Company Tax Return and SARS Compliance
We often get enquiries from SME’s who have not correctly submitted company tax returns with SARS or have omitted such returns completely. These returns include provisional tax returns not submitted or paid. In most cases, large penalties and interest has been levied against them by SARS. Our accountants and Master Tax Specialists are able to:
- Transfer the company E-filing profile to our profile in order to view your standing with SARS
- Compile Annual Financial Statements for the company and sign these off, in order to submit to SARS as supporting documents for your Income Tax returns
- Apply for remission of penalties and interest on your behalf
VAT Registration
If your business (in your personal capacity or as a registered company) has a gross income of R1 million and over then you are required by law to register for VAT. Voluntary registration can be done if you have a turnover of more than R50 000.
We can assist in registering your company for VAT and do the SARS interview for registration on your behalf. The following process is followed when doing so:
- Send mail to client with requirements
- Once all documents are obtained we visit SARS for the registration and interview
- A SARS official records all documents after interview and provides VAT number
- Register client on E-filing for submission purposes
VAT Returns – Output and Input VAT
Our service includes the monthly and bimonthly submission of your VAT. Please note that if you have not done any VAT submissions, we can help with outstanding returns (our longest backdate was over a period of 15 years). Input VAT is claimable for 5 years since date of invoice.
Below is an example of items that can be claimed as VAT input:
- Office rent
- Travel costs
- Cost of sales
- Municipality bills
- All expenses for which the company have a qualifying invoice that was spent on expenses in order to gain income
Applying for Remission of VAT Penalties and/or interest
As our firm is backed by Master Tax Specialists with specialist knowledge on VAT and who have extensive experience in negotiating with SARS. If SARS has levied penalties and / or interest against your VAT liability, our team can negotiate with SARS to waive penalties if you have a valid reason for not submitting returns or paying VAT.
We also ensure that ongoing VAT submissions and annual financial statements to SARS will be kept up to date to ensure compliance with SARS going forward.
Non-Executive Directors (NEDs) VAT registration, VAT submission and VAT invoicing
In February 2017, The South African Revenue Service (SARS) confirmed the interpretation of the VAT law that requires NEDs of companies to register for and charge VAT in respect of any director’s fees earned for services rendered as a non-executive director. We offer a bespoke accounting service to NEDs that involves the initial VAT registration at SARS and also includes the monthly VAT submission and VAT invoicing on their behalf. We have an extensive experience in this regard and assist many NED clients on a monthly basis.
Financial Statements
- Preparation, Review and Compilations of Annual Financial Statements
- Annual Financial Statements are prepared and presented in accordance with International Financial Reporting Standards for Small and Medium-sized Entities (IFRS for SME’s) and the requirements of the Companies Act of South Africa
- Our Accountants are registered with SAIPA and SAIT and are qualified to sign off on Annual Financial Statements
Taxation
Our aim is to legally minimize the clients tax burden.
Proper planning of taxes including are done on an ongoing basis to keep the tax bill to the minimum.
This include the following tax types:
- Income Tax – Company and individual
- VAT
- CGT
- Withholding Tax
- Donations
- Non Executive Directors – VAT registration and bi- monthly submission to SARS
Companies and Intellectual Property Commision (CIPC)
Tax and accounting advice for company structure and company registration
We not only ensure that your company is correctly registered with the CIPC, but our Master Tax Specialists provide pertinent advice as to what type of entity (individual/Trust/PTY LTD) is best suited for your start up and how your accounts should be structured to ensure tax optimisation.
Reactivation of CIPC membership and yearly submissions
If you have not submitted returns to the CIPC for three years or more, then your company will be deregistered. Our accountants are able to resubmit any outstanding returns and reactivate your CIPC membership thereafter. We also sign off and submit your yearly returns to the CIPC on your behalf.
Public benefit Organisations (PBO’s): Ensuring full compliance with SARS and Section 18A
Is your PBO actively registered at SARS?
If your organisation has not submitted annual financial statements and is found to be non-compliant and not approved by SARS under section 18A, then you will not qualify for tax exempt donations, and neither will the company making such donations. As a result, your organization will be taxed on all income received and the company making said donation will not be able to claim tax back from SARS.
We are able to backdate any outstanding returns, correctly prepare annual financial statements and make sure you are fully compliant with SARS. This includes applying for approval under Section 18A. Thereafter, we can prepare your financial statements and submit them on your behalf on a yearly basis.
