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2022 RETURN OF EARNINGS DECLARATION
The Department of Labour and/or Rand Mutual Assurance (RMA), in accordance with the Compensation for Occupational Injuries and Diseases Act (COIDA) requires employers to submit a declaration by either 31 March 2022 (RMA), or 31 May 2022 (Department of Labour extended deadline date as in preceding years) which declares the number of employees (including directors) and their annual earnings, per month, for the period 1 March 2021 – 28 February 2022.
A percentage is determined, depending on the industry applicable to the employer, which is used to determine the fee payable to the Compensation Fund (CF).
If the declaration and payment is not made by 31 May 2023, a penalty not exceeding 10% of the assessment will be charged.
2023 EMPLOYER ANNUAL RECONCILIATION
Employers are required to submit their Pay-As-You-Earn Employer Annual Reconciliation (EMP501) from mid-April to 31 May 2023 and involves a reconciliation between the monthly EMP201 declarations submitted to SARS, monthly payments made to SARS and income tax certificates (IRP5) for the 2022/2023 tax year. Employers are also required to supply employees with a copy of their income tax certificates (IRP5).
It is of utmost importance to ensure that each employee’s personal details are up to date and accurate, as the information will reflect on the employee’s 2023 income tax certificate (IRP5).
SARS has developed a free software programme to assist employers with the reconciliation and submission process and is available for download on their website (www.sars.gov.za).
To avoid any penalties or interest charged, ensure that your reconciliation is submitted by 31 May 2023.
In due course, SDK Cloud Accounting will be contacting our payroll clients to request up to date information to ensure the accuracy of submissions.
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How You and Your Business Can Benefit from SARS’ Solar Tax Breaks
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South African companies and households, with no option but to seek alternatives to Eskom’s expensive, erratic and deteriorating supply, will be relieved to know that - from a tax perspective - the timing could not be better to invest in solar and renewable energy.
Two time-limited tax measures were announced in the 2023 Budget in February to encourage investment in renewable energy. The first is an expanded tax incentive for businesses that will reduce taxable income by 125% of the cost of qualifying investments in renewables, and the second is a tax rebate to individuals for 25% of the cost of solar PV panels. Both are subject to conditions, requirements and tight timelines (summarised in this article), making professional advice essential.
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Affordable Ways to Reap the Benefits of Engaged Employees
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The benefits of engaged employees – workers who are involved, enthusiastic and committed to their work and workplace - are well-researched and widely documented. These range from increased productivity and improved customer satisfaction to reduced costs and fewer safety incidents, all of which are vitally important for small businesses whose employees often fulfil multiple roles with wide responsibilities.
Fortunately, there are many effective employee engagement strategies that even small businesses can consider engaging their employees in truly meaningful ways, that won’t break the bank in these already difficult economic times.
Consider the benefits effective employee engagement can bring to your business, which strategies have proven most effective, and how to implement these even on a tight budget.
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Setting Up Your Finances in a New Business
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Most entrepreneurs start businesses because they see a gap in the market they think they can fill. The knowledge they have from their careers may have empowered them to see the gap, and to understand how to exploit it, but may leave them short of knowledge in other, critical business areas.
Obviously, the business’ finances cannot be left to chance and operating them correctly will be essential should any new business owner hope to one day have a viable going concern. Setting up the finances correctly will go a long way toward ensuring there are no problems down the line. To this end, we bring you seven tips for setting up your finances in a new business.
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Happy Tax Freedom Day!
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The 14th of May is a happy day that all South African taxpayers should be celebrating as in 2023, that’s the day after the country has earned enough to pay for our government. Tax Freedom Day (TFD) is a simplified way of showing how much time we all spend working for the government’s GDP rather than our benefit. From January 1st to May 13th every cent you earned went to the government’s annual budget, and from the 14th of May onward all the money goes to you.
By putting the tax burden on a calendar like this, we can clearly see just what it means to be paying taxes, and how much impact tax has on our day-to-day lives, but there is one other extremely useful reason for keeping track of Tax Freedom Day.
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Your Tax Deadlines for May 2023
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- 5 May - Monthly Pay-As-You-Earn (PAYE) submissions and payments
- 30 May - Excise Duty payments
- 31 May - Value-Added Tax (VAT) electronic submissions and payments & CIT Provisional payments where applicable.
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Disclaimer
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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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