Newsletter – March 2021

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

February Recap and Finance Brief

February has been a long and difficult month for Accountants and Business owners alike. A lot of preparation has gone into closing up the February financial year-end, the most popular year end for companies in South Africa. Let this mark the start of a successful new year for your business. A start to implement all of the things you’ve thought of implementing and the start of trying new things.

On another positive side note, the vaccines have started rolling. Although slow at this stage still good progress to getting our economy back up and running.

The UK also reported exciting new vaccine data… Preliminary results show a single shot of the Oxford-AstraZeneca or the Pfizer-BioNTech jab is over 80% effective at preventing hospitalization among the over-80s.

Important Dates

Human Rights Day  |  CFO360 Accountants
Human Rights Day | CFO360 Accountants

Human Rights Day, 21 March

“Human Rights Day in South Africa is historically linked with 21 March 1960, and the events of Sharpeville. On that day 69 people died and 180 were wounded when police fired on a peaceful crowd that had gathered in protest against the Pass laws. This day marked an affirmation by ordinary people, rising in unison to proclaim their rights. It became an iconic date in our country’s history that today we commemorate as Human Rights Day as a reminder of our rights and the cost paid for our treasured human rights.” You can read more on Human Rights day here.

Tax and Accounting Deadlines

After the busy season struck in February, most of the tax and accounting deadlines are done for now. 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.  As a client your dedicated accountant will prompt this.  No need to worry from your side.

Articles We Found Interesting

Budget Speech 2021  |  CFO360 Accountants
Budget Speech 2021 | CFO360 Accountants

During February each year, the Finance Minister of South Africa passes a Budget Speech.

In an interesting time, and with the backdrop of a once in a century pandemic experienced in the last year, the Minister was forced to address some looming concerns on the Government borrowing and how he intends on reducing this in the coming years.

To quote the Minister: “We owe a lot of people a lot of Money” but somehow he still managed to not increase taxes in any way, and even proposed a corporate tax reduction next year.  As far as budgets go, this was a good one.  Read the full article here

And In Other Interesting News :

Signing Off

Happy financial year-end to all our February private companies. A bright new profitable year awaits.

All the best for a productive March. 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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