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Here you will find general small business news and helpful notices:

01/08/2008 - 702 Small Business Awards
702 radio in Gauteng is running a small business competition where by people can nominate small businesses for excellent service or products. The winners will receive free radio advertising and Pastel software products. More info.

01/07/2008 - Deadline for IRP5 returns
SARS are busing converting the system for filing IRP5 forms and their reconcilliation by employers to an electronic one. For this year only, the deadline for the year ending February 2008 returns is 31 August 2008. Don’t leave it until the last minute as with all new systems there will be teething problems for both you and them. Look for the “Easyfile” banner on the SARS website for more information.

01/11/2006 - Small Business Tax Amnesty
SARS have decided to provide small businesses in South Africa with a chance to become legal. If you have not being paying taxes such as VAT, income tax, PAYE, UIF, SDL and STC, you have the opportunity to come clean and declare this to SARS. There will be a small penalty fee, but at least you will then be cleared and able to trade without a fear of being caught for past tax indiscretions and the massive penalties associated with these. Often these past problems are honest mistakes so it is a good opportunity to have a chat with an accountant and see if your past taxes are correct. The deadline is 31/05/2007 but don’t wait until the last minute.

20/09/2006 - VAT notice issued by SARS
In their most recent newsletter, SARS have highlighted a common error made by VAT vendors. If you provide your employees with company assets which are also used in their private capacities, you need to calculate output VAT on these benefits. Examples include motor vehicle for private use, laptops and cell phones. More information can be found on the SARS website in their VAT section under newsletters. Its generally a minor issue, but doing it right the first time can save you plenty on penalties later.

16/08/2006 - BBEEE / BEE ratings consultant alert.
There are several firms out there who are offering to give small businesses their BEE ratings according to the DTI codes. Some also claim to be authorised to do so by the DTI. Firstly as we understand it at the moment, the BEE codes are only in the draft phase and have not been finalised. Secondly we also believe that the DTI has not yet approved any company to do these BEE ratings. If you are approached we suggest you ask that company to prove that the DTI has approved them. It is also advisable to find out if they will charge you again once the codes are finalised, as the final codes may differ significantly from the draft codes they are currently consulting you on.

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