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May and CompanyAccounting | Auditing | Tax Specialists

What does Budget 2019 mean for you?
Budget 2019 is important for our economy as a whole, and we must hope that Finance Minister Tito Mboweni’s "It is time for us to sow the seed of renewal and growth" presages a new era of prosperity for us all.

But how does Budget 2019 affect you and your business in a practical sense? For a change, relatively few tax adjustments were proposed – we list them for you and discuss their impact. Equally important is our list of taxes that have been left unchanged.

We end off with some tax tables conveniently summarising what’s new, and what’s not.
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Your Selection of Budget 2019 Tax Calculators  
As some anonymous wit put it: “People who complain about taxes can be divided into two classes: men and women”. 

But we’re stuck with them and may as well understand how they will impact our daily lives after Budget 2019.

How long will you work for the taxman today? How will your income tax change after Budget 2019? How much extra will you pay in sin taxes this year? 

We send you to a selection of online calculators for the answers.
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Budget 2019: Credibility Restored? 
“Houston, we have a problem”. It’s called Eskom, and plans for its rescue were a main focus of Finance Minister Tito Mboweni’s Budget 2019 Speech.

Although we’ve seen the Eskom crisis coming for a long time, it could now be entering a critical phase. It’s important for us all to understand the consequences if Moody’s, the last ratings agency not to have rated us as junk, does decide to downgrade us.

To that end, after discussing the financial risks we face generally, we consider the details of the Eskom crisis and of government’s response to it - will it succeed and has credibility been restored?
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How to Improve Risk Management in Your Business 
As a business owner, being blindsided by some highly damaging event is going to be costly, perhaps even fatal. Yet the world as a whole seems to be moving towards increasing unpredictability in all sorts of ways. How can you manage that risk?

We discuss some practical ideas on improving your risk management generally, with an emphasis on preparing for the unpredictable, taking a realistic approach to risk planning, addressing the question of operational risks, and management training.

Risk is a dynamic process – take steps to minimise it!
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VAT Taxpayers: New Relief on Correcting Tax Invoices  
Issuing accurate tax invoices is vital, but the reality is that every now and then errors will inevitably creep in.

It has always been possible to issue credit or debit notes to correct calculable errors. But, because the VAT Act prohibits the issuing of more than one tax invoice per taxable supply, until recently there was no way to correct other errors such as wrong names or VAT numbers. 

Fortunately that has now been remedied by a recent amendment to the Act. We set out the time limits and rules for correcting invoices, with a brief refresher on the legal requirements for tax invoices generally.
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SARS Warns Taxpayers: “Use Only Registered Tax Practitioners” 
There are no major tax deadlines for March but SARS is again warning taxpayers to –
  1. Only use registered Tax Practitioners, 

  2. Ask for the practitioner’s registration number, and 

  3. Verify the number online here.


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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