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PRIMORIAL Solutions (Pty) Ltd October 2021
 
 
 
Letter of Demand from SARS? Handle With Care!
 

As SARS improves its abilities to collect taxes from businesses, more companies have found themselves on the receiving end of a SARS letter of demand. Receiving such a letter of demand is often an intimidating surprise for business owners and managers, and can cause panic and stress, even among businesses that would consider their tax responsibilities to be up-to-date and compliant. 

Whether or not the letter of demand is real, correct or accurate, as a business owner you are well advised to handle such communications from SARS with care! In this article we find out what it means to receive a letter of demand, how to handle the matter and what steps to take.  

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Small Businesses: Reap the Benefits of Cashless Transactions  
 
 
How to Build Your Business with Freelancers  
 
 
Crypto Assets and Tax – From the Horse’s Mouth  
 
 
 
 
 
 
 
 
 
 
 

Cashless transactions have been increasing in popularity as a preferred means of payment, particularly by smaller businesses and particularly since the start of the Covid-19 pandemic. “Fintech” solutions such as tap-to-pay, interbank instant deposits, eWallet, PayPal, Snapscan, Zapper continue to grow in popularity.

We have a look at a survey conducted during the pandemic, and at the resulting report which draws out interesting behavioural changes taking place under lockdown and discusses whether these will endure. 

There is a notable move towards digital methods of conducting financial transactions and SMEs are embracing the trend. We list four reasons why this could benefit your small business…

 
 
 

Starting a new business can be stressful. Long hours and late nights become the norm as you battle to do as much as possible yourself knowing that taking on staff is a big commitment. Understanding just when to onboard staff and pass on some of the responsibility is a skill in and of itself, but you need not take the plunge immediately. 

Building a team of reliable freelancers can give you as a business owner peace of mind within a budget and has none of the commitment that hiring staff does. A team of freelancers can easily be upgraded and downgraded as necessary depending on conditions and you only need to hire to fit your current workload. It is this flexibility that makes working with freelancers a valuable tool to growing your business. Here is how you do it.

 
 
 

“The future of money is digital currency” as Bill Gates put it, and certainly interest in crypto currencies - like Bitcoin, Ethereum, Polkadot, Solana and the many others popping up all the time - is surging dramatically.

Of growing importance therefore is that anyone holding or planning to buy cryptocurrency needs to understand the tax angle, and by way of an updated warning to keep up to speed on this we point you to SARS’ new webpage on the subject for a “from the horse’s mouth” take on the whole question.

SARS addresses questions such as what a crypto asset is, whether tax needs to be paid, how it will work (with an example of the 2020/21 tax year ITR12 Tax Return), and how it traces crypto asset transactions. 

 
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Your Tax Deadlines for October 2021
 
  • 7 October – Monthly Pay-As-You-Earn (PAYE) submissions and payments

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

  • 28 October - Excise Duty payments 

  • 29 October - Corporate Income Tax (CIT) Provisional Tax payments where applicable 

  • 29 October - Value-Added Tax (VAT) electronic submissions and payments.
 
 
 
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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