Monthly Archives: November 2017

Not just a pretty face – Meet Sané van der Watt,

Not just a pretty face

Meet Sané van der Watt,

Third year SAICA trainee accountant at Newtons and resident fitness guru. Sané has been an inspiration to us all with the dedication and hard work she put into preparing for the NABBA Free State / Northern Cape Provincial Competition that took place on 16 September. Here she came 3rd and qualified for the SA’s in the Sportsmodel category which took place in Pretoria on 7 October where she placed 6th.

Well done Sané!

Keep your business growing

Having a successful business means ensuring that it continues to grow. Without growth, your business will eventually run dry and stagnant. But with the added responsibility of maintaining your business and keeping things running smoothly, it can be difficult to know where to look for business growth.

1. Look for cost savings

This point is especially true when your business is trying to survive a struggling economy. Making cost saving choices can become more or less difficult depending on how you manage your incomings and outgoings.

Try find cost savings wherever you can. What subscriptions are you still paying for that you no longer need? Which supplier relationships need to be terminated? Are you spending too much on stationery? Aim to eliminate all unnecessary costs, even if they’re small.

2. Automate everything

When you waste time, you waste money. When it comes to things like report preparation, data entry, and accounts payable and receivable, it’s worth investigating your automation options. Things like pursuing invoices can now be done with a click of a button and a few strokes of the keyboard. What’s more, they can be handled safely, legally, and efficiently.
Once you’ve automated portions of your business, you can focus exclusively on growing the business rather than just maintaining it. This is critical, because growing a business takes extreme dedication and commitment.

3. Target other markets

If your current market is serving you well, then ask yourself if there are others. Sometime, those other markets are what make money. If your consumer market ranges from young professionals to young families, think about where these people spend most of their time. Could you introduce your business to schools, restaurants or community events? You could also offer discounts to special-interest clubs or donate part of your profits to schools and associations.

This article is a general information sheet and should not be used or relied upon as professional advice. No liability can be accepted for any errors or omissions nor for any loss or damage arising from reliance upon any information herein. Always contact your financial adviser for specific and detailed advice.  Errors and omissions excepted (E&OE)

Tax clearance certificates

Taxpayers may require SARS to issue them with a tax clearance certificate for various reasons. This includes a general confirmation that the relevant taxpayer’s affairs are all in order and up to date (a so-called “Good Standing” tax clearance certificate), or a certificate being required to participate in certain government tenders.

Perhaps most notably in recent times, natural person taxpayers are also requesting “FIA” tax clearance certificates, being tax clearance certificates issued to taxpayers who intend to utilise their R10m annual foreign investment allowances to transfer funds abroad for investment purposes. The South African Reserve Bank (through its authorised dealers (most commercial banks)) will not grant approval for transfer of funds in this manner without confirmation from SARS in the form of a FIA certificate being issued that the individual’s tax affairs are all up to date and in order.

Many do not realise that the issuing of tax clearance certificates is a process specifically regulated by the Tax Administration Act. Any tax clearance certificate must be requested in the prescribed form and manner by a taxpayer or his/her representative. A tax clearance certificate must be issued in the prescribed format and include at least the original date of issue of the tax compliance status confirmation to the taxpayer, the name, taxpayer number and ID number (or company registration number) of the taxpayer.

After receipt of an application in the prescribed form, SARS must either issue or decline to issue the tax clearance certificate requested within 21 business days, or such longer period as may reasonably be required if a senior SARS official is satisfied that the confirmation of the taxpayer’s tax compliance status may prejudice the efficient and effective collection of revenue.

In practice, SARS often takes well in excess of the 21 business days in which to issue tax clearance certificates, especially for purposes of Foreign Investment Allowance applications. In terms of the Tax Administration Act, SARS may not take longer than the 21 days to process such an application, unless there is some form of proof that tax collections may be jeopardised if the certificate is issued (and which will rarely be the case). Where such delays are experienced though, taxpayers are in practice left with very few remedies, which are conceivably limited to either approaching the Tax Ombud (whose recommendations are not binding), the Public Protector or the High Court for an order forcing SARS to make a decision on issuing a certificate. Most taxpayers will therefore, sadly, simply have to endure SARS’ delays in processing tax clearance certificate applications.

This article is a general information sheet and should not be used or relied upon as professional advice. No liability can be accepted for any errors or omissions nor for any loss or damage arising from reliance upon any information herein. Always contact your financial adviser for specific and detailed advice.  Errors and omissions excepted (E&OE)

Take care of your biggest asset

I recently dreamt that I was at a conference and the topic was

“SHOULD EMPLOYEE COSTS BE CAPITALISED AS AN ASSET OR EXPENSED?

Now that is obviously NONSENSE but let us consider it for a moment.

  • The single biggest cost of some businesses is employee costs
  • You cannot do all the work yourself
  • Your quality of service is often dependent on the service levels of your employees
  • Service includes sales, administration, security, etc

One of the old wise business adages is to surround yourself with quality people – they will make you look good. Indeed most businesses can only flourish if the correct people are employed.

One must therefore consider changing the thought pattern of not regarding employee costs only as expenses but rather that this is your largest asset.

Assets are maintained, insured, protected and given a lot of TLC.

The same should be done with potentially your biggest asset by:

  • Proper communication
  • Respect
  • Training
  • Complimenting
  • Encouraging

Money is not necessarily the main driver of human beings. In terms of “Maslow’s Hierarchy of Needs” as set out below Self Actualization and Esteem Needs far outweigh Physiological Needs.

This is FOOD for THOUGHT so EAT DRINK AND BE MERRY and have a WONDERFUL CHRISTMAS filled with FUN and JOY !!!!!!!

From Cedric Schalk Wayne Lucha
And all the managers and staff of NEWTONS

This article is a general information sheet and should not be used or relied upon as professional advice. No liability can be accepted for any errors or omissions nor for any loss or damage arising from reliance upon any information herein. Always contact your financial adviser for specific and detailed advice.  Errors and omissions excepted (E&OE)