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CMR Chartered and Professional Accountants Newsletter     |    January 2020
 
 
 
 
 
 
 
 
 
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What Will The Next Decade Bring Us?
As we settle into 2020 let’s all, with the wise old saying “Failing to plan is planning to fail” in mind, start thinking about not only what the next year or so holds for us, but about what our world could look like in 2030.

Of course that means predicting the future, a notoriously difficult exercise at the best of times and perhaps a particularly challenging one in these days of increasingly frenzied change.

We can however identify a number of global trends emerging which will at the very least get us pointed in the right general direction. So let’s have a look at some of them…
 
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Your Tax Returns Are Due: Make Sure You Fill In Your Return Correctly
The last thing you need is to have the Taxman after you with his armoury of penalties and threats of criminal prosecution; and the likelihood of that happening if you put a foot wrong is higher than ever now with SARS missing its collection targets and pressured to up its game substantially. 

So do not take your tax return deadlines - your next one is 31 January if you are a provisional taxpayer using eFiling - lightly! 

We share some thoughts on “the need for speed” and on the nightmare scenario that awaits taxpayers who fail to tick the right tick box in the right part of the online form and are as a result deemed guilty of “material non-disclosure”.
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How To Detect and Dodge Financial Scams
Financial scams have always been around but their scale in today’s world is truly amazing – estimates of annual losses in the USA alone reach $120 billion.

The good news is that there are positive steps you can take to protect yourself, and perhaps the first and most important of these is getting to grips with the different types of “con” and how they work.

First question we ask ourselves therefore is “What is a ‘quick con’, and what distinguishes it from a ‘long con’?” Then – the really important bit - we look at what types of people are most vulnerable to the con artists. Make sure you aren’t one of them!
 
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Junk Status Is Not The End - It Can Get A Lot Worse!
There is a perception that we will be scraping the very bottom of the barrel if Moody’s does indeed downgrade our debt to the dreaded Junk Status – that ‘There’s no way to go but up’, that ‘This is the beginning of our rehabilitation process’ and so on. 

Regrettably that’s not so at all. If our economy continues to go the wrong way there could be much worse in store for us – have a look at our table of the various categories used by Moody’s in its “Investment Grade” and “Non-Investment Grade” rankings.

We discuss the implications, and our way forward.
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Your Tax Deadlines for January 2020
  • 7 January – Monthly PAYE submissions and payments

  • 24 January – VAT manual submissions and payments

  • 30 January – Excise Duty payments

  • 31 January – VAT electronic submissions and payments

  • 31 January – CIT Provisional Tax Payments where applicable

  • 31 January – 2019 Income Tax submission due for provisional taxpayers using eFiling. 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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“Have a Healthy, 
Happy and Successful 
2020!”

 
 
 
admin@cmraccounting.co.za www.cmraccounting.co.za
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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