• 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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Trusts

The Risky New Trust Landscape – What Trustees Need to do Now

Recent legal and tax amendments have considerably altered the trust landscape, placing onerous new duties on the shoulders of all trustees in South Africa, while also exposing them to significant risk, with penalties for non-compliance including substantial fines of up to R10 million or imprisonment for up to 5 years, and some of the impossible deadlines already passed! In this article, discover the new duties imposed on trustees and why professional assistance is essential to ensure compliance.
tips for pacing business growth for sustainability

Tips for Pacing Business Growth for Sustainability

Every entrepreneur that starts a business does so hoping it will grow into a working concern. Despite this, many go into the process of building those businesses blindly, unaware that the pace of growth and the way it is handled is a critical element of making a business work in the long run. If a business grows too slowly, it may run out of financing, and if it grows too quickly, it may collapse due to an inability to meet requirements and client dissatisfaction. Here’s our guide on how to grow your business sustainably.
Four Day Work Week
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Why the Four-Day Working Week Just Might Happen

Back when the industrial revolution first started Sunday was the only day off, given over to worship and contemplation. It wasn’t until 1908 that companies first began enacting a five-day work week, and only the great depression made it the standard. Now decades later we are finally contemplating turning another workday into an even longer weekend, in fact it has been trialled in a number of places around the world. The results have been an unexpected phenomenon. Here is why the four-day work week is getting closer to reality.
cybercrimes
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Don’t Fall Prey to the Most Common Cybercrimes!

Cybercrimes, including phishing and online scams, are not only the biggest current threat in Africa, according to Interpol, they are also the type of crime most likely to increase in the next three to five years. In this article, we share the prominent cyberthreats identified by Interpol - with Business Email Compromise (BEC) still top of the list, explain what these cybercrimes entail, and also offer some excellent tips from expert sources to help you, your business and your employees remain safe from these growing threats to businesses and individuals.
quiet quitting
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Quiet Quitting and How to Prevent It

2022 saw a new term rapidly enter the lexicon of HR managers everywhere, “quiet quitting”. The term refers to a trend where, instead of formally resigning, workers are coming to work but only just meeting the absolute minimum requirements to keep their jobs. The trend has inspired a number of conversations around the importance of work/life balance compared with the needs of an effective business.
verification
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Corporate Taxpayers: Hello Tougher SARS Verifications

While SARS’ announcement of the removal of the supplementary declaration for Corporate Income Tax (CIT) for companies or close corporations – the IT14SD form - appears to indicate less paperwork, cost and time when a company is selected for CIT verification, the reality is that it will result in greater scrutiny during the verification process.
sars criminal offenses
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Common Tax-Related Criminal Offences, and How to Avoid Them…

Most tax criminal offences are not premeditated acts of tax evasion, but ordinary events that now - in terms of the Tax Administration Act - expose individuals and businesses to the possibility of committing offences that carry harsh penalties, including fines, imprisonment, and other implications for those convicted.
risk
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Using a “Risk Matrix” to Risk-Proof Your Business

As an entrepreneur or business leader, working out the risks your business faces is critical to planning for the future and ensuring you are ready when disaster strikes. A “risk matrix” is a tool designed to help in this scenario as it allows you to plot and compare the likely risks your business faces and therefore establish a hierarchy of threat.
email scam sars

SARS Warning: Beware Scam Emails!

South Africans are expecting to hear from SARS, with Tax Season 2023 open since 7 July. Knowing this, cybercriminals will also be intensifying their email “phishing” attacks by sending emails that seem to come from SARS – often apparently notifying you of a tax refund or scaring you with outstanding debt or penalties – created to trick people into clicking on a link, sharing one-time pins (OTPs) or providing personal details. Read on for more detail, advice on keeping safe, and useful links…
business debt
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Tips for Getting out of Business Debt

As a business grows, owners may find they need to take out loans to build infrastructure, take on essential new employees, meet legal requirements or upgrade equipment to ensure future growth. These moments can each feel necessary at the time, but if business owners are not careful, they may find themselves with more debt than they can reasonably manage. An inability to repay debts is a huge threat to business stability, and in the end, viability. Here are nine tips on how to get out from under crippling business debt.
employee cost
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The True Cost of an Employee

As they develop, businesses often need to take on new employees. The decision as to whether to do so will come down to business needs and the potential for growth compared with the cost of that new employee. Unfortunately, newer business owners can often hugely underestimate the true cost of that employee. Monthly wages are just the first consideration when costing a new employee in this critical equation. Here are the things you need to factor in to work out the true cost of an employee.
tax

Tax Season 2023 – What’s New and What’s Not

The 2023 Tax Season in South Africa opened officially on 7 July 2023 for individuals who are both non-provisional taxpayers and provisional taxpayers – as well as for trusts. While much has stayed the same from last year, like the auto assessments introduced in 2022, there are also a number of changes this year – ranging from new deadlines to revised requirements briefly overviewed in the article.
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