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May 2018

Completing your VAT return for March and April where the VAT rate was amended from 14% to 15%

For supplies made on or before 31 March and subject to VAT at 14%, the VAT amount should be calculated manually and included in Field 12 in the VAT201 return which is marked as ‘other’.   Supplies made on or after 1 April are subject to VAT at 15%, the the VAT201 return will automatically calculate the VAT on consideration. The consideration must be encountered for in Field 1 of the VAT return and the 15% VAT automatically calculated in Field 4.

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Regulatory update: Davies Tax Committee provides more questions than answers

The recommendations made in the final Davies Tax Committee Reports have clarified some questions relating to the general policy direction most likely to be followed by Treasury, but until these recommendations become law, they create more questions than answers and introduce unneeded uncertainty into the financial regulatory space. In other regulatory news, our team share updates on NOCLAR declarations and increases in estate duty.

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Get the most out of your home office

It is well-known that sole proprietors who work from home are able to claim back certain expenses related to a home office, but individuals who are formally employed – and even those who don’t have a contract - can also claim back home office expenses, provided they can prove that these expenses were bona fide for the “more efficient performance of their duties”.

Grant Ward
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Do employers have a moral obligation to help their employees save for retirement?

The fact that fewer than ten percent of South Africans can afford to retire comfortably raises an interesting question about whether employers have a moral responsibility to ensure that their employees are provided for when they retire.

Candice Whitefield
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Payroll outsourcing: the solution to PoPI problems?

The introduction of the Protection of Personal Information (PoPI) Act later this year will make the outsourcing of payroll functions an even more attractive and viable option for businesses.

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SARS Annual Employer Reconciliation Due

The annual employer reconciliation for the 2018 financial year has opened and returns are due to the South African Revenue Services (SARS) by 31 May 2018.

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