Mint Recon

13/04/2022

DEADLINE!
WSP and ATR Deadline for submission is 30th April 2022.

14/03/2022

Employees’ Tax (PAYE)

What is PAYE?
Employees’ Tax refers to the tax required to be deducted by an employer from an employee’s remuneration paid or payable.

An employer who is registered or required to register with SARS for PAYE and/or Skills Development Levy (SDL) purposes, is also required to register with SARS for the payment of Unemployment Insurance Fund (UIF) contributions to SARS.

Requirements to register for PAYE?
According to law, an employer must register with the South African Revenue Service (SARS) within 21 business days after becoming an employer, unless none of the employees are liable for normal tax.

All employee that earn a salary above the threshold & work more than 24 hrs a month, are liable for normal tax. The tax threshold for individuals younger than 65 is R91,250 per annum (2023).

Note: in addition to SARS, employers are required to register with the Department of Labour as well.

For PAYE, UIF, SDL and COID registration, please contact us
m. 083 659 6046
e. [email protected]
www.mintrecon.co.za

14/03/2022

09/03/2022

Pay Less Tax!

11 Tax saving tips at the start of the new financial year

•Contribute towards a retirement fund
•Join a Medical Aid Scheme
•Open up a Tax Free Savings Account
•Keep a logbook if you receive a travel allowance
•Keep a logbook if you drive a company car
•Deduct your home office expenses
•Donate to a SARS registered charity
•Claim commission related expense if you are a commission earner
•Claim business travel if you are a commission earner
•Claim your daily costs if you receive a subsistence allowance
•Claim expenses if you earn non-salary income



www.mintrecon.co.za
m. +27 83 659 6046

04/03/2022

Characteristics of a Sole Proprietor

-A sole proprietorship is a business that is owned and operated by a natural person (individual).

-As a sole proprietor, you have full control over your business.

-No legal requirement to register business.

-The sole proprietor is personally liable for all the business’s debts.

-The business income and expenses will be declared on the owner’s personal tax returns.

-The owner must be registered as an individual taxpayer & as a provisional taxpayer. Therefore, there will be 3 tax returns due per tax year on which tax may be payable.

-Owner is taxed on the profits at the applicable personal income tax rate.

-Business profits are included in the owner’s individual tax return (ITR12) under the “Local Business, Trade and Professional Income” section.

-Required to register for VAT when turnover for a twelve-month period is R1m or more.

-A sole proprietor may hire employees and/or contract other people to assist in the business.

-It can be dissolved quickly if needs be.

www.mintrecon.co.za
m. 0836596046

02/03/2022

Statutory Services

-Company and Trust Registrations
-CIPC Annual Returns
-B-BBEE
-Amendments to MOI
-Directors Changes
-PBO and Section 18A Applications
-VAT Registered Entities
-Tax Clearance Certificates

www.mintrecon.co.za
m. 0836596046

01/03/2022

Accountants & Tax Practitioners

▪️Accounting Services
▪️Tax Services
▪️Payroll Services
▪️Statutory Services
▪️Assistance & Planning Services

www.mintrecon.co.za
m. 0836596046

24/02/2022

Annual Financial Statements

Simple, Powerful Compliance.
From Sole Proprietor to IFRS financials.
For a Compilation or Review of your Annual Financial Statements please contact us for a quote!

www.mintrecon.co.za
m. 0836596046

23/02/2022

Mint Recon, an accounting company based in Cape Town, South Africa.
We are passionate about delivering the highest quality of service excellence to our clients, specialising in Accounting, Taxation, Payroll and Statutory services. Our goal is to support our clients and ensure that your business is optimised for compliance with the law, good governance and ethical principles. We place great value on building excellent long-term client relationships as we believe that the key to a successful business is satisfied clients.

22/02/2022

DEADLINE

The Clock is ticking implementation and planning needs to happen before year end.

Measured Entities using their February 2021 Financial Statements must ensure that their BEE Verifications are complete and their BEE Certificates are issued by February 2022.

For Measure Entities preparing for their BEE Verification on their February 2022 Financial statements, note that payments for Skills Development, Enterprise and Supplier Development and Socio Economic Development needs to be paid before 28 Feb 2022.

The Clock is ticking, implementation and planning needs to happen before year end.

Contact Us For Assistance
[email protected]

17/02/2022

Non-provisional vs Provisional taxpayers

Non-provisional taxpayers make their contributions to SARS via PAYE deducted off their paycheck and only have to submit an income tax return (ITR12) for each tax year.

Provisional taxpayers are people who earn income other than a salary / remuneration on which no income tax has been deducted/withheld. They will need to declare their total estimate taxable income on their provisional tax returns (IRP6) and pay the applicable tax thereon.



www.mintrecon.co.za
m. 0836596046