Recession on the horizon: Here’s how to survive

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September 2022 NEWSLETTER

Recession on the Horizon: Here’s How to Survive

It's no secret that economies around the world are struggling. Increased inflation, booming petrol prices and erratic stock markets are everywhere, and South Africa is not immune. Recently an economist at Oxford Economics Africa, Jee-A van der Linde, was quoted in the daily Maverick speaking about South Africa specifically.

“Real gross domestic product [GDP] contracted on a quarterly basis in Q2, and we expect sluggish growth in the quarters to follow. The possibility of more intense load shedding in Q3 could see the economy enter into a recession,” he said.

With recession a distinct possibility in the near future, tough times are doubtless ahead for many businesses and avoiding closure is going to become a priority. So, what can you do to assist your business, ease the pressures of recession and get through to the other side?

Are You Ready for a COIDA Employer Site Visit and Audit?

If you operate a business with one or more employees, and/or if you are a domestic employer, you are required by the Compensation for Occupational Injuries and Diseases Act (COIDA) to register with the Compensation Fund, to keep certain records, and to pay a tariff based on annual earnings.

These are not new requirements but, just recently, the Compensation Fund issued a notice to employers – including domestic employers - to expect employer engagements, site visits and audits.

Failure to comply with the provisions of COIDA constitutes an offense. Fortunately, for employers who comply with the regulations, there are also benefits detailed in this article along with tips for ensuring your company ticks all the boxes for COIDA compliance.

Loadshedding: Tax Incentives for Energy Efficiency and Alternative Power

Now is the time for South African businesses to re-strategise their energy sources and consumption patterns, for a number of reasons that have recently been highlighted.

With the challenges of Stage 6 loadshedding still fresh in our memory, government’s multiple measures to address this national crisis, announced just a month ago by President Cyril Ramaphosa, confirm that there is no quick short-term solution for Eskom’s woes, leaving us responsible for proactively securing our own alternative energy solutions.

Fortunately, advances in technology and financing models continue to create more effective and affordable solutions. There are also tax incentives that make it more attractive for businesses to invest in energy efficiency measures and alternative power generation projects.

How To Avoid Bad Customers

What qualities would your perfect customer have? On the surface this is a casual question, but a little examination shows it to be one of the most important ones any small business leader will have to answer. The traditional view of customers would hold that anyone you can attract to interact with your company and buy products or services is the ideal customer – the world is your potential client, and you should act accordingly. But what if that wasn't true?

Learning to tell the difference between good customers and bad ones will be a critical skill for any small business owner with limited resources. Bad customers can waste time, extend resources and ultimately produce very little revenue, while the good ones can become the launching pad to bigger and better things. But how do you tell the difference? Here are the signs that will help you separate the good customers from the bad.

Your Tax Deadlines for September 2022

7 September – Monthly PAYE submissions and payments
23 September - VAT manual submissions and payments
29 September - Excise Duty payments
30 September – End of the 2^nd Financial Quarter
30 September - VAT electronic submissions and payments, PIT top-up & CIT Provisional payments.

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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 damage arising from reliance upon any information herein. Always contact us for professional, detailed and appropriate advice.

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