Tax Reminders: December Newsletter
/Thank you to all our valued clients for your support this year. We wish you and your family a happy holiday and an even happier New Year! Please note that both the UK and SA practice will be running with reduced staff from the 16th of December 2021 until the 10th of January 2022.
We would appreciate it if all VAT and payroll runs are completed and submitted before the 16th of December to allow for our clients and staff to have a proper break over the holidays.
If you have an urgent question, please don’t hesitate to contact us and we will try and resolve/answer your query as quickly as possible.
Xero Awards
If you feel Anlo deserves it, please (pretty please) may I kindly ask that you enter us for the Xero Awards.
The closing date is the 10th of December, and we will really appreciate it if you did enter us 😊
Tax Reminders
The individual tax season was moved to the 2nd of December. Poor Esmerelda didn’t even know about it and got most of the tax returns submitted on the 23rd 😊 but if you still want to get your returns filed, let us know and we will gladly assist.
New penalty rule for non-compliant taxpayers – From the 1st of Dec 2021, SARS will impose the new ‘strategic objective of making non-compliance hard and costly’ and impose a levy for late submission of returns. As a transitional measure for the first year, the one tax return or more rule will only apply to the 2021 tax return.
Prior to 1 December 2021, SARS could only levy a late submission of return penalty where two or more outstanding tax returns. This older rule will remain in place for one more year for 2020 and earlier returns. If you know of anyone who has outstanding returns and wants to avoid getting unnecessary penalties, ask them to contact us.A great article here about stock and inventory costings
Proposed Changes to Section 20 Assessed Losses for Companies
The South African corporate income tax rate is scheduled to decrease from 28% to 27% on 1 April 2022. Yipee.
BUT, to help fund this change, there is a proposed change to the manner in which companies will be able to utilise assessed tax losses that arose in prior tax years.
Article on Changes to Provident Funds
The South African government intended to reform the laws pertaining to provident funds from March 2015. However, this led to significant objections and protest action from trade unions and the changes were delayed until March 2021.
