• 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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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.
Load shedding

Loadshedding: Survival Tips for Small Businesses

While all businesses are unique and will have to develop their own individual plans for coping with loadshedding in the long term, we have put together a few tips that can be generally applied by small businesses to try and take some of the sting from the daily blackouts. Here are our five top suggestions for surviving loadshedding as a small business.
travel deductions
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Maximise Your Business Travel Tax Deduction

Expenses related to business travel can be deducted from taxable income – but only if a logbook that complies with SARS requirements is kept current for each vehicle and stored as per the regulations. There are also several other tax implications relating to travel expenses, travel allowances and reimbursements for business travel.
Reviews

Ignoring an Online Review Could be Catastrophic for Your Business!

Why does it appear as though so many companies simply neglect their online reviews? The truth is that ignoring these reviews could be catastrophically damaging to your business and how you deal with them could be the difference between success and failure. So, what should you do with an online review?
Office for Your Business
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How to Know if You Need an Office for Your Business (and How to Make the Most of a Lease if You Do)

Depending on the nature of your work, collaboration may be an important aspect to your success, or perhaps workflows demand the kind of input that simply isn't available remotely or maybe there is a marketing benefit to you maintaining a noticeable space?
Tax Compliance Status

The Importance of Maintaining Your Tax Compliance Status in 2023

Here's what SARS requires to produce proof of your Tax Compliance Status (TCS) with a TCS PIN, and why it is so important to maintain it all year round – all of which highlights the need for professional assistance to ensure your company gets all the benefits that come from ongoing compliance.
Steps to success
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The Financial Steps You Need to Take Before You Open Your New Business

When starting a business, it's easy to get carried away in the excitement, but like with anything those who plan first are far more likely to succeed. Whereas you may already know where you are sourcing your raw products, or who your first clients will be, it is distinctly possible that other aspects have slipped under the radar.
fresh start
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Start 2023 Strong with the “Fresh Start Effect”

“Use the right tool for the job” is common-sense advice that applies particularly well to business owners and managers at the start of a new year, which presents an opportune time to evaluate the previous year’s performance, to set targets and objectives for the next 12 months and begin implementing and monitoring improvements and changes.
3

What is the Metaverse and How Will It Impact Your Business?

The Metaverse is a hot topic around the world at the moment and it’s set to change the way we do business, yet many business leaders simply assume it has something to do with Facebook and are neglecting the opportunities that are presenting themselves with this new 3D internet.
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