October 14, 2021
Published by client-admin at October 14, 2021
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While the possibility of a global pandemic was always at the back of our minds, its emergence still managed to catch us off-guard and wreaked havoc on every aspect of our lives, particularly the world of work. Therefore, it’s safe to say that Covid-19 has been a wake-up call for organisations to rethink their priorities and strategies to ensure their businesses will survive the next disaster. When you fail to prepare, you prepare to fail The current health crisis highlighted the vulnerability of businesses around the globe, exposing the consequences of fragile business continuity plans and executives completely failing to […]
July 28, 2020
Published by client-admin at July 28, 2020
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As COVID-19 has ravaged the economy and stripped it bare of tens of thousands of jobs, there is a real threat to the livelihoods of many ordinary working South Africans. As happens during a time of economic recession, some businesses are unable to pay full salaries, have to scale down and have to let workers go in order to survive the results of stunted economic activity in their industry. Job loss is never easy. When found in such a precarious position, one difficulty is knowing where one might find the resources to stay afloat and get ready to re-enter the […]
July 7, 2020
Published by client-admin at July 7, 2020
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Interpretation Note 30 (“IN 30”) by the South African Revenue Service (“SARS”) explains the requirements that need to be adhered to and prescribes the documentary proof, acceptable to the Commissioner, that must be obtained and retained by a vendor in order to levy value-added tax (“VAT”) at zero rate on a supply of movable goods, where those goods are consigned or delivered to a recipient at an address in an export country. Should these requirements not be adhered to, exports could potentially be accounted for at the standard VAT rate of 15%, which will result in adverse tax (and commercial) […]
April 20, 2020
Published by client-admin at April 20, 2020
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While South Africa is currently in a state of lockdown during which a significant number of businesses have had to cease operations, some relief from a tax perspective has been announced by the government. Tax-compliant businesses with a turnover of less than R50 million will be allowed to defer (importantly, not have waived) 20% of their pay-as-you-earn liabilities over the next four months, and a portion of their provisional corporate income tax payments, without penalties or interest over the next six months. There is, however, a legal and practical difficulty in the proposed relief. Legal While President Ramaphosa and his […]
April 20, 2020
Published by client-admin at April 20, 2020
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President Cyril Ramaphosa declared a national state of disaster following the outbreak of COVID-19 which has also been declared a pandemic by the Word Health Organisation (WHO) on the 15th March 2020. How will the lockdown impact my taxes and PAYROLL? As part of the announcement made by President Cyril Ramaphosa the tax following relief measures were announced to assist businesses in distress due to the COVID-19 lockdown: A tax subsidy of up to R500 per month for the next 4 months for private sector employees earning below R6,500 as per Employment Tax Incentive (ETI). Details are yet to be […]
April 6, 2020
Published by client-admin at April 6, 2020
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Small Business Sector Tax Relief SARS TAX RELIEF IS NOT AUTOMATIC If the company can afford the tax liability, the company is required to pay the full amount. Proof to be provided that company is unable (due to the effect of COVID-19) to pay the liability. Tax relief is aimed at distressed companies. Contributions to UIF and SDL Potential temporary reduction in employer and employee contributions to both UIF and SDL. Requirements are still to be confirmed. Delay of payments of taxes Relief Options Requirements PAYE liabilities Defer 20% of prospective PAYE liability over the next 4 months Turnover ≤ […]
March 24, 2020
Published by client-admin at March 24, 2020
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Dear clients, To mitigate the impact of the COVID 19 outbreak we at T ROOS ACCOUNTANTS have introduced the following measures to ensure we provide the same quality of services to our clients before and during the lockdown period: Clients are welcome to visit our offices till close of business on Thursday the 26th of March 2020. Face to face meetings with clients will be possible up to Thursday the 26th of March 2020, thereafter only telecom or skype meetings will be available. For clients located in the Bloemfontein area we have made our messenger available to collect documents from […]