Provisional Income Tax Due 26 February: Do’s and Don’ts for Companies

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February 2021 NEWSLETTER

Provisional Income Tax Due 26 February: Do’s and Don’ts for Companies

By the end of this month, the second provisional income tax payments for companies are due for a financial year that certainly ranks among the most difficult in recent memory – a year in which many business owners realised, as Thomas Dewar once put it, that paying income tax is in fact better than being unable to generate sufficient income to be liable for tax.

As companies face intensified scrutiny and more punitive measures from SARS in 2021, we take a look at the issues around the provisional tax payments for companies, due on 26 February to find out what companies should - and should not - be doing to minimise their tax liability and to avoid the hefty penalties and interest that can apply.

Sales Reps Are the Lifeblood of Your Business – 10 Interview Questions To Ask

In any business there are few more important people than the sales reps. In this pandemic climate, they have become even more important for keeping small businesses and start-ups afloat and pushing bottom lines into the black.

They are the people at the coal face of meeting with clients and selling your products, and are not only the ones who will make or break your bottom line, but also the eyes, ears and face of your company. Placing the perfect candidate in this role is therefore an essential element for building a successful company. We look at ten important questions you should be asking every sales rep candidate you interview.

Independent Non-Executive Directors: A Value-Add for Your SME?

Most, if not all, entrepreneurs are passionate about their ideas or concepts for a new product or service offering. Frankly, they need to be.

Once the business is up and running it is easy, and quite natural, to be so focused on your idea and business and the busyness of the operations and activities, that emerging risks or opportunities may not be seen or anticipated – ‘not seeing the wood for the trees’.

Having an advisor or advisors may, of course, help. However, an independent non-executive director has, by virtue of their responsibilities on the board, a stake in the survival and growth of the business. Furthermore, as they are not involved in the day-to-day operations, they can bring valuable perspectives to the table.

How to Find and Secure Tenders for Your Small Business – 5 Expert Tips

There is a new lane for tendering and an urgent need for assistance from government that has been created by Covid-19 PPE tenders, and other tenders used to fight the pandemic that have increased the scope of tender targets for SMMEs. The government is seemingly incapacitated by the pandemic and the PPE tenders that have been advertised since the outbreak, by themselves, present new opportunities for SMMEs.

Finding the relevant public, or even corporate, tender for a small business depends on a number of factors including the actual task, trading licenses, certification like BEE, the competitiveness of the pricing and most importantly, according to experts, experience.

Here are some tips on how small businesses can go about finding relevant tenders.

Your Tax Deadlines for February 2021

5 February – Monthly PAYE submissions and payments
15 February – Extended Filing season 2020 deadline for Provisional Taxpayers
25 February - VAT manual submissions and payments
25 February - Excise Duty payments
26 February- Personal Income Tax Provisional Tax payments
26 February - VAT electronic submissions and payments
26 February – Corporate Income Tax Provisional Tax 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 us for professional, detailed and appropriate advice.

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