• accounting news (4)

At Fenns, we keep up with the latest developments in the accounting world, and now you can too. Stay informed with our monthly blog posts and newsletters, featuring insights, updates, and industry news.

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Skills Development Levy
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Why (and How) to Submit Skills Development Reports by 30 April

While many companies pay the Skills Development Levy (SDL) that amounts to 1% of total payroll each month, not all companies are taking advantage of the incentives that allow as much as 70% of the paid levies to be claimed back by meeting certain requirements and submitting the required annual reports by the 30 April deadline.
Business Plan
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5 Business Plan Mistakes to Avoid

While the reality of your business will often force changes in your business plan, there are still numerous errors made during this planning stage that can irreparably harm your business and ensure you have a much tougher time than usual getting going. Surprisingly, some of them are very common. Here are five quick tips for mistakes to avoid when writing your business plan.
Customer Trust
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Tips for Generating Customer Trust as a Start Up

Giving your customers belief in your business before you have even made a single sale, or won a single pitch is one of the most crucial steps in building a company. Here are a few tips on how to make it happen.
UDZ Tax Incentive
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UDZ Tax Incentive Extended: Could Your Business Benefit?

In the recent 2023 Budget, it was announced that the urban development zone (UDZ) tax incentive will be extended by a further two years until the end of March 2025. The incentive creates beneficial tax allowances for property investments in certain central business districts of South Africa’s major cities.
2023 tax tables
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Budget 2023: Your Tax Tables and Tax Calculator

The big Budget Speech 2023 tax news was the introduction of tax incentives for investing in rooftop solar and renewable energy. The Budget also detailed tax relief in the form of adjusted tables for tax and rebates for individual taxpayers, adjusted tables for retirement tax and transfer duty, and the expected increases in ‘sin’ taxes. How will these changes affect you directly?
march 2023 budget
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Budget 2023: How It Affects You and Your Business

Budget 2023 focussed firmly on the energy State of Disaster. The most prominent announcement was that government would take over R254 billion of Eskom’s debt, while two tax relief measures totalling R9 billion were introduced to assist individuals and businesses to invest in solar and renewable alternatives.
2023 disaster recovery plan
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How To Prepare a Reliable Disaster Recovery Plan

If there is one thing the recent market and global economy has taught us, it’s that almost anything can happen and it’s wise to plan ahead. Whether it’s a sudden flood, a hacking incident, or a fire in your office, companies need a way to first survive any data loss and then come back from it. They need a Disaster Recovery Plan.
march 2023 helpful tips
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Five Essential Bookkeeping Tips for Small Businesses

Entrepreneurs have a lot to deal with on a daily basis. From managing customers to ordering stock, handling marketing and networking - the days aren’t short of obligations. As a result, it can be difficult to find time to draw up spreadsheets and analyse finances. The problem is that managing your books and keeping finances organised is critical to the success of a company, and failing to do so is a sure way to financial ruin.
2023 minimum wage
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Effective 1 March 2023: New Earnings Threshold and National Minimum Wage

Employers and their employees should take note of the increases from 1 March 2023 in both the National Minimum Wage (NMW) and the “Earnings Threshold” provided for in the Basic Conditions of Employment Act (BCEA). The threshold also impacts on employee protections in the Labour Relations Act (LRA) and in the Employment Equity Act (EEA).
solar panel tax incentive
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SOLAR PANEL TAX INCENTIVE FOR INDIVIDUALS

Tax-paying South African individuals and businesses will be able to claim substantial rebates for rooftop solar and other renewable energy generation in the coming financial year. This incentive is designed to encourage households to deploy clean energy generation, which can also supplement electricity supply.
untitled design
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Budget Speech 2023: A Brief Summary

The 2023 budget speech delivered by Finance Minister Enoch Godongwana brought a fair amount of good news for South Africans. There will be support for households and businesses installing renewable energy, no income tax increases were announced, and the fuel levy remains unchanged, taking some pressure off people’s budgets.
Assessed loss tax
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How the New Assessed Loss Tax Limitation Works

Previously, company losses could (subject to certain requirements) be offset against 100% of taxable income in the following year, with any balance rolling over to subsequent years. Under the new rules, an assessed loss can now only be set off against 80% of taxable income or R1 million - whichever is higher - in the relevant tax year, with the remaining balance still rolling over.
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