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2024: Best Year Yet for Your Business?
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South African businesses have survived some incredibly trying and uncertain years, marked by lockdowns and blackouts, rising interest rates and tight economic conditions. While businesses have little control over these external challenges, what is under every business owner’s control is how the company approaches 2024.
You can exercise this control in three simple steps: Assessing the past, measuring the present, and planning for the future – approaching the year ahead with clarity and a solid plan to make 20K24 your company’s best year yet.
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How to Survive Ongoing High Interest Rates in 2024
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The South African Reserve Bank recently held interest rates for the third time in a row, keeping the repo rate at 8.25%, with the prime lending rate at 11.75%. The rates therefore remain high and show no signs of coming down.
High interest rates can affect almost every aspect of your business, from sales to expenses. Here are some tips to help you survive.
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How to Achieve Tax Compliance Throughout 2024
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Tax compliance is accepted as an indicator of how well the affairs of a business or individual are managed and their good standing in terms of their legal obligations. It also saves a great deal of time and money.
Achieving and maintaining tax compliance in 2024 will be more challenging than ever before, as SARS continues to step up both its compliance requirements and the prosecution of non-compliant taxpayers. This makes it essential to rely on the expertise of your accountant, which is also recommended by SARS.
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Why January is the Perfect Time to Start a Business
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Thanks to New Year's resolutions, January has always been a popular time to start a new business, but resolutions aren’t the only reason it's a favoured time of the year for new endeavours.
January offers a wealth of benefits that make it ideal as a founding month. Hopefully, the ones we point out here will inspire you to launch your own business in 2024.
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Your Tax Deadlines for January 2024
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- 05 January - Monthly Pay-As-You-Earn (PAYE) submissions and payments
- 24 January – End of Filing Season for Provisional taxpayers
- 24 January – End of Trusts Filing Season for taxpayers liable for provisional tax
- 30 January - Excise Duty payments
- 31 January - Value-Added Tax (VAT) electronic submissions and payments & CIT Provisional payments where applicable.
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Have a Healthy,
Happy and Successful
2024!
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Disclaimer
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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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