Have your own budget shortfall? Here’s what to do…

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Website: www.sdkca.co.za


	2023 RETURN OF EARNINGS DECLARATION The Department of Labour and/or Rand Mutual Assurance (RMA), in accordance with the Compensation for Occupational Injuries and Diseases Act (COIDA) requires employers to submit a declaration from 1 April 2024 to 30 June 2024 which declares the number of employees (including directors) and their annual earnings, per month, for the period 1 March 2023 – 28 February 2024. A percentage is determined, depending on the industry applicable to the employer, which is used to determine the fee payable to the Compensation Fund (CF). If the declaration and payment is not made by 30 June 2024, a penalty not exceeding 10% of the assessment will be charged. 2024 EMPLOYER ANNUAL RECONCILIATION Employers are required to submit their Pay-As-You-Earn Employer Annual Reconciliation (EMP501) from mid-April to 31 May 2024 and involves a reconciliation between the monthly EMP201 declarations submitted to SARS, monthly payments made to SARS and income tax certificates (IRP5) for the 2023/2024 tax year. Employers are also required to supply employees with a copy of their income tax certificates (IRP5). It is of utmost importance to ensure that each employee’s personal details are up to date and accurate, as the information will reflect on the employee’s 2024 income tax certificate (IRP5). SARS has developed a free software programme to assist employers with the reconciliation and submission process and is available for download on their website (www.sars.gov.za). To avoid any penalties or interest charged, ensure that your reconciliation is submitted by 31 May 2024. In due course, SDK Cloud Accounting will be contacting our payroll clients to request up to date information to ensure the accuracy of submissions.

April 2024 NEWSLETTER

Have Your Own Budget Shortfall? Here’s What to Do…

Government's approach to balance this year's National Budget 2024 shortfall of R15 billion didn't set a positive example for South African individuals and businesses that face the same economic challenges but are, unlike government, unable to side-step spending cuts by squeezing taxpayers and tapping into national reserves.

Given the economic conditions, business and personal budget shortfalls are not uncommon. Find out here why it is so important to balance your own budgets and what to do when facing a shortfall without compromising your capacity to achieve your goals.

Price Your Products for Profit with these Psychological Strategies

Nothing is more important when running a successful business than pricing your products accurately. Most business leaders are already examining the maths, costs and business considerations behind pricing, but there is also an entirely separate consideration which needs to be taken into account - human psychology.

Human psychology and decision-making play a huge role when it comes to developing pricing strategies and taking these into consideration will always ensure greater sales and ultimately a healthier business.

Freelancer vs Employee: How to Decide

With so much of the population now working remotely as contractors or freelancers, the traditional employer/employee model is being scrutinised more closely than ever before. While considered a classic form of doing things, there is little doubt that the full-time employee still has much to offer a company, in the right circumstances.

Deciding when to use freelancers or hire full-time is a job that requires an entrepreneur to examine the exact needs of the company, the finances available and the long-term repercussions and training required for a specific position. Here is our quick guide on how to determine how each of the roles in your organisation should be filled.

Donating to a PBO? Check SARS’ New Requirements (and PBOs Note Your New 31 May Deadline)

With a valid tax certificate from a qualifying PBO, taxpayers - companies and individuals - can get a tax deduction for donations made.

New requirements for both valid tax certificates and PBOs have been implemented by SARS, the most recent being effective from 31 May 2024, affecting both PBOs and their donors.

Before donating to a PBO and relying on the tax break, be sure to first verify with us the eligibility of the PBO and tax certificate with the new requirements. For PBOs, our professional assistance in meeting the new requirements is recommended.

Your Tax Deadlines for April 2024

05 April - Monthly Pay-As-You-Earn (PAYE) submissions and payments
25 April - VAT manual submissions and payments
29 April - Excise Duty payments
30 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 us for professional, detailed and appropriate advice.

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