With so many choices available for almost every service, online reviews are starting to play an increasing role in every customer’s decision as to where they shop and what they buy. Sites like Yelp, Facebook and TripAdvisor, which allow customers to give feedback, have seen their popularity boom as people lean increasingly heavily on the advice of strangers. A recent report found that 93% of all customers check reviews before committing to buying anything, with 91% of all 18 to 34-year-olds saying they trust these online reviews as much as a recommendation from a friend. Positive Google Reviews are often critical when it comes to customers making buying decisions.

Why then does it appear as though so many companies simply neglect their online reviews? The truth is that ignoring these reviews could be catastrophically damaging to your business and how you deal with them could be the difference between success and failure. So, what should you do with an online review? 

 


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22A Church Street
DURBANVILLE
7550

 Tel: 021 970 4600
Fax:  021 975 6780
Email: info@sdkca.co.za
 
Website:  www.sdkca.co.za 
 

 

 

IMPORTANT TAX DEADLINES TO REMEMBER

  • 28 February 2023:Companies, Close Corporations and Trusts with February year ends 2022 tax returns
  • 28 February 2023:2023 second provisional tax estimates and payments for provisional individual taxpayers, Companies, Close Corporations and Trusts with February year ends

 

IMPORTANT YEAR END CONSIDERATIONS TO REMEMBER – 28 FEBRUARY 2023

We would like to remind you of the following aspects relating to February year-end entities and all individuals.  

Companies and Close Corporations:

Dividend Declarations:

Consider whether a year-end dividend should be declared as these dividends should be declared by 28 February 2023.

Contact us to assist you with any calculations and preparation of dividend resolutions and dividend withholding tax returns.

 

Stock Counts (Where Applicable):

Companies:  As part of our annual audit, we will perform spot-checks on your stock records. This should take place shortly after year-end (not more than 2 working days). If we have not scheduled an appointment with you, please contact us as soon as possible.

Close Corporations:  According to law you must perform a stock count if you carry trading stock. Please ensure that you have these stock count records available in the event of an inspection by SARS.  

 

Individuals:

Travel allowance:

Employees in receipt of a travel allowance must maintain a logbook of business and private travel. No deduction for income tax purposes will be considered without a valid logbook. A logbook must include date of travel, destination, reason for travel and the business kilometres travelled.

Remember to record your closing kilometres (ODO reading) as at 28 February 2023.

Bank account balances:

Remember to document and send us the closing balance of your bank account(s) as at 28 February 2023.


 
February 2023 NEWSLETTER
Ignoring an Online Review Could be Catastrophic for Your Business!

With so many choices available for almost every service, online reviews are starting to play an increasing role in every customer’s decision as to where they shop and what they buy. Sites like Yelp, Facebook and TripAdvisor, which allow customers to give feedback, have seen their popularity boom as people lean increasingly heavily on the advice of strangers. A recent report found that 93% of all customers check reviews before committing to buying anything, with 91% of all 18 to 34-year-olds saying they trust these online reviews as much as a recommendation from a friend. Positive Google Reviews are often critical when it comes to customers making buying decisions.

Why then does it appear as though so many companies simply neglect their online reviews? The truth is that ignoring these reviews could be catastrophically damaging to your business and how you deal with them could be the difference between success and failure. So, what should you do with an online review? 

read more
Maximise Your Business Travel Tax Deduction
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With both fuel and vehicle ownership costs at historic highs, it is more crucial than ever for taxpayers to keep accurate, up-to-date and securely stored logs of all business travel as well as proof of related travel costs. This is because expenses related to business travel can be deducted from taxable income – but only if a logbook that complies with SARS requirements is kept current for each vehicle and stored as per the regulations.

There are also several other tax implications relating to travel expenses, travel allowances and reimbursements for business travel. To maximise the tax benefits related to business travel for both a business and its employees, speak to your accountant to fully understand the tax implications for all concerned. 

   
read more
Loadshedding: Survival Tips for Small Businesses
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From damaged equipment, and staff and machinery sitting unproductive for hours, to numerous missed deadlines, there is no doubt that constant loadshedding is taking a heavy toll on South Africa’s small to medium businesses. With no short-term solution in sight, it’s clear that to survive and hopefully thrive South Africa’s entrepreneurs are going to have to dig deep and come up with some novel solutions. 

While all businesses are unique and will have to develop their own individual plans for coping with loadshedding in the long term, we have put together a few tips that can be generally applied by small businesses to try and take some of the sting from the daily blackouts. Here are our five top suggestions for surviving loadshedding as a small business.

   
read more
How the New Assessed Loss Tax Limitation Works
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Previously, company losses could (subject to certain requirements) be offset against 100% of taxable income in the following year, with any balance rolling over to subsequent years. Under the new rules, an assessed loss can now only be set off against 80% of taxable income or R1 million - whichever is higher - in the relevant tax year, with the remaining balance still rolling over. 

Some companies, like those with taxable incomes under R1 million, are unaffected, but for others, it means that even if their assessed loss balance far exceeds their taxable income, they will from now pay tax on up to 20% of taxable income. There are other complexities involved, including wording still to be clarified, so read on for more detail…

   
read more
Budget 2023: The Minister of Finance Wants to Hear from You!
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“Finally, we pay tribute to the millions of South Africans, whose resilience and courage during these times of pandemic and economic hardship, is an inspiration to all of us who have the privilege to serve in the public sector.” (From the 2022 Budget Speech)

 

Finance Minister Enoch Godongwana has invited the public to share suggestions on the 2023 Budget he is expected to deliver on Wednesday 22 February 2023.

Go to National Treasury’s “Budget Tips for the Minister of Finance” page and fill out the online form. 

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

  • 27 February - Excise Duty payments

  • 28 February - 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 your professional adviser for specific and detailed advice.


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