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PRIMORIAL Solutions (Pty) Ltd April 2021
Selected for SARS Verification or Audit? Here’s What to Expect… and What to Do
Most of us – 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’ powers and increased scrutiny of taxpayers, you will do well to remain prepared for the ever-greater possibility of being selected. 

In this article, we take a look at what the difference is between a SARS verification and a SARS audit, what taxpayers can expect when going through the process - and what they should do to manage their risk if selected for verification or audit.
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Raising Small Business Finance in 2021: 5 Common Mistakes with a High Impact  
Leadership, Ethics and Governance: The Benefits for Your Business  
SMME Owners: Your Training and Education Will Boost Your Business  
The life of a small business entrepreneur seeking finance is one of pitching ideas and start-ups, or sometimes existing enterprises, to those who have money and are looking to invest it. 

Knowing how to convince investors to come on board could be a matter of business survival and you can never forget that what you are hoping to achieve from a presentation to a potential investor is a partnership in which both you and the investor make money. Forgetting this can lead to you leaving critical information off your pitch deck and therefore not getting what you need.

Here are five very common mistakes even an experienced entrepreneur can make when trying to attract investment.
Looking back at the 2008 global economic crisis and the recent corporate failures, Steinhoff in particular, one may be tempted to ask: “Why didn’t boards and their advisory committees (audit committees in particular) not see what was coming?”

There has, undoubtedly, been a significant loss of confidence and trust in top management. Some of this is, of course, to do with competence but in reality it has mostly focused on the quality of top management and a crucial component is ethics and integrity and an appropriate degree of scepticism on the part of non-executive directors.

Governance is not a static theory; it is an ever-evolving process...
The importance of the SMME (Small, Medium and Micro Enterprise) sector in South Africa cannot be overstated. As a result, the challenges affecting the performance of these SMMEs have been deeply interrogated with the aim of removing these proverbial “thorns from their flesh”.

The lack of education and training among small business managers and directors is seen as one of the most significant barriers to entrepreneurial activity, according to research on the local SMMEs landscape.

Let’s dig a bit deeper…
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Employers: Compensation Fund Return of Earnings Deadline Extended
The Compensation for Occupational Injuries and Diseases Act (COIDA) provides a statutory insurance policy for your employees and pays them compensation if they are killed, injured, disabled or contract an occupational disease or illness whilst at work.

As an employer you are required to register and to submit an annual return (RoE or Return of Earnings). The Department of Employment and Labour has announced that the date for submission of the 2020 RoE been extended to 31 May 2021. The portal for submitting the Returns will be opened as of 1 April 2021 to 31 May 2021.
Your Tax Deadlines for April 2021
  • 7 April - Monthly Pay-As-You-Earn (PAYE) submissions and payments

  • 23 April - Value-Added Tax (VAT) manual submissions and payments

  • 29 April - Excise Duty payments

  • 30 April - Value-Added Tax (VAT) electronic submissions and payments

  • 30 April - Corporate Income Tax (CIT) Provisional payments where applicable.

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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