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- March 2024 | Budget 2024: How It Affects You and Your Businessby MFI on March 1, 2024 at 12:00 am
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 t...
- February 2024 | Provisional Tax: Are You Ready for the Crucial 29 February Deadline?by MFI on February 1, 2024 at 12:00 am
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 […]
- January 2024 | 2024: Best Year Yet for Your Business?by MFI on January 1, 2024 at 12:00 am
South African businesses have survived some incredibly trying and uncertain years, marked by lockdowns and blackouts, rising interest rates and tight economic conditions. While businesses have little control over these external challenges, what is under every business owner’s control is how the company approaches 2024. You can exercise this control in three simple steps: Assessing the past, measuring the present, and planning for the future – approaching the year ahead with c...
- December 2023 | Corporate Gifting: How to Boost Your Business This Festive Seasonby MFI on December 1, 2023 at 12:00 am
There is no more appropriate time than the Festive Season to show appreciation to clients, suppliers and business partners, to build better business relationships and to differentiate your company from the competition. Well-chosen corporate gifts are a great way to do so, and with these excellent corporate gifting tips, you will be able to create the right impression about your company, while also ensuring that your business associates feel valued. Giving your employees gifts this F...
- November 2023 | Employee Incentives That Really Work for Small Businessesby MFI on November 1, 2023 at 12:00 am
Happy and industrious employees are a huge step toward business success. In a small business, each and every employee needs to be performing to their best ability if the company hopes to succeed. Employee incentives are therefore a great tool for both keeping employees happy and building a successful business. The challenge, however, is that the incentives a small company can offer would not traditionally be as large as those offered by big corporations. So how can small businesses […]
- October 2023 | The Risky New Trust Landscape – What Trustees Need to do Nowby MFI on October 1, 2023 at 12:00 am
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 […]
- September 2023 | Using a “Risk Matrix” to Risk-Proof Your Businessby MFI on September 1, 2023 at 12:00 am
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. Here is our guide to creating and using risk matrices to help you prepare for the threats that could scupper your business.Most tax cri...
- August 2023 | Tax Season 2023 Now Open – What’s New and What’s Notby MFI on August 1, 2023 at 12:00 am
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 – which taxpayers should take heed of before proceeding and which provide ...
- July 2023 | Ten Often-Overlooked Ways Your Accountant Can Help Your Businessby MFI on July 1, 2023 at 12:00 am
Anyone who is starting a new business knows that your accountant is who you go to when you need to do your taxes at the end of the year. Most will know that they can also do the books or offer financial advice. However, many won’t be aware of just how much more your accountants are able to do for your business and how much value can be accrued from speaking to a professional. From assisting with HR, to streamlining cashflow and getting involved with your business software, accounta...
- June 2023 | How to Use AI to Improve Your Small Businessby MFI on June 1, 2023 at 12:00 am
No one is able to login to social media these days without reading about Artificial Intelligence. The technology has been evolving at light speed and awareness of its various iterations has come on just as fast. But is Artificial Intelligence really all it’s cracked up to be and can it actually help businesses streamline operations and lower costs as promised? The answer is that while some of the more popular apps and claims certainly don’t yet live up to the hype, there are still ...
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