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.”

Need some Top tips for making an impactful contribution. Read more here!

 

 

 

 

 

 

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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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HLB Barnett Chown Tax Guide

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To provide valuable, efficient and cost effective accounting, auditing
and financial services to our clients by using committed and experienced
professionals.

Everything you need to know with regards to Tax including Tax during Covid.

 

Downloadable Tax Guide

 

 

 

 

 

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Selected for SARS Verification or Audit? Here’s What to Expect... and What to Do

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A number of recent tax developments strongly indicate that taxpayers will face even more intense scrutiny from SARS in this new tax year. Most recently, an additional R3 billion was allocated to SARS in the 2021 Budget Speech “to improve technology, data and machine learning capability and upskill SARS officials to improve the efficiency and effectiveness of SARS”.

This will include expanding specialised audit and investigation
skills and establishing another specialised audit unit for investigations into the tax
affairs of high net worth individuals with highly complex financial structures,

 

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Budget 2021: What It Means to You

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Reminding South Africans of Archbishop Emeritus Desmond Tutu’s advice that hope is being able to see light despite all the darkness, the Minister presented what has been called a “positive”, “balanced” and “sustainable” framework to address these challenges, announcing some unexpected but welcome short-term tax relief. 

 

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Provisional Income Tax Due 26 February: Do’s and Don’ts for Companies

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Provisional tax is not a separate tax but rather a method of payment used to collect in advance some of a taxpayer’s income tax payable for the year. SARS calls it “an advance payment of a taxpayer’s normal tax liability” and notes in its External Guide for Provisional Tax that provisional tax liability “will prevent a large amount of tax due by you on assessment, as your tax liability will have been spread over a period of time
prior to the issue of such assessment”.

 

Two provisional tax payments are compulsory each year, one six months into the year of assessment (first period) and one on or before the end of the year of assessment (second period). There is also an option to make an additional third or top-up payment, seven months after the end of the year of assessment – unless your year end is anything other than end of February in which event you have only six months for the top-up
payment (third period).

 

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Provisional Income Tax Due 26 February: Do’s and Don’ts for Companies

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The extent of corporate taxes – from income tax, employment taxes and value added tax (VAT) to dividend taxes, capital gains taxes, transaction taxes and other indirect taxes – along with the operational aspects such as data and reporting systems and related technicalities, guarantee complexity and time-consuming processes for companies, which in turn increases compliance costs.   

This also compounds other tax risks such as under-estimation; underpayments; overpayments; not applying the correct tax savings and incentives; tax penalties – such as the 10% late payment penalty; the inability to meet tax obligations; and assessments and audits.  

Compliance costs are another growing tax risk. Studies suggest that companies spend hundreds of hours and tens of thousands of Rands each year on internal tax compliance costs such as labour or time devoted to tax activities and incidental compliance expenses, and on external tax compliance costs like tax practitioners’ fees. 

 

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Pebbles Nursery School Donation

January 20, 2021

During these tough times, we as HLB Barnett Chown wanted to give back to our community and we did so by donating and collecting some goodies for Pebbles Nursery School Primrose. They are doing amazing work by creating a centre for Early Childhood Development that provides free education to the children in the Makausi informal Settlement, Primrose.

We had a wonderful time going by to drop off our donation. We still followed strict Covid19 regulations by sterilizing everything we delivered and of course, wearing our masks.

Thank you for giving back to our community and we are honoured to help where we can!

Keep up the amazing work.

Some feedback from the Pebbles Nursery School Primrose:

Words really cannot describe how grateful we are for your company and staff! Thank you so much for reaching out and making such a big difference!

Again, our hearts are so tender from seeing this amazing generous donation. Thank you!

God bless you and your company abundantly!

I’ve attached the photos as promised. Keep an eye on our social media next week, as we’ll definitely be honouring you publicly!

Kind regards,
Gabriela

 

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Non-Provisional Tax Payers - who have not been auto-assessed

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Non-provisional taxpayers who have not been auto-assessed will have from September 1 until November 16, 2020 to file their returns electronically (eFiling or MobiApp). 

If you earn income other than a salary or an allowance, you must register as a provisional taxpayer. You must then pay tax in advance in at least two amounts during the year of assessment, based on estimated taxable income.

Provisional taxpayers and other taxpayers who did not receive the auto-assessed SMS or notification can start submitting their returns immediately and you will not have to wait till the 1 September 2020, take note of the following submissions of income tax returns:

Individual income tax return filing dates

  • 1 September to 16 November 2020: Non-Provisional Taxpayers who submit and pay online
  • 1 September to 22 October 2020: Taxpayers who cannot file electronically can do so at a SARS branch, by appointment.
  • 1 September 2020 to 29 January 2021: Provisional taxpayers who file online

Contact us if you need help with your tax returns.

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