The Five Most Common Tax Pitfalls That Small Business Owners Should Avoid

At a time of deep economic recession, small businesses must manage their accounting and tax functions efficiently and smoothly to avoid any unnecessary costs like SARS penalties. Making elementary mistakes with a small company’s tax affairs can have disastrous and costly effects for a firm’s ability to survive these harsh times. In this article, we …

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Leaving a Legacy: Ensure Your Business Survival with a Succession Plan

It is a sobering statistic that 70% of family businesses do not survive into the second generation – a significant loss considering the time, effort and investment required to start, manage, and grow a business in South Africa. Ensuring your business can survive beyond the loss of an owner, a partner or another key individual …

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Website of the Month: Protecting Yourself from SIM-swap Fraud

Fraudulent SIM swaps were involved in around 13,300 reported digital banking fraud incidents across online and mobile banking and banking apps in 2019 (up 16% from 2018) and all indications is that the lockdown will see another spike in incidents. Read “What to do if you are a victim of SIM-swap fraud” on My Broadband …

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Directors, Trustees: Can You Hold Your AGMs and General Meetings on Zoom?

Even with the lockdown easing, it seems likely that the need for social distancing will be part of our “new normal” for quite some time to come. So how as a company director do you comply with the Companies Act’s strict requirements to hold Annual General Meetings? What if you need to call an interim …

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Employees Working from Home: What Tax Deductions Can You Claim?

Working from home is part of our “new normal” and home offices are predicted to remain a permanent feature of many employment relationships in the future. Both employees and their employers should be familiar with the tax angles, in particular the opportunity to claim tax deductions. When and how do you qualify for deductions? What …

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Your Tax Deadlines for August 2020

7 August – Monthly PAYE submissions and payments 25 August – VAT manual submissions and payments 28 August – Excise Duty payments 31 August – VAT electronic submissions and payments 31 August – CIT Provisional Tax Payments where applicable 31 August – Personal Income Tax Provisional Payments.

POPIA (The Protection of Personal Information Act) is Now Law and the Clock is Ticking

After many false starts over the years (the pandemic causing one last delay this year), the enforcement provisions of POPIA (the Protection of Personal Information Act) have finally become law. The clock is ticking on the year’s grace period allowed for compliance and every business should be aware of the substantial implications of POPIA compliance, …

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Fraudsters are Everywhere: Cybercrime up 667% since Lockdown

It didn’t take the online fraudsters long to realise that the coronavirus lockdown has opened up a whole new avenue of opportunity for them. Malware, phishing and ransomware attacks are surging, and schemes offering some form of financial relief are particularly evident. All forms of online communication including emails, SMSes and Social Media posts should …

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