Dubai and Tax Reminders: March Newsletter 😊
/It has been a while since I have sat down and thought about Anlo’s newsletter and what I would like to write to all our wonderful clients.
People that have gone through grief told me that you don’t feel yourself for a period, and I used to listen and sympathise, but I could not really imagine how long that feeling will last, or how deep it will hurt, until now.
With the love and closeness of wonderful people, I am slowly getting there.
Esmerelda and I recently took ourselves on a week sabbatical to Dubai with our little girls, and it was AMAZING! Thank you to everyone that was patient with us during this time. We planned this break probably a year ago, with the hope that it will give us something to look forward to, and because of COVID and everything we kind of forgot about it because there was a chance we could not go, and we did not want to get our hopes up.
But we did manage to go, and it was so definitely needed. The break from the routine that has become a burden over the last 2 years was exactly what the doctor ordered. We swam in the sea and talked about the business’s future, about our hopes and dreams for ourselves, our families, and our business.
I feel more grounded, and we would encourage all our clients to go on a holiday if you can. It’s easy to view holidays as a luxury, and they can be, but they are also a vital part of getting your work-life balance right.
A friend, who is an employment lawyer, once explained that legal holiday provision is a health and safety provision as much as anything. None of us can work constantly, to do so invites mistakes and burnout. So, take a break. Think about life and the purposes of it.
I also had the privilege and excitement of having my old business partner visit me in Edinburgh.
As you know, I started Anlo 12 years ago in South Africa with Mike Brown and together we grew the business for 2 years. He moved onto other projects but has always kept in touch.
It was so incredible nice to have him see where I live and thrive.
Tax Reminders
In April 2022, the EMP501 and IRP5 opens at SARS. This means that your employees tax certificates should be generated and submitted to SARS.
For clients whose payroll we do, we will work through our list and get this done. If you haven’t heard from us before the end of April 2022, please give us a nudge. We are only human! The deadline is end of May 2022.
All employers registered for PAYE with SARS needs to submit their EMP501 reconciliations before the end of May 2022. This is the payroll details for the period starting 1st of March 2021 to 29 Feb 2022.
If you have any questions or would like us to do this for you, please don’t hesitate to contact@anlofin.com or 011 658 1324
Information required for us to do your company’s EMP501 submissions and IRP5’s for the Feb 2022income tax year:
Employee details: ID number, address, tax number and full name and surname
Employee monthly gross income
Employee monthly fringe benefits
Employee PAYE, SDL and UIF monthly submissions
Total PAYE, SDL, UIF submissions
Access to your E-filing profile so that we can submit your returns
If payslips have been generated, copies of these payslips
If you use an online payroll system, either access to your payroll system or a back-up of the yearly file.
Please do not hesitate to contact us if you have any questions
Simplepay
We have started using Simplepay as part of our new payroll process which is a cloud-based payroll system. The idea is that it will help our clients get their payslips more easily and more quickly and that the whole system will make the payroll process smoother and simpler.
As this is the start of the new tax year, we have loaded everyone onto Simplepay, and you should start seeing new reports and information coming from us. If we do your company’s payroll, then your payroll should have been done on Simplepay for March 2022. We would love your feedback. Please click here to fill out a quick and simple survey
BUDGET SPEECH 2022
During the 2020 Budget Review, the government indicated that it intended to decrease the corporate tax rate by one percentage point from 28% to 27%. It has now been confirmed that this decrease will take place, effective for tax years ending on or after 31 March 2023. In other words, this will apply to any company whose tax year commences on or after 1 April 2022.
The decrease in the corporate tax rate hopes to stimulate investment and economic growth within South Africa. It should, however, be noted that there are other changes that temper this, such as the limitation on assessed losses that companies can claim (see previous Anlo blog entry) which will come into effect at the same time.
But we are accountants and enjoy numbers 😁, so let’s look at a simple comparison of the numbers, assuming a company with a profit before tax/taxable income of R1 000 000.
