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Meyer Chartered Accountants Inc Newsletter     |    February 2020
 
 
 
 
 
 
 
 
 
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Take Advantage of the Venture Capital Company Allowance While You Can
Here's some good news in the form of a way to save tax (a lot of tax), make a good investment, and directly boost both our economy and our SMEs - all in one go.

That's where the VCC (Venture Capital Company) Allowance comes in. We'll have a look at the substantial savings you (or your trust or company) can achieve by using the allowance correctly; at how it works both initially and subsequently; at the need to beware of costs; and at how "finding a gem" could give you a (very) substantial after-tax return. 

We share some practical examples to illustrate, and end off with a warning to act quickly – the allowance is planned to fall away at the end of June 2021. 
 
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Small Businesses: How to Survive and Thrive
SMMEs (Small, Medium and Micro-Enterprises) play an integral role in our economy, and it is alarming therefore to read recent research showing that a massive 70% - 80% of South African small businesses fail within five years. 

Why the high failure rate? What factors contribute to the success or failure of small businesses? Why are some entrepreneurs more successful than others, and what characteristics should you have (or develop) to maximise your own chances of success? What can government contribute?

Read on for the answers to these questions and more... 
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Directors: Be Careful, You Will Be Held More Accountable In 2020
Being a company director (or a senior manager) comes with onerous duties and risks which require constant management.

And 2020 is shaping up to be a year in which you will find yourself under increasing scrutiny, with the NPA now showing a distinct appetite for charging delinquent directors criminally, and with the ongoing risk of personal liability and class actions by trade unions and other stakeholders.

We discuss the standards to which you are held by the Companies Act and remind you of several specific and growing risk areas, not all of them immediately obvious but all of them important. 
 
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Lying About Qualifications – Prison Time for Employees on the Horizon
Employees are the lifeblood of any business, but if they are incompetent and under-qualified they can also be its death knell.

That’s why the growing phenomenon of employees lying about their qualifications is such a problem. The employer must now contend not only with the business risks of having someone unqualified in place, but also with the nightmare of a labour law issue. 

That’s why new legislative amendments (not yet in place but certainly on the horizon) are so welcome. Both duplicitous employees, and the fraudulent academic institutions that often enable them, will face serious criminal penalties... 
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Budget 2020: Tips for Tito – Make Your Voice Count!
Every year the Minister of Finance asks us what we would like to see in the budget and a "Budget Tips" portal on the National Treasury website is open. This year he asks in particular for our views on "What can government do to achieve faster and more equitable economic growth?" 

Your voice is important! We'll show you how to be heard, with hyperlinks to the channels you can choose from. 

To give you the idea, last year there were many differing tips ranging from the amusing and the serious to the overly optimistic... 
 
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Your Tax Deadlines for February 2020
  • 7 February - Monthly PAYE submissions and payments

  • 25 February - VAT manual submissions and payments

  • 27 February - Excise Duty payments

  • 28 February - VAT electronic submissions and payments

  • 28 February - CIT Provisional Tax Payments where applicable

  • 28 February - PIT Provisional Tax Payments
 
 
 
 

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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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