Business Evolution

SA’s Big Businesses Face New ‘Top-up’ Tax Under Global Minimum Tax Laws Large South African businesses will now have to pay a ‘Top-up’ Tax to SARS, following the signing of the Global Minimum Tax Act and Global Minimum Tax Administration Act in 2024. This aligns with the OECD Global Anti-Base Erosion (GloBE) rules, ensuring multinationals pay at least 15% corporate tax, even in low-tax jurisdictions. Around 40 major SA companies will likely be affected, having to bridge the gap between their effective tax rates and the 15% threshold. In 2022, 66.5% of SA’s corporate tax was contributed by just 549 large companies, highlighting the significance of this new revenue stream for SARS. Businesses must submit a GloBE Information Return (GIR) to SARS, detailing group-wide tax structures. Foreign multinationals operating in SA must also comply. Companies have 18 months after their financial year-end to submit their first return, but penalties apply for non-compliance, starting at R50,000 and increasing based on unpaid taxes. While implementation challenges exist, businesses must review tax structures and ensure compliance to avoid financial and operational risks. www.bevolve.co.za | sales@bevolve.co.za | 012 004 0578

As we step into 2025, small business owners in South Africa have reasons to be optimistic. With the Bureau for Economic Research predicting a 2.2% growth, this year could bring fresh opportunities for SME's. To thrive in the evolving landscape, SME's must stay ahead of key trends. Here are five critical areas to focus on: 1. Flexible Financial Services Digital tools are revolutionizing cash flow management. Banks and fintechs are offering smarter, AI-driven solutions, and businesses now have access to scalable services like flexible office spaces and logistics. 2. Personalized Funding Access to better data means lenders can provide tailored financing. Alternative funders and government schemes are also increasing support for micro and women-owned businesses, opening new funding opportunities. 3. Mobile-First Digital Commerce With 77% of South Africans shopping on mobile, SMEs should prioritize mobile-friendly websites and digital marketing strategies to reach a broader audience. 4. Digital Payments The shift towards a cashless economy is gaining momentum. Offering digital payment options is now essential for staying competitive and improving customer experience. 5. Cloud and Digital Infrastructure Improved connectivity and investments in cloud services are creating opportunities for SMEs. Embracing digital tools can boost efficiency and expand market reach. SMEs can prepare by adopting mobile-friendly e-commerce, digital payment solutions, tech partnerships, online marketplaces, and flexible financial tools. By embracing these trends, SMEs can unlock growth opportunities and navigate the challenges of 2025 with confidence. Stay adaptable, stay ahead! www.bevolve.co.za | sales@bevolve.co.za | 012 004 0578

Stay Ahead of Your Tax Deadlines in 2025! SARS has outlined key submission dates, and timely filing is essential to avoid penalties and ensure smooth financial operations. Important Deadlines: Provisional Tax: August & February (+ possible September top-up) Corporate Tax: Due within 12 months of your financial year-end VAT: Monthly or bi-monthly, depending on turnover Don’t let deadlines catch you off guard! At Business Evolution, we ensure your tax filings are always on track: - Proactive Deadline Monitoring - Early Document Preparation - Stress-Free Submissions Ready to streamline your tax management? Get in touch! sales@bevolve.co.za | 012 004 0578 | www.bevolve.co.za #TaxManagement #SARSDeadlines #FinancialSuccess #Bevolve

Ready to take your business to the next level? At Business Evolution, we simplify company name reservations, registrations, director changes, and all your CIPC needs. From annual returns to shareholder agreements, we’ve got you covered. Let us handle the paperwork so you can focus on growing your business! #BusinessEvolution #CIPC #CompanyGrowth #BusinessMadeEasy www.bevolve.co.za | sales@bevolve.co.za | 012 004 0578

Business Evolution at its Best. Whether it's weekly, monthly, or quarterly, we’ve got your accounting needs covered! From bank statements and customer invoices to supplier statements, depreciation, and salary journals – every detail is captured and reconciled as per your contract. Let us handle the numbers, so you can focus on growing your business! #BusinessGrowth #Accounting #FinancialClarity #BusinessEvolution #Reconciliation #ContractAccounting #FinancialSuccess www.bevolve.co.za | sales@bevolve.co.za | 012 004 0578

Evolving Your Business Starts Here! At Business Evolution, we specialise in building a solid foundation for your success. From crafting comprehensive Business Plans & Assessments to delivering precise Budget & Cashflow Forecasts, we’re here to guide you every step of the way. - Set Clear Goals: Define what you want to achieve. - Strategic Roadmap: Map out the path to success. - Timely Execution: Stay on track with clear timelines. Let us help you unlock growth opportunities and make smarter financial decisions for long-term success! #BusinessGrowth #FinancialPlanning #BusinessSuccess #Budgeting #CashflowForecast #StrategicPlanning #BusinessEvolution #Entrepreneurship www.bevolve.co.za | sales@bevolve.co.za | 012 004 0578

Business Evolution is Hiring! We are seeking the services of a Bookkeeper to join our team at our offices based in Centurion starting January 2025. About Us: Business Evolution is a well-established company committed to offering our clients quality services and outstanding business solutions. Our commitment to setting high standards in the industry has resulted in the company being highly regarded within the local business community. We are looking for a self-confident individual who enjoys working as part of a team but is also proactive, takes initiative, and is capable of working independently. Requirements: Grade 12 (Matric) Computer literacy Ability to work in a team Proven experience in payroll and bookkeeping fundamentals Knowledge of Sage and Pastel Systems is a benefit Excellent organizational skills with strong attention to detail Proficient in MS Office, especially Excel Strong communication skills and the ability to handle confidential information Key Responsibilities: Process financial data on various platforms on behalf of clients Reconcile customer, supplier, and bank accounts, as well as control accounts Perform VAT reconciliations Prepare financial statement files and compile documentation Process journal entries Process and maintain control sheets for monthly, weekly, and fortnightly payrolls Handle leave reconciliations Assist with SARS submissions and Department of Labour submissions Follow up on any related inquiries Any other tasks assigned by the Director or Line Manager that may not be specified above How to Apply: Please submit your CV and a cover letter outlining your qualifications and experience to: angelique@bevolve.co.za Note: Only shortlisted candidates will be contacted. #Hiring  

Unlocking Growth: Top 3 Opportunities for SME's In the digital era, leveraging data-driven insights is essential for SMEs to thrive. According to Xero’s State of Small Business report, here are three key opportunities to consider: Embrace Digital Transformation: Over 41% of small businesses credit their success to technology. With cloud adoption rising, 68% of owners report better financial management through digital tools. Embracing digital solutions is vital for operational efficiency and customer outreach, making it a necessity in today’s business landscape. Leverage Expert Advice: The report shows 81% of small businesses trust their accountants as key advisors. By collaborating with financial experts, SMEs can navigate complex regulations and gain valuable insights, enhancing their growth potential. Invest in Staff Development: With 87% of SMEs optimistic for 2024, investing in employee upskilling and exploring new markets can drive growth. Automation and cloud collaboration tools free up time for strategic initiatives, fostering innovation and productivity. As South Africa's SME'ss adapt to challenges, embracing digital tools and expert guidance will empower them to seize new opportunities for success. www.bevolve.co.za | sales@bevolve.co.za | 012 004 0578

5 Accounting & Tax Mistakes Entrepreneurs Should Avoid. At Business Evolution, we help entrepreneurs steer clear of these common pitfalls and guide you toward financial success. Whether you need a quick second opinion or a full consultation, we’re here to help! Contact us today for a consultation and let’s improve your business’s financial health together! www.bevolve.co.za | sales@bevolve.co.za | 012 004 0578

Income Tax Return Deadline Alert! The Income Tax Return filing season is closing on October 21st,, and time is running out! Don't leave your filing to the last minute -getting everything in order can be stressful, but we’re here to make it smooth and easy for you. Whether you're struggling with the paperwork, unsure about the process, or just want professional assistance, our team at Business Evolution is ready to help. Let us take the hassle off your hands so you can focus on what really matters! Deadline: October 21, 2024 sales@bevolve.co.za | www.bevolve.co.za | 012 004 0578. Don't wait - reach out today and ensure your tax return is filed on time! #TaxSeason2024 #TaxFiling #DeadlineApproaching #TaxAssistance #BevolveTaxHelp