Special Voluntary Disclosure Programme: It’s Now Or Never!

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MAY 2016 NEWSLETTER

Special Voluntary Disclosure Programme: It’s Now Or Never!

The recent revelations of the Panama Papers confirm a growing trend – it’s getting mighty difficult to hide money from the taxman or Reserve Bank. In the current Social Media and Information age, embarrassing data just keeps slipping out.

Aligned to this the Organisation for Economic Cooperation and Development (OECD) has introduced a project whereby there will be an automatic exchange by participating countries of taxpayer information. This information will be supplied to the local Revenue authorities and shared with other Revenue authorities

Valuing Your Business: Why Do It, And How?

		There are two reasons why you would value a business: Either you want to sell your business or you are thinking of acquiring another business Business owners should have an exit strategy. Valuing your business on a regular basis tells you how much value you are creating. It also indicates what needs to be done to make your business more competitive and hence more valuable.

It’s Time To Do Your Compensation For Occupational Injuries And Diseases Act (COIDA) Return

		Your COIDA return of earnings is due by 31 May. It is easy to register (if you haven’t already done so) by email and to complete the return online. COIDA contributions are not too costly and depends on the industry you are in. *Why register and do the return?*

Small Businesses – How To Access Finance

		Surveys indicate that one of the major reasons for small/medium businesses (SMEs) going out of business is cash flow issues. SMEs are the most powerful generator of jobs in the economy and thus their financial wellbeing is extremely important. In South Africa there is no large scale venture capital or private equity industry. Government do offer incentives but they are not well marketed and can be difficult to access. That leaves the major banks and one or two other funders.

Your Tax Deadlines For May

		The annual employer PAYE reconciliation (EMP501) is due on 31 May. Remember this is a time consuming process so the earlier you submit the less chance of you being exposed to penalties.

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 your professional adviser for specific and detailed advice.

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