For most companies this time last year we were positive that we will have a better financial year than 29 February 2020…. And then Covid 19 hit South Africa.
A few companies survived all the challenges of the financial year of 2021, but many companies had no option to obtain debt in order to keep afloat. Many companies had to go through the heart break of retrenchments and a sad reality is that some companies had to close their doors due to the financial pressures due to the pandemic restrains. What does this mean for the future?
It means that the financial year end 28 February 2022 can only be better. Let’s start planning…
In order to close off your year end for February 2021, you will need to finalize the following for you to have a quick close off for the financial statements:
- Bank statements printed till 28 February 2021
- Bank recons balanced till 28 February 2021
- Lease statements obtained till February 2021
- Employers salary pay reports and recons printed till February 2021
- All new capital assets: invoices and proof of payments printed and saved (save because of the fading of some invoices)
- Stock take done as at 28 February 2021
- VAT recon and balanced as at 28 February 2021
Important SARS dates for the new financial year February 2022 will be:
01/03/2021: Start of Financial year 2022
01/04/2021 – 31/05/2021: Annual employers filing season for reconciliation of PAYE, UIF and SDL.
30/08/2021: Personal income tax provisional tax payments
Corporate income tax provisional tax payments
01/09/2021 – 31/10/2021: Interim Employers filing season for EMP501 reconciliations
28/02/2022: End of Financial year 2022
Income tax filing season – dates to be released
Thought for the Month:
The more problems you see, the more failure you will have.
The more solutions you see, the more success you will have.
Don’t look for problems; find solutions to succeed the Month of March 2021.
All information above is given with the assumption that your year end is 28 February 2021