• Tax

    Company Tax returns for dormant companies

    There is a common belief among business owners, that when a company is dormant, i.e did not trade for a specific financial year, that you do not need to submit a tax return. This is not true, a company has to submit a tax return whether it has traded or not. SARS will still hold a dormant company liable for a return, even if the company is dormant. And this can lead to penalties being raised, usually at R250 per month for every return not submitted. The following is an extraxt is from SAIT(South African Institute for Tax professionals) 1. Believing you do not need to submit an ITR14 for…

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  • Accounting,  PAYE,  Tax,  VAT

    Payment options – Financial Statements

    We assist companies with the following: Company tax Annual Financial statements PAYE returns(Employee tax) VAT returns Companies still have to submit all their tax returns during the lockdown period in South Africa. This is also a requirement for all companies who want to apply for financial assistant from government. Due to the difficult financial climate currently facing South Africa, we offer various payment options for our services to all new clients. This will ensure that your tax stay up to date and lessen the burden on your budget. Click here to contact us, or send an email to .

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  • Tax

    Never submitted tax – We can help

    I get a lot of queries from clients who have never submitted personal income tax returns. And then they are too scared to do it, because they do not know what to expect. From experience, I have seen that it is better to manage your tax than be scared of the unknown. If there has been admin penalties incurred, they can accumulate to the point where SARS takes legal action. To establish your tax status, one must look at how many returns are marked as outstanding by SARS, as well as whether there are admin penalties. The admin penalties are usually R250 per return for every month it is not…

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  • compliant.co.za tax
    Accounting,  Other,  Tax,  UIF

    Small business assistance requirements

    Small to medium enterprises can apply to receive financial or other assistance during the outbreak of the coronavirus. Click here to be redirected to the government website where applications are to be submitted. The following is a list of requirements in order for the application to be successful. The business must have been registered with CIPC by at least 28 February 2020. Company must be 100% owned by South African citizens. Employees must be 70% or more South Africans Priority will be given to businesses owned by women, youth and people with disabilities. Company must be registered with SARS and UIF. SARS and UIF must be compliant. Proof must be…

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  • Accounting,  Tax

    Financial Statements 2019 – Time to submit

    All private companies with a February year end, should have submitted the Annual Financial statements to SARS for the year ended 28 February 2019. If the company has a tax liability, there is going to be a penalty for late submission. SARS has now also started sending out notices to companies who have not submitted their income tax returns yet, to give notice that administration penalties will be charged on a monthly basis, for every month the return is outstanding. If a company has not traded for the year in question, a Nil return still has to be submitted. Contact us now for assistance with company tax returns and annual…

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  • Accounting,  CIPC,  PAYE,  Tax,  UIF,  VAT

    Closing your business – Here’s what you need to know

    People often ask me how to go about closing a private company and what their responsibilities are. CONTACT US FOR MORE INFO… The first thing to consider when closing a company is the tax implications. All taxes must be submitted and paid up to date, right up to the date that the company ceased to trade. This is applicable to all tax types. Income tax – Financial statements have to be prepared up to the date the company stopped trading. An IT14 return should then be submitted to SARS. If the company stopped trading in the middle of the financial year, financial statements must still be compiled, for all the…

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  • PAYE,  Tax

    Tax relief – Coronavirus

    Government has announced some tax relief for companies to give some relief for a few months. The following was announced: The government will provide a tax subsidy of R500 for all private sector employees who earn less than R6 500 per month. This will continue for a period of 4 months starting end of March 2020. All companies with a turnover of less than R50m per year, will be allowed to delay 20% of their PAYE payments for the next four months. This is only applicable to companies who’s taxes are up to date. These companies will also be allowed to delay a portion of their provisional tax payments towards…

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  • Tax

    Tax directive 2021

    All commission earners can now apply for a tax directive for the 2021 year of assessment. This period is from 1 March 2020 to 28 February 2021. This applies if you’re commission earned is more than 50% of your total income. This tax directive is for a fixed percentage, which means that your employer can’t deduct more than the percentage approved by SARS. In order to apply for a tax directive, you must obtain a letter from your employer confirming that you receive commission. Click here for a FREE copy of the template that your employer can complete on a company letterhead. Just keep in mind, when you have tax…

  • Accounting,  Tax

    Year end 2020

    All companies with a February year end, have to submit a company tax return to SARS by 29 February 2020. This return is for the year ending 28 February 2019. In order to submit the tax return, a set of financial statements has to be compiled. This information is used to submit on the tax return. We can also assist in submitting a tax return for dormant companies, i.e companies who have not traded during the period 1 March 2018 to 28 February 2019. Contact us

  • Tax

    Provisional Tax 2020

    The provisional tax forms for 202002 period must be submitted to SARS before 29 February 2020. This is applicable for all companies with a February year end. The calculation is based on the turnover for the company for the period 1 March 2019 to 29 February 2020. The calculation thereof must be as accurate as possible to avoid penalties by SARS. A penalty is given if the provisional tax is lower than the figure on the final tax return for the year. Contact us

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