Estate Planning: Act Now to Protect Your Family and Business After You Are Gone

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Just 20% of South Africans have a valid will (“Last Will and Testament”), resulting in countless heart-breaking stories of grief-stricken surviving spouses and children with no income or access to funds as bank accounts have been closed, floundering in confusion with no idea where the deceased’s will or important documents are kept, what assets and debts there are, how to access password-protected devices or who to contact for help.

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The Simple Solution to Hassle-Free EMP501 Final Recons

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By law, employers must deduct or withhold employees’ tax from remuneration and pay this to SARS monthly on or before the 7th of the following month with the EMP201 declarations; and must also reconcile employees’ tax during the interim reconciliation (due end October) and the annual reconciliation (due end May) when tax certificates (IRP5s/IT3(a)s) must also be issued to employees.

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What The New Employment Tax Incentive Limits Mean for Your Business

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During Finance Minister Enoch Godongwana’s 2022 Budget Speech, a substantial 50% increase in the limits for the Employment Tax Incentive (ETI) was announced, effective from 1 March 2022. This will increase the amount of tax relief employers can claim when employing young people.

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Budget 2022: Your Share of Billions in Tax Relief and Business Support

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The 2022 Budget Speech brought some good news and welcome tax relief to personal and business taxpayers,

This is possible thanks to tax revenue collection estimates that exceed the 2021 Budget estimate by R182 billion. Given the improvement in revenue collections, government proposes R5.2 billion tax relief to help support the economic recovery, provide some respite from fuel tax increases and boost incentives for youth employment.

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Pebbles Nursery School

November 17, 2021

HLB Barnett Chown, gets invited to the graduation and concert at the school they are so fond of.

HLB has been supporting the Pebbles School throughout the year with goodies that the children needed and some fun things as well.
We were invited to Primrose Pebble School on Friday the 5th of November to attend the graduation ceremony, in order for them to say a huge THANK YOU to HLB for our generous contributions they received from us during the year.
We are so blessed to be able to help out in our community and continue to do so for as long as we can.

 

 

 

 

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What Auto-Assessed Taxpayers Must Know as the November Deadline Looms

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A year after the first mass auto-assessments were issued by SARS in 2020, many more taxpayers are facing the 2021 tax season deadline of 23 November – just days away!

Read on to find out what has changed since last year, what is still the same and important to know, and why you need to contact your accountant before accepting or editing a return/auto-assessment result.

 

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Letter of Demand from SARS? Handle With Care!

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For many South African companies – already battered by loadshedding, lockdowns and looting – a letter of demand from SARS could be the last straw. For others it may be the entry point into one of the many scams that use letters of demand pretending to originate from SARS. For others still, it may be a signal that the company’s internal compliance procedures are lacking. And, in two recent court cases (refer below), the manner in which the letter of demand was delivered proved to be an important safeguard for the companies that experienced SARS simply deducting the outstanding tax debt from their bank accounts!

Regardless of the circumstances, any letter of demand from – or seemingly from – SARS should be handled with care!

What a SARS Letter of Demand means

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How To Mitigate Risk

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Battered by national lockdowns of varying intensity since March last year, many businesses have been further affected by weeks of looting and riots in July. These cost 330 South Africans their lives, while our country lost about R50 billion in output, with an estimated 50,000 informal traders and 40,000 businesses affected, placing 150,000 jobs at risk.

For some businesses who had managed to survive in an economy that contracted by 7% last year, it was a final blow. In the economic hubs of Gauteng and KwaZulu-Natal, businesses, shops and warehouses were destroyed or shut down. Virtually all businesses across the country – and in neighbouring countries – were impacted by the resulting food, fuel and medical supply shortages, as well as disruption of supply chains when the ports of Durban and Richards Bay were brought to a standstill and the N3 highway was closed.

 

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Home Office Expenses: To Claim or Not to Claim?

06 August 2021

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“All employers should allow their employees to work from home unless it is absolutely necessary for them to perform work on-site” was among the government’s directives issued on 28 June, when South Africa was placed under an adjusted Alert Level 4 lockdown in response to the third wave of Covid-19 infections in the country.

While working from home has certainly become a more familiar feature of the employment landscape and is predicted to remain so long after all lockdown restrictions are lifted, it has been some time since employees were actually compelled to work from home wherever possible

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How 67 Minutes on Mandela Day Can Change Our World and Benefit Your Business

18 July 2021

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Nelson Mandela, our former president and world-renowned human rights champion, was born on 18 July. Fondly known as Madiba or Tata, his life was an inspiration to the world and he received more than 250 public honours, including the Nobel Peace Prize.

Why Mandela Day and why 67 minutes?     

In recognition of his immense contributions, 18 July was declared Nelson Mandela International Day by unanimous decision of the UN General Assembly in 2009. It is more than a celebration of his life and legacy; it is a global movement to honour his life’s work and to change the world for the better.

On his 90th birthday, Madiba said: “It is time for new hands to lift the burdens. It is in your hands to make of our world a better one for all.”

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How To Mitigate Risk

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The situation is not going to improve – more load shedding is predicted, by Eskom itself, for the next five years together with even higher electricity tariffs. Given the impact of load shedding and the high cost of electricity, business owners are well-advised to understand and assess the risks faced in terms of electricity supply and to implement strategies to mitigate this risk. 

 

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Pebbles Nursery School

May 30, 2021

HLB Barnett Chown, another charity drive for the school we are so fond of.

HLB wanted to support Pebbles School as we have done in the past however we decided that we would spoil the children with party packets.
We went through on the 30th March just before the Easter weekend. We spoilt them with sweets and coldrink and of course an Easter egg. So they could enjoy the Easter weekend festivities.
We also included some Hygiene products (Toothbrush, toothpaste, soap and face cloth), which we knew they needed.
We also included a colouring book and crayons as an activity for them to do.
It is always such a pleasure to give back to these kids.
We are so blessed to be able to help out in our community and continue to do so for as long as we can.

 

 

 

 

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