Entries by ADMIN

The Simple Solution to Hassle-Free EMP501 Final Recons

By law, employers must deduct or withhold employees’ tax from remuneration and pay this to SARS monthly on or before the 7th of the following month with the EMP201 declarations; and must also reconcile employees’ tax during the interim reconciliation (due end October) and the annual reconciliation (due end May) when tax certificates (IRP5s/IT3(a)s) must […]

Your Tax Deadlines for April 2022

1 April Start of the 2022/23 Financial Year 7 April Monthly Pay-As-You-Earn (PAYE) submissions and payments 25 April Value-Added Tax (VAT) manual submissions and payments 28 April Excise Duty payments 29 April Value-Added Tax (VAT) electronic submissions and payments & CIT Provisional payments where applicable.

What The New Employment Tax Incentive Limits Mean for Your Business

During Finance Minister Enoch Godongwana’s 2022 Budget Speech, a substantial 50% increase in the limits for the Employment Tax Incentive (ETI) was announced, effective from 1 March 2022. This will increase the amount of tax relief employers can claim when employing young people. ETI fast facts An incentive encouraging employers to hire young work seekers […]

A Guide to Accessing Funds That Can Help Your Small Business

Stimulating the SME sector is considered as one of the quicker ways to rejuvenating the economy. According to a 2020 survey by McKinsey & Company, SMEs make up over 98% of South African businesses, and employ between 50% and 60% of the workforce. However, it takes money to run a business and there is a […]

When, Why and Whose Jobs You Should Be Outsourcing

Launching a business requires the small business owner to wear many hats. From marketing, to accounting and HR the small business owner needs to learn any number of skills to get their venture off the ground. Eventually though there comes a point where doing everything yourself as owner is hurting the company more than helping […]

Your Tax Deadlines for March 2022

7 March Monthly Pay-As-You-Earn (PAYE) submissions and payments 25 March Value-Added Tax (VAT) manual submissions and payments 30 March Excise Duty payments 31 March End of the 2021/22 Financial year 31 March Value-Added Tax (VAT) electronic submissions and payments & CIT Provisional payments where applicable

Budget 2022: Your Share of Billions in Tax Relief and Business Support

  The 2022 Budget Speech brought some good news and welcome tax relief to personal and business taxpayers, This is possible thanks to tax revenue collection estimates that exceed the 2021 Budget estimate by R182 billion. Given the improvement in revenue collections, government proposes R5.2 billion tax relief to help support the economic recovery, provide some respite […]

Budget 2022: Your Tax Tables and Tax Calculator

How much will you be paying in income tax, petrol and sin taxes? Use Fin 24’s four-step Budget Calculator here to find out. Have a look at the tax tables below for the new Individual and Special Trust income tax brackets, and for a convenient reminder of the various other taxes that remain unchanged –