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| September 2021
NEWSLETTER
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Emergency Tax Relief: Is Your Business Eligible and What Should You Consider?
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In just a few days, on 7 September, employees’ taxes for August 2021 are due for payment to SARS. This is the first opportunity for companies to claim the emergency tax relief measures recently introduced by National Treasury to assist businesses with their cash flow and rebuilding over the next few months.
While for many companies this may be a crucial lifeline as they fight for survival after more than 18 months of lockdowns and weeks of riots and looting, it is not a decision to be taken lightly. Before submitting your company’s August EMP201 return, verify that the business is eligible for the relief measures, determine exactly how to calculate and apply the tax relief, and ensure all the bases have been covered for the likely event of a SARS verification or audit.
We’ll look also at the excise duty relief available to alcohol sector businesses.
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Business Combinations: A Path to Exponential Growth and Profitability?
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For many, having their own business is a dream. It seems to hold out the offer of independence and the opportunity to do things your own way and ‘be my own boss’.
However, for many this dream turns out to one of hard work, loneliness, long hours and the need to be effective in many varied skills. Any business, no matter how small, is in reality the real task-master.
So, could collaboration with other small businesses offer the opportunity for growth? This article is based on the true story of a plumber and his collaborative climb to success.
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The Top 5 Leadership Skills Every Entrepreneur Needs
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Starting a new business will force the owner to take on many roles and wear many hats. Having a broad range of skills, or at least a thorough understanding of just what is needed is essential for small business owners/managers where bad decisions and poor judgement can have a much quicker, and potentially fatal, impact on the bottom line than in larger organisations with checks and balances in place.
From the outset a small business leader must keep track of every aspect of their business, but there are some areas that require a lot more focus than others if that business is to succeed. These are the five leadership skills every entrepreneur must have.
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SMEs and Microinsurance: Benefits and Risks
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Microinsurance in South Africa is regarded as the next big thing, however there is still a lot to be learned about this growing area of insurance and how small businesses and their employees may benefit.
Traditionally the microinsurance sector offered only funeral cover. However, since the Insurance Act of 2017 became effective on 1 July 2018, it now offers more options. On a practical level, microinsurance now offers life insurance, credit life insurance, risk insurance and funeral cover. In addition, non-life insurance categories of motor insurance, property insurance, legal expenses cover as well as accident and health insurance are available.
However, SMEs run the risk of wasting money if they include these covers as employee benefits without doing their due diligence.
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Your Tax Deadlines for September 2021
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- 07 September – Monthly Pay-As-You-Earn (PAYE) submissions and payments
- 23 September - Value-Added Tax (VAT) manual submissions and payments
- 29 September - Excise Duty payments
- 30 September - Corporate Income Tax (CIT) Provisional Tax payments where applicable
- 30 September - End of the 2nd Financial Quarter
- 30 September - Personal Income Tax (PIT) top-up Provisional Tax payments.
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Disclaimer
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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 damage arising from reliance upon any information herein. Always contact us for professional, detailed and appropriate advice.
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