate gifts are a great way to do so, and with these excellent corporate gifting tips, you will be able to create the right impression about your company, while also ensuring that your business associates feel valued. Giving your employees gifts this F...

Happy and industrious employees are a huge step toward business success. In a small business, each and every employee needs to be performing to their best ability if the company hopes to succeed. Employee incentives are therefore a great tool for both keeping employees happy and building a successful business. The challenge, however, is that the incentives a small company can offer would not traditionally be as large as those offered by big corporations. So how can small businesses successfull...