Month: February 2022

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

Calling it a “good story to tell”, Finance Minister Enoch Godongwana announced, in his first Budget Speech, welcome respite from tax increases, tax relief of R5.2 billion for individuals and businesses, as well as further measures to support businesses in their economic recovery.
These include no increase in the fuel levy, and adjusted tax brackets and rebates for individual taxpayers. For companies, there is a reduction in the tax rate, support in the form of an increase in the Employment Tax Incentive, and a revised support scheme for businesses in distress due to Covid-19.
In this article, we provide a helpful overview of the important tax announcements made, as well as highlight a few issues mentioned in the Budget Speech to be taken note of.

Seven Crucial Tax and Other Issues to Address When an Employee Dies

The death of an employee can be a devastating event in a company, particularly in smaller businesses where colleagues work together closely and have become like an extended “work” family.

In times of pandemic employers unfortunately face an increased likelihood of an employee passing away and should be prepared to handle this event with the necessary respect and compassion and to keep the business running, while also ensuring that the various compliance and tax matters are addressed swiftly. In this article, we look at seven crucial issues to address immediately when an employee has died.

This will not only ensure that the deceased’s family do not experience delays caused by the company but will also reassure other employees.

Small Businesses That Survived 2021 – How They Made It

Statistics South Africa recorded 997 liquidations of companies and close corporations between January and June 2021, 44% up from the 763 corporates over the same period a year before, reflecting how tough the impact of the pandemic has been on the private sector. The medium and long term knock-on effects of the pandemic and restrictions on business activity will doubtless be even more detrimental, and the danger to businesses, particularly small businesses, should not be under-estimated.
There are lessons to be drawn from businesses that survived, and it is important to note how they made it through one of the toughest economic climates in memory.
We share four insights which every business should take note of in planning for the future…

Financial Year End Reporting: Challenges to Manage, Opportunities for Benefit

Whether it’s referred to as the End of Financial Year or “EOFY”, Close of the Financial Period, Financial Year End or FYE, or simply ‘Year End’, this important time is just around the corner for many companies on the 28th of February. It is the end of the annual accounting period and an ideal opportunity to assess your company’s finances and performance.
In this article, we find out why companies have a specified financial year end; why it is important; how to ensure your business ticks all the financial year end compliance and tax boxes; and how to reap the maximum benefits from an accurate and timely closing of the financial year.

Six Tips for Creating a Distraction-Free Home Office

pre-pandemic (2017) Global Workpace Analytics study found that the number of people working from home in America had increased 115%. They predicted a continuing increase in home offices, but surely could never have foreseen the absolute boom in them that the Covid-19 pandemic produced.

What was initially a temporary solution to an unusual problem has now become a way of life for many corporate employees, with tens of thousands more working for themselves as freelancers in the gig economy at home.

Though home offices come with numerous benefits including possible tax deductions, fewer time-wasting meetings and no commute they can also offer up a number of brand new distractions that can make productivity difficult. With that in mind here are 6 tips for building a distraction-free home office.