Holdstock & Watson Inc. (Incorporating KH Financial Services)

Holdstock & Watson Inc. officially has its own website! A big thank you to Grant Pitcher for making our vision come to life. Go check it out! 👀 https://lnkd.in/dEzJB64w

Between the demands of work and life, most of us forget about the importance of checking in with our health. That is why we decided to be pro active and organise a Wellness Day for our staff. We were please to know that they left feeling not only educated but cared for. We look forward to seeing the positive changes that come from this enriching experience, especially from those who enjoy a little “healthy” competition 💪

Second Provisional Tax – Due 29 February 2024 January has flown by and the deadline for Second Provisional Tax Payments is fast approaching!   Who does this apply to? Companies with a February year-end or individuals who: ·        Receive income from sources other than, or in addition to employment income, when added together exceeds taxable income of R30 000 per tax year, or ·        Are notified by the Commissioner that they are a provisional taxpayer. The following exemptions apply: Body corporates, deceased estates, PBO’s, recreational clubs, shareblocks and small business funding entities.   What does this mean? You are required to submit an IRP6 (Return for Payment of Provisional Tax) where you disclose your best estimate of taxable income for the 2024 tax year and the required tax to pay. This estimate should include capital gains in the following instances: 1.      Where an estimate lower than the basic amount is used, or 2.      If your final taxable income is expected to exceed R1 million.   What are the consequences of non-submission? If within four months after the last day of the year of assessment you have not submitted your second provisional tax return, you are deemed to have submitted an estimate of an amount of nil taxable income. If you do not make an estimate, the Commissioner can estimate your taxable income for you.   What are the consequences of underestimation? 1.      If your taxable income is less than R1 million ·        An underestimation penalty will be imposed if your estimate was lower than the basic amount and was not within 90% of your actual taxable income when it comes to final submission of your annual tax return. 2.      If your taxable income is more than R1 million ·        The basic amount is ignored. An underestimation penalty will be imposed if your estimate was not within 80% of your actual taxable income, excluding retirement fund lump sums, when it comes to final submission of your annual tax return. SARS has the right to increase any estimate, to an amount considered reasonable. If you have been found to have underpaid, you will be required to make an additional payment. If you comply within the given time provided by the SARS official, penalties and interest will be waived. Should you not comply, interest will be imposed from the stipulated date, as well as a 10% penalty.   Keeping up to date with your tax matters and evaluating your tax position is vital to your financial planning. We encourage you to make the necessary provisions in advance and not to delay the inevitable.

2023 – What a year it has been!   We have so much to celebrate as we reflect on the year gone by.   This year has also had its difficulties, but each person truly stepped up and rose to the challenge. We leaned on each other through it all, and we overcame together.   We appreciate all the support, and we look forward to building and growing in 2024.

Last week we had a team spend the week working at Zuka Private Game Reserve, a hidden gem located in the Munyawana Conservancy. The team was blown away by the amazing staff, incredible food, and of course, the spectacular wildlife. What a privilege to work with an organisation which is so passionate about protecting and conserving our planet. So much has already been accomplished and we cannot wait to see what’s next!

The team had a busy week of work visiting our wonderful clients in Cape Town, needless to say, they ended it off on a high! Thank you Cape Town Ziplines SA Forest Adventures for taking such good care of us, and making us feel safe even during those spine-chilling CT winds 💨

Last week we had a team spend the week working at Zuka Private Game Reserve, a hidden gem located in the Munyawana Conservancy. The team was blown away by the amazing staff, incredible food, and of course, the spectacular wildlife. What a privilege to work with an organisation which is so passionate about protecting and conserving our planet. So much has already been accomplished and we cannot wait to see what’s next!

Yesterday we spent time together celebrating the partnering of Kurt Holdstock and, newly partnered, Kyle Watson. After 31 years of operating as KH Financial Services, we are now formally Holdstock & Watson Inc.! In addition to the pursuit of helping others fulfil their business dreams, developing KH Financial Services into a family has always been an integral part of the mission, and what better attestation to executing this mission than to see this family grow. We are so grateful for the support we have received during this transition, from both our dedicated staff, and our loyal clients. Our team has welcomed this new chapter with great enthusiasm, and have shown their commitment to using every opportunity as a chance to learn and improve. We are eager to see where this new chapter takes us, and we invite you to join us as we reach new heights!