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Why (and How) to Submit Skills Development Reports by 30 April

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	22A Church Street DURBANVILLE 7550	Tel: 021 970 4600 Fax: 021 975 6780 Email: info@sdkca.co.za
Website: www.sdkca.co.za


	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.

April 2023 NEWSLETTER

Why (and How) to Submit Skills Development Reports by 30 April

While many companies pay the Skills Development Levy (SDL) that amounts to 1% of total payroll each month, not all companies are taking advantage of the incentives that allow as much as 70% of the paid levies to be claimed back by meeting certain requirements and submitting the required annual reports by the 30 April deadline.

Not claiming back the levies paid results not only in forfeiting of the monies recoverable but also in missing out on other benefits. In this article, we look at what and how much can be claimed, the other benefits that can be unlocked, as well as how to claim in the most efficient way, which may require relying on professional assistance.

5 Business Plan Mistakes to Avoid

Most people who start a business know that they need a business plan – a guide to starting and managing the business to ensure success. Business plans detail all the elements that go into building the business so they are a crucial way to get off on the right foot.

While the reality of your business will often force changes in your business plan, there are still numerous errors made during this planning stage that can irreparably harm your business and ensure you have a much tougher time than usual getting going. Surprisingly, some of them are very common. Here are five quick tips for mistakes to avoid when writing your business plan.

UDZ Tax Incentive Extended: Could Your Business Benefit?

In the recent 2023 Budget, it was announced that the urban development zone (UDZ) tax incentive will be extended by a further two years until the end of March 2025. The incentive creates beneficial tax allowances for property investments in certain central business districts of South Africa’s major cities.

While not every local business may be able to benefit from this tax incentive programme, those that do qualify will find it can reduce taxable income by millions and - because it is not limited to the taxpayer’s taxable income - even create an assessed loss. Find out here what this tax incentive entails, where it applies, and whether your business could benefit from it before it expires in 24 months.

Tips for Generating Customer Trust as a Start Up

New companies are launching every day. They each have hopes of one day becoming large brands, but the first step is cutting through the clutter, attracting customers and making their first sales. But how do you get customers to trust you when you may never have sold a single product? Why should these customers visit your site, or buy your things when they know absolutely nothing about you or your ability to offer after sales follow ups?

Giving your customers belief in your business before you have even made a single sale, or won a single pitch is one of the most crucial steps in building a company. Here are a few tips on how to make it happen.

Your Tax Deadlines for April 2023
	1 April – Start of the 2022/23 Financial Year 6 April - Monthly Pay-As-You-Earn (PAYE) submissions and payments 26 April - Excise Duty payments 28 April - Value-Added Tax (VAT) electronic submissions and payments & CIT Provisional payments where applicable.

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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