Nothing causes more panic in a business owner than receiving a notice from SARS that your business is facing a VAT audit. But most of the panic comes from uncertainty of what to expect.
You may not even have done anything wrong, so don't worry.
Your VAT audit may have been triggered simply because your accountant entered a zero in the wrong spot on your VAT return. And having these nine docu... ››› more
As a business owner or shareholder, a popular way to invest is to hold or trade shares.
You hold shares to make money. Either you'll hang on to your shares for a while and reap the benefits in the form of capital growth and dividends. Or you'll look at selling short to take profits on the movement in share price.
The tax consequences hinge on whether the gains or losses you receive are of ... ››› more
I'm sure you'd like nothing more than to get a little something back for yourself instead of just spending a fortune on salary increases, bonus payouts, donations to charities, gifts for clients, etc.
Well, you can. And I'm going to show you how.
Here are four little tricks you can use to make sure you get something out of your good nature.
Let's see what they are... SARS is hungry for... ››› more
As a trustee, you have a legal duty to complete and send an Income Tax Return for your Trust to SARS every year. Failure to do so is an offence and could result in harsh penalties.
The good news is, SARS is going to make your Income Tax Return for Trust (ITR12T) completion seamless.
It understands that the ITR12T may be a bit tricky and it wants to help you submit an accurate return and be c... ››› more
If your employees are experiencing headaches, dizziness, sinus congestion, itchy or watery eyes, scratchy throats and an inability to concentrate at work, poor ventilation is probably to blame.
And if you don't improve the ventilation in your workplace, you'll risk your business facing hefty penalties or even getting shut down! It will also contribute to unproductivity and increased sick leave ... ››› more
As an employer you know it's key to improve the health and safety of your workplace. But important tasks can be overlooked or forgotten, and this is why you need a health and safety representative.
Here are five tasks a health and safety representative (HSE rep) should do to keep your workplace safe! **************
The only DoL recognised guide to select your Health and Safety Representative
... ››› more
Your employees' personal protective equipment (PPE) is vital to keep them safe. Without it, they're vulnerable to serious injuries.
The most common of which are hand injuries. This is because your employees constantly work with the hands and, when they use tools and machinery, it puts them in danger.
That's why you give them safety gloves as part of their PPE.
But to ensure their safety ... ››› more
Just as you have a right to protect your company's privacy, so your employees have a right to privacy too. And since the President signed the Protection of Personal Information Bill (POPI) last month, you now have a legal duty to protect your employees' information!
Here are the top 13 ways you can keep your employee's information safe and sound...
The 13 best ways to protect your employee'... ››› more
The money in your company's bank account isn't totally under your control! SARS can demand you pay someone else's taxes. With the Tax Admin Act telling taxpayers that ignorance is no excuse, make sure you know your rights and how to prevent SARS from taking money out of your bank account.
For SARS to recover any tax debt, you have to receive an assessment. And the assessment should be correct.... ››› more
Let's say, one of your employees comes to you to report a group of colleagues for racism.
Because you have a zero-tolerance approach to racism in your company, you investigate the matter immediately.
After your investigation, you find that the employee who reported the incident has falsely accused his colleagues.
You're now wondering whether or not you can dismiss him for this form of misco... ››› more
Now, I know you know you can't discriminate unfairly against any employee in the workplace. But what happens if one employee discriminates against another because of race?
What are your duties when it comes to this?
I'll tell you in a moment, let's first look at what racism is...
What is racism?
Racism is a form of unfair discrimination and includes:
Ethnic... ››› more
If you've ever owed SARS money, you know that SARS goes on a drive to collect all outstanding taxes in February and March each year.
And you're probably thinking SARS won't bother you again until 2016.
Well... things have changed.
SARS' image took a huge knock earlier this year when some of its senior staff acted beyond their authority to gather information on suspected tax evaders. So S... ››› more
Is your company battling to get on top of tax debt? If so, then it's worth noting that you have a solution!
I'm talking about a tax compromise, and you should definitely use it!
You see, SARS would much rather make a compromise and get some tax out of you than risk getting nothing at all.
But you need to keep in mind that SARS will only grant a tax compromise if this 1 important condit... ››› more
We all know that you can claim input tax for any amount less than R5 000, with an abbreviated, or shortened tax invoice. This means the name, address and VAT number of the buyer doesn't have to appear on the tax invoice. Essentially, it can be made out as 'cash'.
Now have a look at this abbreviated tax invoice below. What do you think is glaringly wrong with it?
*************Errors in your ... ››› more
As you know, there are a whole host of questions you and your employees must answer to see if you're complying with the OHS Act.
If you don't know the right questions to be asking your employees, you can't measure your compliance and you'll fail your audit. Now, this sounds all very well and legit.
I love the legalese we use. 'Measure your compliance'… 'fail your audit'. We hear terms like... ››› more
Did you know that on average 15 - 30% of your staff could be absent on any given day? And because of the high costs associated with absenteeism in your company that I told you about a couple of weeks ago, it's important for you to reduce absenteeism quickly.
So, why don't you implement strategies that are attractive to employees and assist them in staying interested and committed to their work ... ››› more
The first quarter of the year is almost finished but you still have a chance to improve the way you run your company and do business. This includes your accounting management.
After all, if you can't manage your finances properly, your company won't grow.
Now's the time for you to make the changes you need to get your company to grow and succeed.
To help you do this, I... ››› more
If your employees work in filthy conditions, they're going to pick up all kinds of diseases. They could get stomach viruses, breathing problems, intestinal infections. All of these come from the kind of bacteria that live and breed in damp, dirty, unhygienic places.
When your employees get sick, it means lost productivity. You must also deal with COID if your employee is incapacitated for more ... ››› more
Peter has been your star employee for years. He's reached his targets and been a great benefit to your company. So you promoted him. You gave him more responsibility, and even some other employees to manage.
He seemed like the perfect choice for the promotion. But now he's just not cutting it. He's not meeting his deadlines and his overall performance has taken a radical nose dive!
You've tr... ››› more
The truth is, the real cost of absenteeism can be extremely high, yet many companies still ignore it! In fact some companies don't even know how much absenteeism costs them.
For instance, did you know the cost of absenteeism to your company isn't only limited to your employee's salary for the day he's absent? The costs can actually go up to 3 times that amount taking into consideration the prod... ››› more
As the boss, you know what's best for your company. No one else can make the important decisions about money, products and investment.
But when it comes to health and safety, you might need some help. The fact that you sit in your office and don't see what your employees do means you don't know what'll protect them best.
This is why you need to involve your health and safety representative.... ››› more
Easter's almost here! And If you're a Christian, it's a very big deal. If you're Muslim, Easter isn't something you celebrate, nor is Christmas, but Christian Public Holidays are given to everyone - no matter what their religious belief.
So with this in mind, the question crops up... Do you have to give an employee leave when it comes to his religious beliefs and practices?
Let's have a lo... ››› more
You have a legal obligation to protect your employees' data and personal information. This is according to the Protection of Personal Information Act, or POPI. If you don't, you could spend 10 years in jail or pay a R10 million fine!
And while we're waiting for the President to confirm the effective date, you'll only have a year to make sure you're doing everything you can to make sure you're ... ››› more
Why is personal protective equipment (PPE) so important?
Because it protects workers from injury! In the real world though, safety professionals are still struggling to get this message across - and make it stick.
Unfortunately, expressions like 'Wear your PPE because it says so in the safety rule book' just don't hold up as convincing arguments.
So what does work? Let's look at eight way... ››› more
I'm sure you know by now that the law doesn't allow any discrimination against an employee or job applicant (Employment Equity Act).
So when you plan your interviews with job applicants, protect yourself and your company by making sure you avoid questions that may be discriminatory. Because if you're found guilty of discrimination, you could get a penalty of up to 10% of your business turnover.... ››› more
The 26 changes to the Employment Equity Act are in full force. And, if you aren't complying, you could face fines of up to 10% of your annual financial turnover.
In fact, in a previous Bulletin, Janine told us about the increase in the number of Director-General audits this year compared to the same timeframe last year...
And since an EE audit can prove a nightmare for your business if it ... ››› more
Every time your business sells, donates or scraps an asset and it makes a profit, SARS takes a big bite out of the proceeds. And it calls this bite Capital Gains Tax (CGT).
SARS raised the CGT rates in the February 2017 Budget Speech. This means any asset sales you make after this date will cost you more.
You can't escape CGT. In fact, if you try to escape it, SARS could easily find you gu... ››› more
If your company looks like you might have to shut its doors, I have a lifeline for you. It's called business rescue.
It's the legal process you can use to help rescue your business if it's in financial difficulty. And it's probably your last chance to get your business back on its feet.
Let me show you how it works so you can save your business from liquidation... How to make yourself invi... ››› more
At this time of the year, many companies probably think that they still have plenty of time to get their EE house in order, so to speak.
Unfortunately, the Department of Labour inspectors work year-round and they are already well into their stride with Employment Equity audits. I have noticed a marked increase in the number of Director-General audits this year compared to the same timeframe la... ››› more
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