The South African Revenue Service (SARS) explains that provisional tax is not a separate form of tax. It is a method of paying one’s income tax liability in advance. It requires the taxpayer to pay two amounts in advance of filing the tax return (each due in August and February), which are based on the person’s estimated taxable income.
In accordance with the Skills Development Act, all registered employers with an annual payroll exceeding R500 000 are required to pay skills development levies and submit a WSP and an ATR. These submissions are to be made annually to the relevant Sector Education and Training Authority (SETA) before the deadline of 30 April 2022.
The mere mention of Financial Year End can send many companies into a panic; however, it is an essential process in every business as it measures profitability over a set period and determines the company’s tax commitments. The government also uses this information for accounting and budget purposes. But financial year-end need not be the millstone it’s perceived to be.
The start of a new year provides the perfect opportunity to reflect on one’s finances. Trimming the fat off your budget and investing what you save could completely change your financial situation, particularly after the flurry of expenses this holiday season.
What kind of workplace trends can we anticipate in 2022?
Things will be different, that’s for sure and many trends will be carved out of the changes the pandemic forced us all to make. 2021 changed the way we work forever, but like most things in life, it’s how you deal with change. While many of these changes aim to improve workplace culture and provide employees with better work/life balance, the onus falls on HR leaders to implement these new practices.
With the legislature rapidly clamping down on taxpayers through the South African Revenue Service (SARS) and the National Prosecuting Authority (the NPA), it is not surprising that new regulations would be imposed to mitigate tax non-compliance.
Owning a rental property is more than just an excellent investment or finding the perfect tenant. If you own a rental property portfolio that provides an income, you’d know that it’s much like owning a business. This means that there are tax implications and dues that need to be paid to the South Africa Revenue Service (SARS). It is your responsibility to know the ins and outs of rental income and income tax to make sure you don’t fall foul of the SA Revenue Services (SARS).
You could be eligible to claim for home office expenses if
You are an employee who works from home and has set aside a room to be occupied for the purpose of employment.
Employers are required, twice a year, to reconcile their IRP5 / IT3(a) tax certificates; the EMP201/EMP501 statements; and the actual payments made to SARS.
Business expenses are so easy to loose track of. When you need to review your expenses you do not always know where to start. We can help to identify where you can reduce cost, what you can outsource and much more.