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PRIMORIAL Solutions (Pty) Ltd April 2022
 
 
 
What The New Employment Tax Incentive Limits Mean for Your Business
 

A substantial increase in the limits for the Employment Tax Incentive (ETI) - a tax concession encouraging employers to hire more young people – was announced during Finance Minister Enoch Godongwana’s 2022 Budget Speech. These proposed new limits, effective from 1 March 2022, will increase the amount of tax relief employers can claim when employing young people.

In this article, we find out what the new limits are, look at a few ETI calculations to see the potential tax reduction, and draw attention to the pitfalls for employers to ensure this ETI incentive can be claimed successfully, allowing companies to employ more young people by sharing the cost with government.

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When, Why and Whose Jobs You Should Be Outsourcing  
 
 
Planning to Cease Being a South African Tax Resident? What You Should Know Before Approaching SARS  
 
 
A Guide to Accessing Funds That Can Help Your Small Business  
 
 
 
 
 
 
 
 
 
 
 

If you are a small business owner it can often feel like you need to do everything yourself in order to keep the wolf from the door. It's easy to feel like everything you can do is money saved. This is, however, misleading and trying to do everything yourself can in fact put your company at a larger risk than if you let other professionals take care of matters for you. 

Knowing when, where and which services should be outsourced is going to be a critical step along the pathway to success. Optimizing this process will free up your time to focus on core business areas, while also bringing in fresh thinking and expertise that can invigorate the business, lead to fresh insights and take your company to the next level. So how do you know when it's time to outsource a particular task, and which tasks are those most in need of outsourcing?

 
 
 

Another channel has been made available to taxpayers to inform SARS that they are ceasing to be tax residents. While this might make it seem a simple matter to break South African tax residency, the reality is that doing so requires comprehensive understanding of the implications and careful planning, whether for a person, a trust or a company. 

Informing SARS that you are ceasing to be a tax resident via any channel could result in unintended consequences, such as an audit or an unexpected tax liability. With increasing numbers of skilled and wealthy South Africans emigrating, the tax and other implications of this option should be well understood before any decisions are made, and SARS is best approached with the assistance of a trusted advisor.

 
 
 

Small and Medium-Sized Enterprises (SMEs) have financing opportunities some owners may not be aware of, or if they are, may not know how to fully take advantage of them. 

There are various schemes available to assist SMEs with grants, business loans and “soft loans” and development programs. These schemes are primarily to support SMEs finance operating costs and expansion projects – however they mostly have an undertone of creating and protecting employment – together with training and skills development. 

 
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Your Tax Deadlines for April 2022
 
  • 1 April Start of the 2022/23 Financial Year
  • 7 April Monthly Pay-As-You-Earn (PAYE) submissions and payments

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

  • 28 April Excise Duty payments

  • 29 April Value-Added Tax (VAT) electronic submissions and payments & CIT Provisional payments where applicable.
 
 
 
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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