Newsletter – June 2021

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Monthly Finance Brief  |  CFO360 Accountants
Monthly Finance Brief | CFO360 Accountants

South Africa’s Winter Wonderland And SARS Cracks Down On Millionaires

Has anyone else wondered where all the time has gone by? We certainly have!

May has come and gone and we’ve approached our halfway destination. As this marks the end of the 1st financial quarter (for most entities) it’s good to reflect on past performance and realign your goals.

Riding The Covid Wave  |  CFO360 Accountants
Riding The Covid Wave | CFO360 Accountants

Important Dates & Notices

General Dates

For the month of June, we have a tiny break on the 16th of June while the nation celebrates Youth Day. To find out more about the origins of Youth Day Feel free to read on here…

Tax and Accounting Deadlines

It has been some time since the announcement, but it is official, the UIF liability monthly contributions limit has increased from R14 872 to R17 712 per month.

As we surpass May all employers’ EMP501 and WCA returns should be filed and submitted.

Other deadlines not to be missed are the VAT submissions by the end of the month and PAYE submissions by the 7th, which are always ongoing. For companies ending with a December year-end provisional taxes are due. These will be advised by your accountant, as always, when they fall due for your business.

Furthermore, it’s an excellent time to start collecting and preparing your Income Tax documents as the opening date should be from the 1st of July.

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

Xero vs FNB vs Quickbooks vs Sage  |  CFO360 Accountants
Xero vs FNB vs Quickbooks vs Sage | CFO360 Accountants

Which accounting software should I use?

This is a question that many business owners ask themselves, and it can be difficult to answer. There are so many different providers of accounting software out there, each with its own unique features and pricing plans. In this blog post, we will compare Xero vs FNB Instant Accounting vs Quickbooks vs Sage. All four of these companies offer cloud-based versions for their products – but which one is the best?

Xero Accounting Software

If you’re looking for an accounting software that will help your business work more efficiently, look no further than Xero. With the single unified ledger and automatic bank feeds, it’s designed to keep businesses running smoothly without requiring frequent data input from users. You can even create custom invoices with a few clicks of the mouse or swipe on mobile devices! It also includes a host of other features such as fixed asset register, business and management reporting, purchase orders, expense claims , accounts payable & receivable and many more. READ MORE…

Some More Interesting Things Happening…

Signing Off

As we creep into winter we start off with a chilling cold front. It’s official, take out your coats and winter socks because winter is here! At least we are left with beautiful sights across our country with KZN turning into a winter wonderland. 

All the best for a productive June. Let’s all keep safe while the 3rd wave is steadily approaching so we can flatten the virus’ surfing groove. 😉

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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