Accounting and Tax
All companies with a February year end have to submit a provisional tax return before 31 August 2022 to avoid penalties. Sole proprietors also have to submit a tax return to SARS.
This provisional tax return, or IRP6 is based on the figures from 1 March 2022 to 31 August 2022. The company has to submit a return even if it did not trade during the period under review.
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A lot of people are currently starting companies at the moment due to job losses and seeking alternative income. Unfortunately, these business owners are never advised on what steps to take next i.t.o staying compliant at SARS and other state institutions. Below is a bit of a break down of what needs to be done and which returns need to be submitted.
The first thing you should do is open a bank account for the business. Without one, you will not be able to register for any tax types, or register on the central supplier database.
The company will be liable for tax from the day it is registered. After the end of each financial year, a set of financial statements will have to be compiled. These information on these financial statements will be used to submit the tax return of the company.
During the year, all companies have to submit 2 provisional tax returns based on the figures of the current financial year. The first one is 6 months into the year and the second 12 months. So for company with a February year end, it will be August and February.
As soon as one of your employees earn more than R6 918(for the 2021 financial year), you will have to register at SARS for employee tax. Or PAYE as it is known. You will have to deduct PAYE on a monthly basis from the employee and pay it over to SARS before the 7th of the following month. This also means that you will have to provide all employees who tax are deducted from with an IRP5 certificate on an annual basis.
Once a company has a turnover of more than R1 million for a 12month period, they have to register for VAT. There is also an option for companies to voluntarily register if their turnover is less. The VAT is then calculated every second month and paid over to SARS. A lot of customers and suppliers prefer to do business with companies who are VAT registered. You will also need to be VAT registered in order to apply for tenders or contracts.
All ompanies have to submit an annual return to CIPC every year. Click here for more information.
Everyone always talks about annual returns from CIPC, but not many business owners know what it entails.
All private companies, close corporations, personal liability companies and non profit companies. The annual return has to be submitted in the anniversary month of the company. If the company was registered in May, the annual return will also be due in may.
The main details required by CIPC are the annual turnover of the company. The details must also be completed for the person/s responsible for keeping the financial records of the company.
Our fee for any company amendments is only R250. These amendments include:
These changes are done electronically via the CIPC portal, and needs to be signed by the directors of the private company.
We can also assist with submitting annual returns for your private company or closed corporations. The cost is R100 per year plus the CIPC charges. Not submitting these returns can lead to penalties, and the deregistration of the company. It is therefore very important to always ensure that the annual returns of the private company is up to date.
Always wanted to start your own business? We can assist.
For only R650 we can register a company for you with CIPC. Once the company is registered, we provide you with the company documents also known as the COR14.3.
The company is then also registered for income tax with SARS. A document with the tax number will also be provided.
We will also include a free BEE affidavit to sweeten the deal. This document can be used if you want to apply for tenders etc.
The following information should be supplied in order to do a company registration:
Director details for every director – ID copy, address, cellphone number, email address.
The following information is needed for the company – 3 or 4 possible names for company, email address, address for registered office.
The names provided will be tested by CIPC to determine which one can be used.
Send us an email on or Whatsapp us on 074 918 7130 for more information.
Click here for more information regarding CIPC.
