PRIMORIAL Solutions (Pty) Ltd - CA(SA)DotNews May 2022 | The Simple Solution to Hassle-Free EMP501 Final Recons https://www.dotnews.co.za/Code/online.aspx?qry=yKPR5eDKNlaukY9Ps7iCg5WXia-s5Dt1Cc13BFzUw_GZzLP_SYG9tCrqbPq8ey94o3IpuvWk86yH0P38TKAmB6bSZIeKfn1-PEntUwHBSoc=-NOPAD PRIMORIAL Solutions (Pty) Ltd 01 May 2022 Customarily due at the end of May each year, your EMP501 final reconciliation can be a challenge! It involves not only verifying a substantial amount of information and reconciling declarations and payments made to SARS, but also issuing tax certificates to employees. Resolving issues with the reconciliations and employee tax certificates can be time-consuming and costly, and there are also penalties involved for incorrect and late submissions.&nbsp; The deadline is approaching for all employe... April 2022 | What The New Employment Tax Incentive Limits Mean for Your Business https://www.dotnews.co.za/Code/online.aspx?qry=yKPR5eDKNlaukY9Ps7iCg82kculJep7yP_0wYp-PIUIzZC3JDxgzp8VHCaAQcQKPx3ulE2__f6kvwbFTxjfDW9lx4mssskIQQlT7-mDStfQ=-NOPAD PRIMORIAL Solutions (Pty) Ltd 01 April 2022 A substantial increase in the limits for the Employment Tax Incentive (ETI) - a tax concession encouraging employers to hire more young people &ndash; was announced during Finance Minister Enoch Godongwana&rsquo;s 2022 Budget Speech. These proposed new limits, effective from 1 March 2022, will increase the amount of tax relief employers can claim when employing young people. In this article, we find out what the new limits are, look at a few ETI calculations to see the potential tax reduction... March 2022 | Budget 2022: Your Share of Billions in Tax Relief and Business Support https://www.dotnews.co.za/Code/online.aspx?qry=yKPR5eDKNlaukY9Ps7iCg_TdRcH5ct7T_V0txIM2FH3k8FXCwxNXg2UEGtOJKRamzAHPMyfgKlVvAQ3LdcWY_TeKCIx6apuobyIvC8J3zeQ=-NOPAD PRIMORIAL Solutions (Pty) Ltd 01 March 2022 Calling it a &ldquo;good story to tell&rdquo;, Finance Minister Enoch Godongwana announced, in his first Budget Speech, welcome respite from tax increases, tax relief of R5.2 billion for individuals and businesses, as well as further measures to support businesses in their economic recovery.&nbsp; &nbsp; These include no increase in the fuel levy, and adjusted tax brackets and rebates for individual taxpayers. For companies, there is a reduction in the tax rate, support in the form of an incre... February 2022 | Financial Year End Reporting: Challenges to Manage, Opportunities for Benefit https://www.dotnews.co.za/Code/online.aspx?qry=yKPR5eDKNlaukY9Ps7iCg7e7CqYaOIcY1WZs2b3CHGKvJRp8Mi-osCIM-J1Nut8pN3AQ8hNNGmRpOGXX0ZY9Cp6Tz94YkTO0l1NaizwQnGM=-NOPAD PRIMORIAL Solutions (Pty) Ltd 01 February 2022 Whether it&rsquo;s referred to as the End of Financial Year or &ldquo;EOFY&rdquo;, Close of the Financial Period, Financial Year End or FYE, or simply &lsquo;Year End&rsquo;, this important time is just around the corner for many companies on the 28th of February. It is the end of the annual accounting period and an ideal opportunity to assess your company&rsquo;s finances and performance. In this article, we find out why companies have a specified financial year end; why it is important; how ... January 2022 | Interest Rate Hikes: How to Buffer Your Business in 2022 and Beyond https://www.dotnews.co.za/Code/online.aspx?qry=yKPR5eDKNlaukY9Ps7iCg2UAt4tln-ClXxJOmwPFywXw4VlmR0a3CggAC6mjSFiiV86sPgPWKbfBQ7J5f0dhOOVnTgmOciSRqAZ88vBJ_Mc=-NOPAD PRIMORIAL Solutions (Pty) Ltd 01 January 2022 The SARB's first interest rate hike in November 2021, following almost two years of record low interest rates, signaled a change in the interest rate cycle earlier than many experts had expected, with further increases planned in each quarter of 2022, 2023 and 2024. Rising interest rates have a significant impact on the economy, and certainly on businesses across sectors, impacting cash flow, the cost of and access to credit, as well as the businesses&rsquo; customers and their spending patter... December 2021 | 'Tis the Season for Giving but Beware the Taxman! https://www.dotnews.co.za/Code/online.aspx?qry=yKPR5eDKNlaukY9Ps7iCgxdKj_3_rfjEDx1iOyDFv5-vSLvfQnztZt2-5IUQweZX1lgAMRJX7apcNxrqrL47fZPtFu31YV4kU8kIhTCTDtQ=-NOPAD PRIMORIAL Solutions (Pty) Ltd 01 December 2021 Many companies in South Africa are generous givers, even during these trying COVID-19 times. During the annual festive holiday season giving to staff, clients and suppliers, as well as to charitable organisations, is a widespread practice that aims to convey appreciation and build relationships.&nbsp; Whether you are thinking of annual bonuses for employees; Christmas parties for suppliers; or corporate gifts for your top clients, there are tax implications that should be considered &ndash; fr... November 2021 | What Auto-Assessed Taxpayers Must Know as the November Deadline Looms https://www.dotnews.co.za/Code/online.aspx?qry=yKPR5eDKNlaukY9Ps7iCg_Botxl6UZ-ScLNm0rPAoYEwhU5F7WEim2do_D8aWbmg8y2MHvsjhd2EHysxA9hxemdJkZhoUXVuCIwqZSeAYPw=-NOPAD PRIMORIAL Solutions (Pty) Ltd 01 November 2021 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.&nbsp; 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... October 2021 | Letter of Demand from SARS? Handle With Care! https://www.dotnews.co.za/Code/online.aspx?qry=yKPR5eDKNlaukY9Ps7iCg9jOJFMKbjIoUexGjooYMhLZC0iqJHXSOl8snI3ygZSSN0jrH9toNxbixwsoaSo6PavflYv7ZrMSdcKl7DTa3Ek=-NOPAD PRIMORIAL Solutions (Pty) Ltd 01 October 2021 As SARS improves its abilities to collect taxes from businesses, more companies have found themselves on the receiving end of a SARS letter of demand. Receiving such a letter of demand is often an intimidating surprise for business owners and managers, and can cause panic and stress, even among businesses that would consider their tax responsibilities to be up-to-date and compliant.&nbsp; Whether or not the letter of demand is real, correct or accurate, as a business owner you are well advised... September 2021 | Emergency Tax Relief: Is Your Business Eligible and What Should You Consider? https://www.dotnews.co.za/Code/online.aspx?qry=yKPR5eDKNlaukY9Ps7iCg9B8apgeXkvoOyRm8vLUFHCya1JjbjdgfY9xsmWgTd5T2MNikOaEvvmWGLj2gzJBGGCZkZv4vT9-hgHifs8RCrY=-NOPAD PRIMORIAL Solutions (Pty) Ltd 01 September 2021 In just a few days, on 7 September, employees&rsquo; taxes for August 2021 are due for payment to SARS. This is the first opportunity for companies to claim the emergency tax relief measures recently introduced by National Treasury to assist businesses with their cash flow and rebuilding over the next few months.&nbsp; While for many companies this may be a crucial lifeline as they fight for survival after more than 18 months of lockdowns and weeks of riots and looting, it is not a decision to... August 2021 | Home Office Expenses: To Claim or Not to Claim? https://www.dotnews.co.za/Code/online.aspx?qry=yKPR5eDKNlaukY9Ps7iCg2WdBVUoHfrLaChNjE3nT4pPAW5cAEnlXCLVLXWKekErzXJa-LxIiLethqfiRNJfXJjfZB2J7Q4No8O_ekscsIY=-NOPAD PRIMORIAL Solutions (Pty) Ltd 01 August 2021 &lsquo;Working from home&rsquo; again became a government directive at the end of June, as the third wave of Covid-19 swept across the country and an adjusted Alert Level 4 lockdown was imposed on South Africans. It again brings to the fore the question of how to deal with the expenses of setting up and maintaining home offices, which many employees are now incurring either because they are working from home by choice, or because they are compelled by government to do so unless it is &lsquo;a... July 2021 | How 67 Minutes on Mandela Day Can Change Our World and Benefit Your Business https://www.dotnews.co.za/Code/online.aspx?qry=yKPR5eDKNlaukY9Ps7iCg6bjoXjwpu9-f0emt2dZN2v1WDZH_s2aUeA530rWctIRzmjQrq1DZa6vGN2i0cRSOjbKNdfkQYp2AigvQ6iLOw4=-NOPAD PRIMORIAL Solutions (Pty) Ltd 01 July 2021 On 18 July every year, Nelson Mandela International Day is observed worldwide as companies, organisations and individuals join in a global movement to honour our former president&rsquo;s life&rsquo;s work and to change the world for the better. It is a great opportunity for companies and individuals to ask: &ldquo;What can we do to make the world better?&rdquo; Discover great tips for ensuring your company makes an impactful contribution, get inspired with our extensive list of ideas and find... June 2021 | Got Cryptocurrency? Here’s How Much SARS Wants… https://www.dotnews.co.za/Code/online.aspx?qry=yKPR5eDKNlaukY9Ps7iCgyEJtKuO7rYl03z8L1OR2CCbZS3275TrkP3ciqizDPjVIkSbKoWHrjl5cHqIOBDnTscs7R5O_zpuir4mnYSXaGg=-NOPAD PRIMORIAL Solutions (Pty) Ltd 01 June 2021 Cryptocurrencies are not new, but recent developments, including the massive gains they experienced since last year, have placed them under the spotlight. South Africans&rsquo; notable interest in them, and SARS&rsquo; renewed focus on the wealthy&rsquo;s undeclared assets, together with its improved capabilities to track taxpayers&rsquo; transactions, suggest SARS is intentional about tracking these activities and assets. It is not surprising then that SARS has turned its attention to crypt... May 2021 | Uncertain, Costly Power Supply: How to Mitigate Your Risk https://www.dotnews.co.za/Code/online.aspx?qry=yKPR5eDKNlaukY9Ps7iCg6NfL3y5603T5agAWRJuTnFq9gzP4DwEED9gnxyMKC4YJQasPZI1SkZ3xw_33nSEfFW57_W6EhbK2e_f5dIUHh0=-NOPAD PRIMORIAL Solutions (Pty) Ltd 01 May 2021 As Eskom&rsquo;s customers face their first electricity bills after the latest tariff increase of 15.06%, effective from 1 April, it is an opportune time to review reliance on an increasingly costly and ever-less reliable power supply and to consider alternatives that will support a difficult recovery from 2020: a year of not only lockdowns but also 859 hours of load shedding.&nbsp;&nbsp; With Eskom itself expecting another five years of load shedding and further tariff increases on the card... April 2021 | Selected for SARS Verification or Audit? Here’s What to Expect… and What to Do https://www.dotnews.co.za/Code/online.aspx?qry=yKPR5eDKNlaukY9Ps7iCg2JkRTCHXe7L3aLre5HA1HsfZXXLa8mpi_XetD56FPORyZEoKPcZkijyzzFcpNMgeVYQETBvKOTW79HC7cFs-wM=-NOPAD PRIMORIAL Solutions (Pty) Ltd 01 April 2021 Most of us &ndash; even the most dutiful taxpayers - know the cold dread that accompanies receiving SARS correspondence, and it is never colder than when the notification states that you or your company have been selected for SARS verification or audit. Given some of the recent developments in terms of SARS&rsquo; powers and increased scrutiny of taxpayers, you will do well to remain prepared for the ever-greater possibility of being selected.&nbsp; In this article, we take a look at what th... March 2021 | Budget 2021: What It Means to You https://www.dotnews.co.za/Code/online.aspx?qry=yKPR5eDKNlaukY9Ps7iCgws0KKv9zTDfj-IUsBNNLzu9y4cyNcmboTWTTjtV_0pfFZXKZ_UYbm23BwMVQH-lVIhjtXsGb_ATRaUHtFFT-3g=-NOPAD PRIMORIAL Solutions (Pty) Ltd 01 March 2021 Faced with apprehension, the first Budget Speech of the &ldquo;new normal&rsquo; was generally well-received, with the Rand holding steady, markets reacting positively, and South Africans breathing a collective sigh of short-term relief.&nbsp; A surprisingly optimistic 2021 Budget provided funding for COVID-19 responses without hiking direct taxes, and previously announced tax increase proposals were withdrawn.&nbsp; As Finance Minister Tito Mboweni called it, the 2021 Budget fiscal frame... February 2021 | Provisional Income Tax Due 26 February: Do’s and Don’ts for Companies https://www.dotnews.co.za/Code/online.aspx?qry=yKPR5eDKNlaukY9Ps7iCg_BW8Vea2SY40go6NUhdeM5hhcb26Z53E3CRRd3ozSwQso1Pn0rLXPPrwwRN7-OnLg7kyDCZv5nfQXwYns8Wnps=-NOPAD PRIMORIAL Solutions (Pty) Ltd 01 February 2021 By the end of this month, the second provisional income tax payments for companies are due for a financial year that certainly ranks among the most difficult in recent memory &ndash; a year in which many business owners realised, as Thomas Dewar once put it, that paying income tax is in fact better than being unable to generate sufficient income to be liable for tax.&nbsp;&nbsp; As companies face intensified scrutiny and more punitive measures from SARS in 2021, we take a look at the issues ... January 2021 | Companies: How to Manage Your Greater Tax Risk in 2021 https://www.dotnews.co.za/Code/online.aspx?qry=yKPR5eDKNlaukY9Ps7iCg2J22uDlQ9RIgbb3PlX6F2LBjjDvf9nX51NDKY78q4Xso79jaR3vnmagWXlEjqvtGTb-NI-dlCYM5q0a-2TENiI=-NOPAD PRIMORIAL Solutions (Pty) Ltd 01 January 2021 South African companies are exposed to a significant tax risk. Companies are liable for a range of direct taxes, indirect taxes and employees&rsquo; taxes that are continuously subject to legislative changes and administrative improvements by SARS and National Treasury. This means not only great complexity and high cost in terms of compliance, but also high tax liabilities that could total 40% of turnover and more. In addition, tax compliance is increasingly becoming a corporate governance and ... December 2020 | A Remote Working Danger: Independent Contractor or Employee? https://www.dotnews.co.za/Code/online.aspx?qry=yKPR5eDKNlaukY9Ps7iCgzSztAIvjmqS7i_jtwqshzlSqocB9iWyxebKgk6qIv9HUvdkhh97JREKyKIu_xcIFToLZTKc1p1FhP4IhtoJmFk=-NOPAD PRIMORIAL Solutions (Pty) Ltd 01 December 2020 The move to a much greater level of remote working this year has reinforced the need for small businesses to ensure that they classify the people that work for them correctly. One of the biggest challenges for small businesses is to ensure that independent contractors, especially sole proprietors, do not drift into a position where the South African Revenue Service or the Department of Labour would classify such a person as an employee. The failure by a small company to manage the relatio... November 2020 | Leaving a Legacy: Ensure Your Business Survival with a Succession Plan https://www.dotnews.co.za/Code/online.aspx?qry=yKPR5eDKNlaukY9Ps7iCg212tom3oZWwUJaxrtEEUOqbNmXznN3xns9vFZPcsRxPVc4ZkoK5gh868Uf337ldT-0YdGbjPS25T7TMQ-Z8MG4=-NOPAD PRIMORIAL Solutions (Pty) Ltd 01 November 2020 It is a sobering statistic that <strong>70% of family businesses do not survive into the second generation</strong> - a significant loss considering the time, effort and investment required to start, manage, and grow a business in South Africa. Ensuring your business can survive beyond the loss of an owner, a partner or another key individual requires a well-structured succession plan that unlocks business value not only in the long term but also in the immediate future.&nbsp;Covid-19 contin... October 2020 | Employee Health and Wellbeing: A Strategic Priority for COVID-19 and Beyond https://www.dotnews.co.za/Code/online.aspx?qry=yKPR5eDKNlaukY9Ps7iCg6DxzSVz2D2qhXyMmZrss2n6Onr-YFwZ4Uoq7PIIx86KlEXmXQBlTBBlvoUA_Ev-e5H7vI2ai3zvLfFwF1esl7w=-NOPAD PRIMORIAL Solutions (Pty) Ltd 01 October 2020 Employee health and wellbeing (HWB) is vital for a company to sustain itself during&nbsp;the lockdown. But making your employees&rsquo; HWB a strategic priority creates a&nbsp;competitive edge that will be crucial for success now and beyond COVID-19.&nbsp;Employee HWB not only delivers significant benefits, it also creates an opportunity to&nbsp;play a leadership role in our communities and in our country. In this article, you will find a list of key focus areas revealed by recent research t...