• 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

    Employee tax reconciliations – From 1 April 2020

    The reconciliation period for employee tax starts on 1 April 2020. The employee tax reconciliation, also called the EMP501, is for the period 1 March 2019 to 28 February 2020. All recons should be submitted by 31 May 2020. The aim of this recon is to ensure that the amount of employee tax(PAYE, UIF) corresponds with the figures paid over to SARS monthly via the EMP201 returns. And because this recon is for the whole year, employers have to give their employees IRP5 certificates. These certificates will be used by the employees to submit their personal income tax return. What’s the difference between an IRP5 and IT3? An IRP5 is…

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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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  • UIF

    Coronavirus and UIF

    Due to the coronavirus outbreak in South Africa, a lot of people are unable to go to work now, and a lot of people have already lost their employment. As an employer, it is necessary to ensure that your UIF returns are up to date in order for your employees can claim during these times. A UIF return has to be submitted to the department of labour every month, before the 7th. If you pay your UIF over to SARS every month together with your PAYE, it does not mean that your UIF returns are also up to date. Contact us and we can look at what is outstanding and…

  • UIF

    UIF for domestic workers

    UIF must be deducted from all domestic workers and gardeners who work more than 24 hours a month. (Source Labourguide) All employers have to register with the department of labour as an employer. 1% from the employee’s salary must then be deducted every month, and the employer must make an equal contribution of 1%. A form must be submitted to the department of labour every month before the 7th. Failure to deduct UIF will result in the employer having to pay 2% UIF for the full period during which the employee worked. This can lead to a substantial amount. Contact us now for assistance.

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  • CIPC

    Company Registration – R650

    We can assist if you need to register a private company at CIPC. The cost includes the following: Company registration Tax number Tax clearance BEE affidavit We also register non profit companies at R750 each. Contact us

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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

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