SARS Updates - April Newsletter

/

This month we had TWO birthday celebrations, so naturally we celebrated this in true Anlo style with lots of cake, treats, snacks, and smiles. Happy birthday Irelene and Matthew!

Irelene Birthday
Matthew Birthday

As you know, both Esmerelda and I have been working on our coaching skills lately, I personally love this video on leadership and how to encourage your people to take charge and make decisions. It is funny, useful and very well done. Hope you enjoy it too!

On the 25th of March Annja attended the Practice Forum Update virtual meeting that is usually held in London and there were some powerful messages that came through. The last 12 months have shown how valuable accountants can be, and I am very proud of what we at Anlo have achieved personally and how we have supported our clients.

Over the next 12 months it is vital that we do not become complacent and work to ensure that we stay on top of matters like growth in our business and in our personal life.

Michael Izza (the president of the Independent Chartered Accountants of England and Wales) encouraged all accountants to instill and restore trust in accountants and that will be the focus of the next 10 years for the institute.

SARS Updates

  1. The EMP501 and IRP5 submission deadline is the 31st of May 2021.
    If you require us to assist you, please get in contact with us. SARS has done a great summary on things to remember when filing your full year reconciliation.
    For all our retainers and clients whom we do the payroll for, we will be submitting this and we will contact you if we require any information. If you don’t hear from us, please give us a nudge 😊. We are all just human 😊

  2. Workmen’s Compensation is also due at the end of May 2021.
    This is based on the actual payroll figures for the last 12 months as well as the expected payroll amounts for the next 12 months.
    We do not include this submission as part of our retainer packages, and we encourage clients that need to submit their workmen’s compensation returns to get in touch with us. Legally all businesses registered for PAYE should submit and pay workmen’s compensation returns (COIDA returns).

  3. Considering that business struggled in 2020 and potentially a lot of businesses will have an assessed loss, we thought it is important to remind everyone that just because you are in a loss-making position, you can still incur penalties for non-submission of tax returns.

  4. 2021 Personal tax season
    From SARS website it seems that the tax season only opens on the 31st of October 2021. This is much later than usual, and we would like to encourage people to send their tax documents as soon as possible to keep on file, so that when the tax season opens we can start filing immediately and get it done as quickly as possible.
    The tax season closes on the 4th of December 2021 for non-provisional tax payers (and 31st of January 2022 for provisional tax payers) so that doesn’t leave a lot of time, but we are professionals. Don’t panic 😊.

  5. Section 12H Learnership Allowance
    Training and development is key to the growth and success of businesses and it can be frustrating finding the right people for the job and then spending resources to train them up.
    There is a learnership tax deduction that can assist businesses with getting an additional tax deduction for training people up.
    The employer must register the employee in a learnership agreement with SETA (Skills Education Training Authorities) in accordance with the Act. The employer has to complete an IT180 for all learnership agreements.
    There are two parts in the allowance:

    1. An annual allowance

    2. A completion allowance

      Please find a SAICA comparison of how thededuction is calculated before and after 1 October 2016.

.