Economic analysts recently reported that by August 2020 as many as half of South African small businesses had closed down due to the national lockdown. A more frightening statistic awaits our economy as, 6 months later, many more find themselves on the threshold of survival as the impact of the lockdown continues to distress small,…
By Ruan van Jaarsveld – Manager, Hobbs Sinclair Advisory Many South Africans have recently found themselves feeling the need to venture into business outside of the formal, corporate framework. Reasons for this vary from being retrenched from a position of employment to having to supplement employment income with another income stream. Most new business…
Ruan van Jaarsveld We recently had a walk-in client approach us wide-eyed with a SARS assessment demanding a payment of R52 000.00. In these unprecedented times, we are all looking at ways to save, earn and protect our finances. Our team worked through Mr. Walk-in’s DIY tax return and after applying our knowledge, we turned his…
Morné Janse van Rensburg ACMA, CGMA Making certain that you have a valid Will in place often finds itself at the bottom of the To Do list, especially if you are young, fit and healthy. The truth is, a will is not that arduous to prepare and depending on the extent of the detail, it…
SARS’s new auto-assessment – what to do when you receive an SMS With SARS’s introduction of their auto-assessment tax filing procedure, many tax-payers will have already received an SMS informing them of the result of their tax assessment. The calculation will be made from information derived from your IRP5 and information submitted to SARS by…
Business owners, sole proprietors, independent contractors and commission-based earners (if more than 50% of your annual income is commission-based) who are working from home have various tax deductions at their disposal. Salaried employees, on the other hand, regardless of working from home, are limited in their options to claim deductions for expenses incurred. However, all…
President Cyril Ramaphosa has announced a 21 day lock-down period with rigorous restrictions on travel and movement. To assist businesses during this difficult time, the Government has launched a series of relief measures, especially aimed at assisting SMMEs to mitigate the impact of the economic shutdown caused by the coronavirus. We’ve compiled this summary of…
In this modern age of extremely dynamic and complex business markets filled with new technology, cryptocurrency and digitalisation, it is getting increasingly difficult to stay ahead of the curve. Mounting operating expenses and inefficient labour in this financial climate are also not helping businesses achieve their envisaged growth, and to top it all off there’s…
South Africa is alive and buzzing with entrepreneurs, possibly because of the high unemployment rate driving individuals to take matters into their own hands. This often means starting a business. But as going into business blindly can be daunting, invariably go-getters end up in a sticky red-tape scenario. Not knowing the necessary procedures and rules…
In this past year, our profession, and in particular, our reputation as independent auditors and chartered accountants, has been subjected to fairly intense scrutiny. The SAICA is re-looking at the state of the profession of chartered accountants, having appointed Professor Mervyn King to lead their governance review to rebuild trust in the accounting profession, and…