Newsletter – April 2021

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Monthly Finance Brief | CFO360 Accountants

March Recap and April Brief

March has been a month full of public holidays and short work weeks. But this is a trend that will shortly end in the weeks to come. Closing off in March is a good time to reflect on your business’ first-quarter earnings and how it’s projected to continue in the following quarter. Look at your revenue figures and your expenses and plan your year ahead to ensure your business stays on track with its objectives. 

During the course of April, we can expect giant corporations to do exactly this and disclose their first quarter’s figures. It will surely be interesting to see how the global pandemic and the rollout of vaccines have affected the enormous enterprises of the world.

Happy Easter  |  CFO360 Accountants
Happy Easter | CFO360 Accountants

Important Dates

General Dates

We hope everyone had a magnificent time away and used all the public holidays in April as a time to unwind and relax. During the Easter weekend, approximately 70,000 vehicles were on the N3 between Durban and Gauteng at peak travel time on Thursday and Friday as the Easter weekend rolled in.

For all those celebrating Ramadan we wish you the absolute best. Ramadan will be between the 13th of April to the 12th of May. You can find out more about Ramadan here.

Tax and Accounting Deadlines

April marks the opening for the annual Employers Filing Season and the submission of your business’ EMP501 submission and submission of WCA (Workmen’s Compensation Fund) return.

The only other deadlines still not to be missed are the VAT submissions by the end of the month and PAYE submissions by the 7th, which are always ongoing. These will be advised by your accountant, as always, when they fall due for your business.

If you’re not a monthly client and are in need of these returns being filed contact us to arrange that we assist with these returns.

Articles We Found Interesting

Small Business Fighting For Survival | CFO360 Accountants

9 Common Reasons Why Small Businesses Fail

As a small business owner, you are faced with many challenges. There is no one-size-fits-all solution for success. It’s important to be aware of the pitfalls that can keep your company from reaching its full potential. Here are 9 common reasons why small businesses fail that we’ve come across often and what you can do about them!

1. Lack of a Clear Vision or Focus

This is the most common reason why small businesses fail. Without a clear vision, it’s difficult to know what you’re working towards and how your company will be different from competitors. In order for customers or clients to want to work with them rather than someone else who offers similar services at lower prices.

One of the symptoms of lack of vision for your small business is that it goes from idea to idea without focus. This is a quick way to burn out and lose steam. READ MORE…

Some More Interesting Things Happening…

Signing Off

On an unrelated positive note for beer lovers. According to the world beer index posted in March, a world study has been done on beer prices, and South Africa is ranked to have the cheapest beer in the world. Cheers everyone!

If you have any queries, email us at [email protected].

More To Explore

Accounting

EMP501 – Employment Reconciliation Declaration

What Is It? It involves an employer submitting an accurate Employer Reconciliation Declaration (EMP501), Employee Tax Certificates [IRP5/IT3(a)s] to be issued and if applicable, a Tax Certificate Cancellation Declaration (EMP601). The three elements that must reconcile in order for your submission to be successful are the: Monthly Employer Declarations (EMP201s) submitted. Payments made (excluding penalty

Accounting

Receive Your Tax Number Via SMS

SARS has added a new web feature, that allows taxpayers to have their tax reference numbers sent to them via SMS. All the client needs to do is, click on this link: https://tools.sars.gov.za/soqs Fill out their personal details on the form. Select the “What’s My Tax Number? “option under the query type drop down. What

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