• Other

    Who must register for Workmen’s Compensation?

    All companies who employ one or more employee. Only the following companies are exempt: National and state government departments Certain local authorities Employers who are covered by Mutual Associations The purpose of the fund is to provide compensation to employees who was either injured or contracted a disease during the course of performing their work duties. The annual assessment amount is calculated by using the actual salaries for the previous year and the estimated salaries for the current year. A rate is used according to the risk factor for injury of the business. The return must be submitted and the assessment amount paid before 31 May, after which a Letter…

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  • Other

    Workmen’s compensation

    All employers can now submit their annual returns for Workmen’s Compensation. The deadline is 31 May 2020. The fund covers employees who are injured while on duty. Employers have to submit a return every year and then pay the assessed amount. All companies who have permanent employees are obliged to register with the fund. Contact us to submit your WAS.8 return

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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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