1. Cash Flow
Discuss payment holidays with finance institutions
Make a payment arrangement with your landlord
Have open and honest conversations with creditors and service providers. Make payment plan arrangements:
Extend payment terms
Decrease payment intervals
Continue to pay employees if you have the cash flow. If you don’t, pay what you can to reduce their financial impact and apply for the COVID-19 TERS benefit.
Avoid unnecessary expenses, especially those of luxury and leisure.
2. Tax Relief
There is no relief for VAT. However, if you do pay late or underpay, submit a Request for Remuneration with SARS
For PAYE relief, declare the full/total PAYE and pay 65% of the PAYE. SARS is not waiving 35% of the PAYE
There is a payment relief for the Skills Development Levy. Companies and entities registered for this do not have to pay for the following 4 months of May to August 2020
Your calculation and declaration of Provincial tax has to be within a 65% accuracy. As mentioned above, SARS is not waiving the tax, but this can be utilized as a a short term tax and cash flow relief.