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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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Your employer annual declaration is due by 31 may
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Your Employer Annual Declaration is Due by 31 May

Employers have only until 31 May 2024 to submit their Annual Reconciliation Declarations for the period 1 March 2023 to 29 February 2024. This is a focus area for the South African Revenue Service (SARS), not just to ensure employer compliance, but also because it ultimately enables SARS to issue individual taxpayers with income tax auto-assessments. Non-submission or late submission of declarations, and the submission of incorrect or inaccurate data, can attract penalties, interest and even criminal prosecution, making professional assistance important when submitting this year’s EMP501.
donating to a pbo check sars’ new requirements (and pbos note your new 31 may deadline)

Donating to a PBO? Check SARS’ New Requirements (and PBOs Note Your New 31 May Deadline)

With a valid tax certificate from a qualifying PBO, taxpayers – companies and individuals - can get a tax deduction for donations made. New requirements for both valid tax certificates and PBOs have been implemented by SARS, the most recent being effective from 31 May 2024, affecting both PBOs and their donors. Before donating to a PBO and relying on the tax break, be sure to first verify with us the eligibility of the PBO and tax certificate with the new requirements. For PBOs, our professional assistance in meeting the new requirements is recommended.
have your own budget shortfall here’s what to do... (1)

Have Your Own Budget Shortfall? Here’s What to Do…

Government’s approach to balance this year’s National Budget 2024 shortfall of R15 billion didn’t set a positive example for South African individuals and businesses that face the same economic challenges but are, unlike government, unable to side-step spending cuts by squeezing taxpayers and tapping into national reserves. Given the economic conditions, business and personal budget shortfalls are not uncommon. Find out here why it is so important to balance your own budgets and what to do when facing a shortfall without compromising your capacity to achieve your goals.
budget 2024
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Budget 2024: How It Affects You and Your Business

There were few surprises and little in the form of good news in Budget Speech 2024. Although there were no major tax proposals and no major tax rate hikes announced, individual taxpayers will bear the brunt of a R15 billion Budget shortfall, while multinational corporations will pay a global minimum corporate tax, and plans are afoot to tap into the SARB-administered contingency reserve account. Here is a brief overview of the most pertinent announcements for individuals and businesses that underscore the need for professional tax advice in the year ahead.
tax calculator
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Budget 2024: Your Tax Tables and Tax Calculator

Budget 2024 effectively brought an increase in personal income tax by not adjusting the tables for tax rates, rebates and medical tax credits, while also implementing substantial increases in ‘sin’ taxes and introducing a proposed global tax on multinational companies. This selection of official SARS Tax Tables and other useful resources will help clarify your tax position for the new tax year. Then follow the link to Fin 24’s Budget Calculator (just follow the four-step process) to perform your own calculation.
things to look for when buying a small business
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Things to Look for When Buying a Small Business

On the surface buying into a small business can seem easy. There aren’t a lot of laws to negotiate, and payment can often be done in a single cash-based transaction. However, there are a lot of hidden pitfalls that could make this one of the worst decisions of a person’s life. This is why investment experts recommend doing “due dilligence” before you transfer all of your money. Here are the most important things to look for when buying a small business.
the five skills your business needs to cultivate in 2024
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The Five Skills Your Business Needs to Cultivate in 2024

If you are like the vast majority of companies out there, you are neglecting employee training and it’s going to cost your business. This is the warning coming out of the Harvard Business review which reported that one of the main reasons top talent leaves an organisation is that they feel their career development is not being supported. In 2024, there is no excuse for this as there are dozens of new skills that employees need to be trained in for the true success of your business. Here are the most important.
invoicing tips
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These Invoicing Tips Could Save Your Business

It’s no secret that poor cash flow management can sink businesses. Without ready cash in the bank a business will struggle to meet its own commitments, destroying relationships, increasing costs through interest, and losing out on critical suppliers. The good news is that some simple changes to company invoicing can result in a far higher percentage of paid invoices, quicker payment and ultimately better cash flow. Here’s what you need to do.
provisional tax
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Provisional Tax: Are You Ready for the Crucial 29 February Deadline?

Especially for taxpayers required to make provisional tax payments on income as both individuals and as owners of companies, it may seem that a provisional or final income tax deadline lurks around every corner, with the next and crucial second payment deadline for most companies and individuals just a few short weeks away on 29 February 2024. Given the numerous declarations and payments overlapping through the year, provisional tax is among the most confusing aspects of the tax regime, and the most heavily penalised, making professional assistance essential when attending to provisional tax responsibilities.
build your team stronger this year
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Build Your Team Stronger This Year

All stakeholders benefit when happy employees enthusiastically work together as a strong cohesive team to achieve clear and common goals. Given the demanding realities of the business world, this may seem like a lofty ideal, but in just five practical steps outlined in this article, you can build a stronger team in 2024, allowing your business to enjoy all the well-documented benefits of great teams - which go beyond just the bottom line – throughout the months ahead.
adapt or die how to develop a digital transformation strategy
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Adapt or Die: How to Develop a Digital Transformation Strategy

From increasing costs to legal compliances and logistical challenges, there are a multitude of pressures on a modern business. This is why companies looking to thrive find themselves increasingly turning to technological solutions to free up staff time, streamline their operations and enhance customer experiences. These digital transformations aren’t as simple as they seem on the surface, however, and smart business leaders will need to develop a digital transformation strategy that takes advantage of all that technology has to offer. Here are our top tips.
budget 2024
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Budget 2024: The Minister of Finance Wants to Hear from You!

Finance Minister Enoch Godongwana has invited the public to share suggestions on the 2024 Budget he is expected to deliver on Wednesday 21 February 2024.
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