Tax matters for SME’s in township
The event was aimed at empowering small business owners with skills to effectively build and manage sustainable business.
The Diepkloof Welfare Centre hosted Popa Hustlers founder, Letlhogonolo Mogale, the South African Revenue Service (SARS) and the City of Joburg, for a workshop aimed at helping SMEs with their legal compliance and industry obligations.
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The event was aimed at empowering small business owners with skills to effectively build and manage sustainable business.
They were given information about the legal side to having a business and what it means to comply with SARS.
Mogale who is a business owner herself said it was important to share expertise citing the reason small businesses fail in townships was due to lack of compliance that often renders them not viable to compete on a big scale for business ventures or opportunities.
She further suggested that his was the main factor preventing growth or further expansion in small businesses.
“One of the challenges is that people do not know how SARS works and have a false narrative which informs their decision to not want to comply.
“We want to close that gap and bring the expertise from the institutions that will shed more light to close the lack of information gap,” she said.
Mogale said the first step to seeing small businesses not shut down was through extensive research and knowing what entrepreneurs get themselves into.
“We need to start teaching our people why they ought to treat the business as an independent legal entity separate from the director or owner.
These are two separate entities and should be treated as such,” she said.
“That is the biggest mistake an SME can make because that limits the growth trajectory and sustainability because any income they make, it goes into their pockets and not reinvested back into the business to grow.”
The business consultant explained that she hoped the workshop would appeal to more young people who were interested in having their own start-ups.
She called on the youth to participate in such initiatives for development citing they could no longer wait upon the government.
She added that the country’s answers relied on more young people going into entrepreneurship adding that it would steer the country to a positive direction.
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“To counter the high unemployment rate and shrugging economy, we want to echo the message that we want young and vibrate entrepreneurs to take up the space, but they can’t do that if they don’t have accurate information.
“As a young person, I have been there and I am walking that very path so I am saying they need to use their talent, skills and whatever they have to earn an income,” she concluded.
Individuals who need assistance with SARS compliance, industry obligations, company registration, business plan, etc. can contact Lethlogonolo on 079 7629 445 or via email on popahustlers@gmail.com
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