The CIPC introduced a new compliance checklist. All companies that are required to perform an independent review or an audit is required to complete the checklist on an annual basis.
On 1 March 2020 the much talked about Tax on Foreign Income became a reality in South Africa. The question on everybody’s lips is: “Does this new tax apply to me?”
You can operate your business using a: - Sole Proprietorship (that is trading in your private capacity) - Partnership (that is in your private capacity with other individuals in the private capacity) - Business Trust - Private Company ((Pty) Ltd – Company with limited shares holders) - Public Company ((Pty) Ltd – Company with unlimited shares holders) - Personal Liability Company (Inc.) - External Companies (Branches of foreign companies)
February month is provisional tax month for all legal entities with a February year end (companies, close corporations), trusts and all individual tax payers who receives income other than a fixed monthly salary. This estimated tax return can result in unnecessary penalties and interest if attention is not given to the calculation.
While we are all getting a handle on working around load shedding schedules, filling up the generators and navigating traffic, it is a good time to also reflect on the impact this has on your dealings with SARS.
Marna Scheepers completed her studies at the School of Accounting Science at the University of Pretoria in 2001. She completed her articles with PriceWaterhouseCoopers in 2005 after a secondment to the USA to obtain additional experience.