For taxpayers who have been auto-assessed by SARS, the 23 November deadline to accept or edit the return/auto-assessment result is less than three short weeks away. 

Failing to accept or edit the return by the deadline; or simply accepting the result of an auto-assessment on the assumption that SARS must be correct; or submitting an incomplete or incorrect tax return can result in paying too much tax, becoming liable for penalties and interest, and even facing criminal prosecution (a risk more likely than ever before with as many as 1 in 10 auto assessment returns being audited after submission). 

A year after SARS first introduced auto assessments for the majority of taxpayers, this article considers what has changed and what is still important to know, and also provides 7 reasons why you should contact your accountant if you have been auto assessed.

Since 2001, taxpayers in South Africa have been liable for Capital Gains Tax (CGT) on profits (capital gains) arising from the disposal of assets – at a hefty 18% for individuals.

There is a less well-known specific exclusion to the CGT payable on the disposal of a small business or its active business assets that provides certain small business owners with welcome CGT relief that could be a substantial boost to your future plans. 

In this article, we provide a quick overview of the many conditions that apply before small business owners can claim this exclusion of up to R1.8 million; some examples to illustrate the substantial difference it can make to your future plans; as well as best advice for maximising this exclusion.   

Building and maintaining an effective online presence should be at the heart of any business plan, and it may come as some surprise in 2021 that there are still a huge number of businesses with absolutely none.  Owners cite the fact that they are “not in a digital industry” but they ignore the internet at their own peril. The truth is that an online presence is vital for boosting profitability in any business, even for brick-and-mortar stores that don't conduct e-commerce. 

Further, in a world where 250 000 websites are created every day, it's important that the website you do have stands out, delivers on your brand promises and can be quickly and easily found by anyone who is looking. Here are six tips to make sure that happens.

The last couple of years, and the prolonged lockdown, have highlighted the convenience of working remotely and migrating work to digital platforms.

“Cloud computing” is one of the trendier buzz word phrases that have increased in popularity, but what exactly does it mean and how can it benefit your business?

Simply put, cloud computing refers to the on-demand access to work through computing software and applications, data storage and networking capabilities via the internet, and - equally as important – in real time and remotely.

This is a big advantage, considering that businesses can save on certain running costs, including decreased logistical expenses. The process however has it challenges and SMEs looking to adopt cloud computing should consider a number of issues.

• 05 November - Monthly Pay-As-You-Earn (PAYE) submissions and payments
  
  
• 23 November – End of Filing Season 2021 for Individuals (Non-Provisional)
  
  
• 25 November – Value-Added Tax (VAT) manual submissions and payments
  
  
• 29 November – Excise Duty payments
  
  
• 30 November – Corporate Income Tax (CIT) where applicable
  
  
• 30 November - Value-Added Tax (VAT) electronic submissions and payments