Employee incentives that really work for small businesses

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Website: www.sdkca.co.za


	AUGUST 2023 EMPLOYER INTERIM RECONCILIATION SUBMISSION: 1 SEPTEMBER TO 31 OCTOBER 2023 This year, the August 2023 (2023 08) Employer Interim Reconciliation submission period will commence on 14 September and end on 31 October 2023. During the Employer Interim Reconciliation, employers need to reconcile their Monthly Employer Declarations (EMP201) for the first six months of a Reconciliation Year (March to August) with the tax values of the interim IRP5/IT3(a) certificates for the same period and submit their Employer Reconciliation Declaration (EMP501). NEW THIRD PARTY DATA SUBMISSION REQUIREMENT FOR S18A INSTITUTIONS AND TRUSTS According to the Public Notice 3631 published in Government Gazette No. 48867 on 30 June 2023, all approved Section 18A institutions will be required to submit IT3(d) data with effect from May 2024 for the 2023/2024 year of assessment (01 March 2023 to 28 February 2024). Under the same publication all Trusts will be required to submit IT3(t) third-party information. This means that Tax exempt (EI) Trusts that are approved Section 18A institutions, will be required to submit both the IT3(d) and IT3(t) data to SARS. The IT3(d) and IT3(t) information required to be declared includes: All amounts vested in beneficiaries including income (nett of expenditure), capital gains and capital amounts. S18A receipts issued to donors. Should you require further clarification, please do not hesitate to contact us at tax@sdkca.co.za. REMINDER OF SUBMISSION DEADLINES OF 2023 INCOME TAX RETURN The deadlines for the submission of the 2023 Income tax returns have been published in the Government Gazette No. 2130 dated 14 June 2023, and are as follows: Electronic submission of Individual - non-provisional taxpayers \| 23 October 2023 at 7pm Electronic submission of Individual – provisional taxpayers \| 24 January 2024 at 7pm Electronic submission of Trust’s tax returns \| 23 October 2023 at 7pm Electronic submission of Companies/Close Corporations tax returns \| 12 months from year end. PLEASE TAKE NOTE If you are a provisional taxpayer and do not remit your third top up payment to cover your 2023 tax liability by 30 September 2023 interest will be imposed from 1 October onwards until date of payment. If any of your details have changed during the past year, such as address, bank account etc. kindly include the new details when providing your current tax information.

November 2023 NEWSLETTER

Employee Incentives That Really Work for Small Businesses

Happy and industrious employees are a huge step toward business success. In a small business, each and every employee needs to be performing to their best ability if the company hopes to succeed. Employee incentives are therefore a great tool for both keeping employees happy and building a successful business.

The challenge, however, is that the incentives a small company can offer would not traditionally be as large as those offered by big corporations. So how can small businesses successfully keep their employees feeling appreciated within budget? Here are 5 ideas that really work.

SARS Admin Penalties: What Taxpayers Can Do

SARS has imposed administrative non-compliance penalties on hundreds of thousands of taxpayers this year, following recent changes to the admin penalty rules. Once-off and especially recurring penalties quickly add up to a significant tax debt, and also lead to a non-compliant tax status and tax refunds being withheld.

Here's what to do if you already have accumulated an admin penalty tax debt and how to avoid these admin penalties going forward.

The Hidden Costs of Starting a Business

You have had your bright idea, saved up for months, and finally quit your 9-to-5 to run your own business. You have worked out the finances carefully but it’s still possible you have missed something.

Starting a business can be surprisingly expensive, and much of this is down to a variety of hidden expenses. Failure to plan for these unknown costs can put a severe dent in the growth trajectory of your company. Here are the nine most common costs that entrepreneurs don’t plan for.

Dispute with SARS? Here are the New Rules…

At some point over the many years of submitting returns and paying taxes, individual and corporate taxpayers will have grounds to dispute an assessment or decision from SARS. Fortunately, there are clear dispute resolution rules that guide both the taxpayer and SARS in resolving these disputes.

Earlier this year, some changes were made to SARS’ dispute resolution rules, and in this article we briefly summarise the most important changes and provide reminders of crucial issues that remain unchanged.

Your Tax Deadlines for November 2023

7 November - Monthly Pay-As-You-Earn (PAYE) submissions and payments
29 November - Excise Duty payments
30 November - 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 us for professional, detailed and appropriate advice.

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