Bookkeeping services to suite the entrepreneurs needs. We can assist from registration right through to financial statements and the filing of your company’s tax returns and everything in between.
Bookkeeping services from only R750 per month:
Bookkeeping services include:
- Vat calculation and submission of returns
- Payroll tax calculation and submission returns
- Monthly bookkeeping to trial balance
- Management statements when required
- Annual financial statements
- Annual company tax return
- Company provisional tax
- Compensation Commissioner annual return of earnings and Letter of Good Standing
- SARS tax clearance certificate
- CIPC annual returns
We can assist with all SARS and Department of Labor registrations.
Voluntary VAT registration:
You can voluntary register for VAT when your business turnover exceeds a total of R50,000 for a 3 month period. Usually companies voluntary register for VAT if larger businesses have a policy of only doing business with other VAT registered businesses.
Compulsory VAT registration:
As soon as the business turnover exceeds R1 million for a 12 month period or as soon as it become likely the business is going to exceed the R1 million turnover, the business is legally obliged to register for VAT. In other words when your turnover is R83,400 per month, you are going to reach a turnover of R1 million in a 12 month cycle. Practically a cycle is a financial year.
VAT returns are normally submitted on a 2 monthly cycle.
Payroll tax registrations:
A business which pays director remuneration and or salaries and wages, must register as an employer.
An employer must register for the following:
- SARS registration as an employer
- Department of Labor registration for UIF and CCMA purposes
- Compensation Commissioner registration for injuries on duty
Returns to submit:
- Monthly payroll tax returns
- Bi-annual payroll reconciliation
- UIF returns when an employee begins or ends their employment
- An annual return of earnings at the Compensation Commissioner
Income tax registration:
CIPC automatically register a company for income tax purposes when it registers a company. To stay in good standing with SARS, submit the following returns on time:
- Bi-annual company provisional tax returns
- Annual company tax return
Your company is required to submit and pay an annual return in the company’s registration month.
If your annual returns are not up to date, your bank can freeze the overdraft facility and CIPC will de-register the company after 3 outstanding annual returns.
Tax clearance certificate:
SARS issue a tax clearances if all returns and taxes are up to date. The clearance is valid until a return or money becomes outstanding. Then the tax clearance becomes invalid until the company taxes are up to date again.
Financial statements must be compiled within 6 months after the company year end by a qualified accountant. The company tax return is completed from the information in the annual financial statements.
We perform certain checks to ensure the financial records are in order. The turnover in the financial statements must correspond with the turnover declared in the VAT returns over the same period. The turnover must also correspond with the turnover declared in the CIPC annual return.
The payroll total in the financial statements must correspond with the amounts declared in the payroll tax returns. This figure must also correspond with the payroll declared in the Compensation Commissioner return of earnings.
We are experienced in the following industries:
- Restaurants, guesthouse & accommodation
- Motor & Transport
- Professional service
We specialize in Small Business tax
Private company tax rate 28%
Small Business Corporation tax rates
|Taxable income||Rates of tax|
|R 0 – R 78 150||Nil|
|R 78 151 – R365 000||7% of the amount over R 78 150|
|R365 001 – R550 000||R20 080 + 21% of the amount over R365 000|
|R550 001 +||R58 930 + 28% of the amount over R550 000|
Requirements for Small Business Corporation:
- All shareholders or members throughout the year of assessment are natural persons who do not hold shares in any other private company or members’ interest in any other close corporation or co-operative other than those which:
- are inactive and have assets with a market value less than R5 000; or
- have taken steps to liquidate, wind-up or deregister (effective for years of assessment commencing on or after 1 January 2011).
- Gross income for the year of assessment does not exceed R20 million (2013 : R14 million).
- Not more than 20% of the gross income and all capital gains consists collectively of investment income and income from the rendering of a personal service.
Investment income includes any annuity, interest, rental income from immovable property, royalty or any income of a similar nature, local
dividends, foreign dividends (as from 1 April 2012) and any proceeds derived from investment or trading in financial instruments (including
futures, options and other derivatives), marketable securities or immovable property.
Personal service includes any service in the field of accounting, actuarial science, architecture, auctioneering, auditing, broadcasting,
consulting, draughtmanship, education, engineering, financial service broking, health, information technology, journalism, law, management,
real estate broking, research, sport, surveying, translation, valuation or veterinary science, performed personally by any person who holds an
interest in the company, co-operative or close corporation, except where such small business corporation employs three or more
unconnected full-time employees for core operations throughout the year of assessment.
- The company, close corporation or co-operative is not a personal service provider or venture capital company
Small business corporations allow small business to pay less tax legally and thus have more capital to invest and grow faster.
SARS introduced special capital incentives for the manufacturing industry – a SBC may deduct 100% of the cost of manufacturing assets in the year it was purchased.
Other industries may deduct the capital investment over three years 50:30:20