• 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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solar
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How You and Your Business Can Benefit from SARS’ Solar Tax Breaks

Two time-limited tax measures were announced in the 2023 Budget in February to encourage investment in renewable energy. The first is an expanded tax incentive for businesses that will reduce taxable income by 125% of the cost of qualifying investments in renewables, and the second is a tax rebate to individuals for 25% of the cost of solar PV panels.
engaged staff
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Affordable Ways to Reap the Benefits of Engaged Employees

The benefits of engaged employees – workers who are involved, enthusiastic and committed to their work and workplace - are well-researched and widely documented. These range from increased productivity and improved customer satisfaction to reduced costs and fewer safety incidents, all of which are vitally important for small businesses whose employees often fulfil multiple roles with wide responsibilities.
new business finances
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Setting Up Your Finances in a New Business

Most entrepreneurs start businesses because they see a gap in the market they think they can fill. The knowledge they have from their careers may have empowered them to see the gap, and to understand how to exploit it, but may leave them short of knowledge in other, critical business areas.
tax freedom day
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Happy Tax Freedom Day!

The 14th of May is a happy day that all South African taxpayers should be celebrating as in 2023, that’s the day after the country has earned enough to pay for our government. Tax Freedom Day (TFD) is a simplified way of showing how much time we all spend working for the government’s GDP rather than our benefit.
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.
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