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Huysamen Westraad Incorporated July 2023
 
 
 
Ten Often-Overlooked Ways Your Accountant Can Help Your Business
 

Anyone who is starting a new business knows that your accountant is who you go to when you need to do your taxes at the end of the year. Most will know that they can also do the books or offer financial advice. However, many won’t be aware of just how much more your accountants are able to do for your business and how much value can be accrued from speaking to a professional. 

From assisting with HR, to streamlining cashflow and getting involved with your business software, accountants can provide a wide range of services. We take a closer look at a number of the lesser-known abilities of accountants and reveal just how they may be able to help you more than you expect.

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Directors: Prepare and Submit Your Company’s Beneficial Ownership Register  
 
 
How to Prepare for a Possible Electricity Blackout  
 
 
Is Your Information Safe With SARS?  
 
 
 
 
 
 
 
 
 
 
 

Company directors face further responsibility and administrative burdens resulting from legislative changes earlier this year, following South Africa’s grey listing by the global financial watchdog, the Financial Action Task Force. Directors are now obliged to implement a detailed Beneficial Ownership Register for their companies and submit the register to CIPC, along with a list of supporting documents. 

Such a register must also be maintained, with beneficial ownership changes recorded timeously and the validity of the information confirmed on an annual basis. In addition to the added legal obligation and the time-consuming process, failure to comply is an offense in terms of the Companies Act and may incur penalties – providing ample reason to seek the assistance of your accountant in this matter. 

 
 
 

Despite some plans finally taking shape, the risk of high-level loadshedding over the next few years is still very much in place. For now, there isn’t a business in the country that needs to be told of the massive negative impact the lack of electricity can have on their productivity with lost sales, decreased production and missed deadlines being just a few of the downsides on a long list.

While the chances are low, many economists and politicians are even advising business leaders to prepare for the worst and make sure they are prepared for potential countrywide blackouts lasting weeks. Here are our tips for preparing your business to face days without electricity.

 
 
 

The confidentiality of taxpayers’ information has been a cornerstone of tax systems, globally and in South Africa, as it provides taxpayers with peace of mind that the sensitive financial and highly personal information, they are obliged to disclose to tax authorities will not be made public. However, recent developments have raised questions about this, with the public disclosure of President Cyril Ramaphosa’s tax status and a Constitutional Court ruling that re-evaluates the absolute confidentiality of tax information held by SARS.

In this article, we look at what information SARS can collect about taxpayers, how POPI and PAIA come into play, what protection is available for taxpayers’ information, and how to ensure compliance, while only providing relevant information to the tax authority. 

 
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Your Tax Deadlines for July 2023
 
  • 7 July - Monthly Pay-As-You-Earn (PAYE) submissions and payments

  • 28 July - Excise Duty payments

  • 31 July - Value-Added Tax (VAT) electronic submissions and payments & CIT Provisional payments where applicable.
 
 
 
  Physical Address:

Manor House, Farm 3
Vineyards Office Estate 
99 Jip de Jager Drive 
Bellville, 7530 
Postal Address:

P.O. Box 1950 Bellville



Contact Details:

Tel: 021 945 1009
Fax: 021 946 4086
Email: admin@dhw.co.za

 

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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