Sage Pastel Payroll & HR workshop: SARS e@syFile bi-annual submissions – Sep 2014

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What is covered? 

  • Deadlines for the 2014/15 Employer Tax Filing Season.
  • The latest SARS e@syFile validation errors and how to correct them.
  • The mandatory employee information required by SARS that will be validated.
  • A step-by-step guide to assist you in successfully submitting your interim tax certificates to SARS.
  • How to export your interim electronic tax certificate submission file using Sage Pastel Payroll.
  • How to import and submit your electronic tax certificate submission file using SARS e@syFile.
  • Ensuring that employees terminated prior to 1 September are fully reconciled and submitted to SARS during the interim tax certificate submission.

Cost

  • R1,100.00 (incl. VAT)

When and where

All morning (AM) sessions will run from 09h00 to 12h30. Registration from 08h30.

All afternoon (PM) sessions will run from 13h00 to 16h30. Registration from 12h30.

Johannesburg:

  • 15 & 16 September
  • AM only

Pretoria:

  • 03 & 04 September
  • AM only

Cape Town:

  • 08 & 09 September
  • AM only

Durban:

  • 09 & 10 September
  • AM only

Port Elizabeth:

  • 19 September
  • AM & PM

Pietermaritzburg:

  • 18 September
  • AM & PM

Download the booking form.

Sage Pastel Payroll & HR workshop: Retirement funding – Jul/Aug/Sep 2014

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This workshop is aimed at those struggling to understand the differences between pension funds, provident funds, retirement annuities and income replacement policies. Which ones are tax deductibles, fringe benefits or both? This course is designed to teach the basics of the legislation as well as the processing of these different funds on the Sage Pastel Payroll & HR software.

What will be covered?

1. Retirement Funding Income (RFI) and Non-Retirement Funding Income (Non-RFI).

2. Differences between the types of retirement funds:

  • Pension Funds
  • Retirement Annuities
  • Provident Funds
  • Income Replacement Policies

3. Different type of transactions to use for each retirement fund.

4. SARS codes relating to retirement funds.

5. Setting up the Retirement Funding Income profile in Sage Pastel Payroll & HR.

6. Approved and unapproved funds (protected and unprotected policies).

7. Lump sums and retirement funds.

Cost

  • R1,100 (incl. VAT)

When and where

All workshops will run from 09h00 to 13h30. Registration from 08h30.

Johannesburg:

  • 28 & 29 July
  • 11 & 14 August
  • 03, 04 & 22 September

Pretoria:

  • 28 & 29 July
  • 05 & 27 August
  • 02 & 22 September

Cape Town:

  • 25 July
  • 07 August

Durban:

  • 22 & 28 July
  • 07 & 20 August

Download the booking form.

Sage Pastel Payroll & HR workshop: Employment Tax Incentive – Jul/Aug/Sep 2014

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What will be covered? 

  • Determining who qualifies.
  • Penalties for non-compliance.
  • Calculating the Employment Tax Incentive.
  • Standard industry classification codes explained.
  • Viewing the SIC codes on Sage Pastel Payroll & HR.
  • Special economic zones explained.
  • Setting up the ETI on Sage Pastel Payroll & HR.
  • Setting up employer ETI eligibility.
  • Setting up employee ETI eligibility.
  • How does it affect my EMP201?
  • Calculation of the ETI rebate value.
  • Submitting your ETI claim

Cost

  • R850 (incl. VAT)

When and where

All workshops will run from 09h00 to 10h30. Registration from 08h30.

Johannesburg:

  • 21 July
  • 13 August
  • 18 September

Pretoria:

  • 22 July
  • 07 August

Cape Town:

  • 06 August
  • 11 September

Durban:

  • 19 August

Download the booking form.

Sage Seminars: Managing with intent – Jul/Aug 2014

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Learn to inspire and get the most from your employees 

Do you want to manage a leading team? Do you want to transform from a manager to an inspiring leader?

Best-selling author and leading management consultant, Ian Mann, defines management as the art of getting people to do what needs to be done while keeping them happy and motivated in the process. Learn the techniques that revolutionised business performance for hundreds of businesses based on Ian’s dynamic book, Managing with Intent.

The seminar will walk you through his new, simple and easily remembered model designed specifically for the needs of managers. This model’s uniquely developed arch, describes managerial problems as a result of these five factors.

  • Self-image
  • Commitment
  • Clarity
  • Price
  • Behaviour

After completing a day filled with game-changing insights, you will understand how to gain cooperation, consensus, motivation and buy-in from your team. You will have the know-how to apply a step-by-step practical framework that looks behind behaviour, and provides a toolbox of techniques to manage performance.

Cost

  • R3,195 (excl. VAT)

When and where

All seminars will run from 09h00 to 16h30. Registration from 08h30.

  • 21 July 2014 – Emperors Palace, East Rand
  • 26 August 2014 – Sage Conferencing Woodmead, Johannesburg
  • 27 August 2014 – Crystal Towers Hotel, Century City, Cape Town
  • 28 August 2014 – Gateway Hotel, Durban

For bookings contact +27 11 304 4390 or send an email to seminars[at]pastel.co.za.

9 tips to cut costs and boost profits

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This article has been adapted for South Africa 
Article source: The Age

 

It’s easy to let costs creep up when you’re busy running a business. Here’s how you can audit, and better still, reduce your costs.

Cutting costs is the easiest and fastest way to improve a business’ profitability – every rand you save goes straight to the bottom line.

Make a resolution for the new financial year: analyse your costs and see where you can save money.

Start by identifying your major costs.

If you’re using small business accounting software, this should be easy. Costs are categorised into expense type and supplier, so you can generate a list of expenses, starting with the most costly.

The next step is to start at the top of the list and to see where you can cut back.

Another method is to print out monthly expenses for the past couple of years, and compare each month with the corresponding month two years earlier. You’ll be able to see which expenses have risen sharply and try to do something about them.

Here are nine tips to help you cut business costs:

Check for overcharging

Go through invoices from your suppliers to see if you’ve been overcharged, for example by way of double billing or incorrect charges for goods or services. And if you’re receiving a discount on standard fees or charges, make sure it has been applied to the invoice.

Get three quotes

The next time you need something from a regular supplier, get a couple of quotes from other suppliers. That way you can check if your supplier is still competitive. It’s better that your business is not too reliant on a single supplier anyway. If you get a lower quote from a supplier’s competitor, chances are your preferred supplier will probably try to match it.

Manage your finances

Consider whether you’re paying accountants or bookkeepers to do tasks you could easily do yourself with accounting software. Use your accountant to best advantage by seeking out their value-added services, like advice on how to grow your business.

Rethink your premises

Have you got office space you’re not using or are you a consultant who’s on the road a lot? You might be better off moving to a smaller office or even serviced offices. Even if you stay where you are, think about whether you can renegotiate your lease. You’ll be in a strong bargaining position if there is already a lot of vacant space in the area you’re based in.

Examine your insurance contract

Check your business insurance policy to see when it’s up for renewal and start negotiating early. If you wait until your next invoice arrives you won’t have time to look around for a better quote without risking leaving your business uninsured. Also, look through the policy to check that you’re not paying for cover for equipment or vehicles you no longer own.

Cut unnecessary travel

Rethink your business travel and eliminate trips which don’t generate revenue, such as conferences. If you have to travel, get organised and avoid last minute bookings, which are a lot more expensive. Or, instead of chewing up money on travel costs, consider using free technology like Google Hangouts or Skype.

Hang up on unneeded phone lines

Check to see how many landlines your business is paying for. Do you really need them all? With the increased use of mobile phones you probably don’t. In fact, consider doing away with the landline altogether and using internet-enabled VoIP phones instead.

Watch out for bulk discounts

Common wisdom is that it’s best to buy in bulk and save. But stop and think next time you’re tempted by 10 or 20 per cent off for spending big. Will you really use all those extra supplies, or will they just clutter up your premises? Business cards are a classic example; if you get 2,000 printed, will you still have 1,500 left when you decide to update your branding?

Go green

If you haven’t already installed energy saving light bulbs, now is the time to do it. And start printing on both sides of the paper. Finally, clean the filter on the office air conditioner, which will help it run more efficiently and use a lot less power. You’ll be surprised by how the savings add up.

There you have it – nine smart tips for cutting costs and boosting the bottom line.

Here’s one final tip. When you go through each item of your costs, don’t just ask yourself if you can find it cheaper somewhere else. Ask if you really need it at all or if there’s a smarter way of doing it. For example, do those documents you need to send to clients really need to be sent by post or can send them electronically?

The validity of tax invoices: It is your responsibility

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This article is reproduced with authority from MGI Bass Gordon GHF, Chartered Accountants (SA). 
Article source
Tel: 021 405 8500
Website: www.bassgordon.co.za

 

The audits of Value-Added Tax (VAT) returns by the South African Revenue Service (SARS), have increased the focus on the validity of tax invoices for the purposes of VAT.

A VAT vendor submitting VAT returns is responsible for ensuring that all invoices included in the returns comply with the relevant legislation. If valid tax invoices cannot be provided at the time of a VAT audit, the vendor may lose up to 100% of the input tax being claimed on the invoice, even if an amended valid invoice can be provided subsequent to the audit. Furthermore, serious penalties, interest and other consequences may be imposed on the VAT vendor for errors, intentional omissions and fraud.

Section 20 of the Value-Added Tax Act, No 89 of 1991, together with the VAT404 Guide for Vendors as updated in March 2012, sets out the requirements for a valid tax invoice.

A VAT vendor must issue a tax invoice within 21 days of the supply having been made where the consideration for the supply exceeds R50, whether the purchaser has requested this or not. If the consideration for the supply is R50 or less, a tax invoice is not required. However, a document such as a till slip or sales docket indicating the VAT charged by the supplier, will be required to verify the input tax.

The requirements for tax invoices of which the consideration or taxable supply is more than R3,000 are:

  • the words “tax invoice” in a prominent place
  • name, physical address and VAT registration number of the supplier name
  • physical address and VAT registration number of the recipient
  • original serial number of the tax invoice
  • the date of issue of the tax invoice
  • full and proper description of the goods sold and / or services rendered
  • quantity or volume of goods and / or services supplied
  • total amount of the invoice and VAT amount in South African currency (except for certain zero-rated supplies)

The requirements for tax invoices of less than R3,000 are:

  • the words “tax invoice” in a prominent place
  • name, physical address and VAT registration number of the supplier
  • original serial number of the tax invoice
  • the date of issue of the tax invoice
  • full and proper description of the goods sold and / or services rendered
  • total amount of the invoice and VAT amount in South African currency (except for certain zero-rated supplies)

In the case of second-hand goods purchased from a non-vendor, the purchaser has to record the following information:

  • name, address and identity number of the supplier, confirmed by the person’s identity document or passport. (If the value of the supply is equal to or greater than R1,000, a copy of this document must be retained by the purchaser. If the non-vendor is a juristic person, a letterhead or similar document stating the name and registration number of the juristic person is required)
  • the date of acquisition
  • quantity or volume of goods
  • description of the goods
  • total consideration paid for the supply
  • declaration by the supplier stating that the supply is not a taxable supply

If a vendor fails to deduct an input tax in respect of a particular tax period, that input tax may be deducted in a later tax period, but limited to a period of five years from the date that the particular supply was made. However, when a vendor becomes aware of an output tax not declared in the relevant period, a corrected VAT return for that specific period should be submitted. It is not acceptable to declare the output tax in the next period and SARS may impose penalties and interest on the output VAT omitted.

This article is a general information sheet and should not be used or relied on 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.

Betty Bookkeeper gives advice on recording a vehicle purchased on HP – July 2014

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Good day Betty 

How do I do the initial recording on Pastel if a vehicle is purchased on an HP contract?

Account debit – I think this will be the actual asset account? Or account credit? I’m not really sure what this should be.

Please advise?

Regards,
Christelle

 

Hi Christelle

Thank you very much for your great question, darling.

A vehicle on a hire purchase contract should be recorded as:

  • DR – Asset (original cost)
  • CR – Instalment Credit Loan
  • CR – Bank (if deposit is paid)

Hope that helps!

Don’t forget that I’m here to answer your questions about the ICBA, or just queries about your accounting at work. All you have to do is email me!