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- July 2024 | 7 Effective Business Lessons Inspired by Madibaby MFI on July 1, 2024 at 12:00 am
In just a few days, on 18 July, the world will commemorate Nelson Mandela Day, dedicated to honour our Tata, Madiba, known for his great leadership skills and his ability to inspire people around the world to greater heights. Mandela also left us with some really effective lessons that can inspire and encourage business owners and entrepreneurs in these uncertain times. In this article, we highlight 7 important business lessons inspired by Madiba’s wisdom. Nobody wants to go t...
- June 2024 | Use This SARS Incentive to Bring Young People into Your Businessby MFI on June 1, 2024 at 12:00 am
Youth Day, celebrated on 16 June each year, is an ideal opportunity for businesses to look at ways of bringing fresh young talent into their teams to unlock a myriad of business benefits. One way of doing so is by utilising the Employment Tax Incentive or ETI for short, an incentive provided by SARS to encourage employers to hire young work seekers. Our team can help you take advantage of this incentive and to unlock the benefits of having young workers in your business.With businesses i...
- May 2024 | Your Employer Annual Declaration is Due by 31 Mayby MFI on May 1, 2024 at 12:00 am
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 ...
- April 2024 | Have Your Own Budget Shortfall? Here’s What to Do…by MFI on April 1, 2024 at 12:00 am
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 […]
- 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 […]
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