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In the aftermath of the virus outbreak, 2020 has certainly been a challenging year for the manufacturing sector. The World Bank predicts the pandemic will push Sub-Saharan Africa into its first recession in 25 years with growth predicted to fall to -3.3% for 2020. Reduced demand has taken its toll on the balance sheet and cash flow of most producers.
Running a business in what we assumed would be a post-COVID-19 world this year has turned out to be a continuous challenge, taking on various strains from last year’s pandemic. A common denominator for many small business owners is steady cashflow throughout the year.
Not everything you hear about tax is true. There are many myths and misconceptions about payroll tax in South Africa that simply won’t go away. Let’s look at a few of them and what the tax and labour laws actually say. No matter whether your employer calls what it pays you a salary, overtime or commission, it is taxed at the same rate on the payroll according to the standard PAYE tax tables.
How companies treat their people during the COVID-19 pandemic will define the type of employer they are. And how they adjust their human capital management strategies in response to the pandemic will impact employee loyalty, motivation, and satisfaction, which in turn impacts customer satisfaction.
Almost a year into the global COVID-19 pandemic, most organisations have settled into new, more digital ways of working and collaborating. Even though the crisis is not yet behind us, businesses should seize this chance to evaluate their performance through a new lens – and to reshape themselves into more resilient, flexible and productive organisations.
With many people still working from home, prioritising a heavy workload has become more of a challenge for employees and managers than it was before COVID-19. Our new remote working reality means many people are juggling large work volumes with new challenges such as disrupted school schedules, the need to self-quarantine, or colleagues taking time off due to illness.
Up until a few years ago, digital transformation was not high on the agenda for most finance chiefs. Though they recognised that IT was important, most CFOs thought of digital as a technology play, a channel strategy or a customer experience concern.
Young entrepreneurs can uncover opportunities to build and grow their businesses. As President Ramaphosa noted in a recent newsletter to the nation, young entrepreneurs are finding the 'silver lining to the dark COVID-19 cloud'.
During August, many South Africans received auto-assessments for their 2019/20 personal income tax returns from SARS. The admin for the tax year is behind the taxpayers that accepted, or amended and submitted, this assessment and settled any tax still owing to SARS.
You may owe SARS money next year if you receive a travel allowance and aren’t travelling for business because of COVID-19. Most employees have travelled less for business this year than they would in the pre-COVID-19 world.