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May and CompanyAccounting | Auditing | Tax Specialists

Practical Tips on Cash Flow
Cash flow, as Richard Branson has pointed out, is literally the life-blood of your business.

So quite apart from your legal duty (assuming that you are a company director) to ensure that your business can meet all its short term obligations, it is vital for you to keep an extremely close eye on both your inflows and your outflows.

We share some practical advice on managing the 5 most important aspects of cash flow…
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Here’s what You Should Know About “YES” (our Youth Employment Service) and the Opportunity for SMEs 
SMEs in particular should take note of the opportunities presented by YES, the Youth Employment Service. By hiring qualified interns, you could benefit from both a tax reduction and an improved B-BBEE rating, in addition to boosting your staff capacity and discovering strong candidates for full time employment.

Reducing our high rate of youth unemployment should be one of our priorities as a nation, and every business, big and small, has an opportunity here to contribute. Read on for the details.  
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A Tank of Petrol – Where Does Your Money Go? 
Rising fuel prices impact on us all, driving up the cost of living generally and often impacting significantly on the ability of businesses to remain viable. 

So keep a sharp eye on projected price increases (and, happily, the occasional decrease) and plan accordingly. But have you ever wondered where your money goes when you fill up, and how much goes towards the actual cost of petrol?

We share a table showing the exact breakdown, and it makes for interesting reading…
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How Big is Your Carbon Footprint and How Can You Reduce It? 
Wearing both our business and our personal hats, we need to urgently heed Elon Musk’s warning of how dangerously we are flirting with environmental catastrophe.

What can we do about it? Government’s intervention with the Carbon Tax is only part of the solution; we all need to roll up our sleeves and get involved on the ground.

We’ll show you how with an online Carbon Footprint Calculator and with 5 practical tips on reducing your and your business’s footprints.  
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Bitcoin is Taxable! 
SARS has released a media statement on Bitcoin in which it states that people dealing in Bitcoins or other cryptocurrencies are subject to normal Income Tax law in terms of gross income, tax deductions or Capital Gains Tax. SARS are treating Bitcoin not as a currency but as an intangible asset. 

If you are in doubt about your circumstances speak with your accountant, and in need you can get a ruling from SARS.

Taxpayers who fail to declare dealings in cryptocurrencies will be subject to interest and penalties. 

Currently, you are not required to register for VAT if you are a vendor in Bitcoin (or any other internet currency).
Your Tax Deadlines for May  
Your annual EMP501 reconciliation for the period 1 March 2017 – 28 February 2018 is due for submission by 31 May 2018, together with all Employees Income Tax Certificates [IRP5/IT3(a)s]. 

You can submit online via eFiling if you have less than 50 employees, or via e@syFile™ Employer (check that you have the latest version).

It’s important to get this right as penalties will be levied for late submission or inaccurate information, so ask for help in any doubt.


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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