An income tax return outlines the income earned by the company, the expenses incurred, and the taxes due. The purpose of filing a return is to calculate the business’s tax liability (or refund) based on the profits it has made…
A Return of Earnings (RoE) submission is a report required by the Compensation Fund for Employers to document and declare their employees’ earnings, contributions, or other financial information during a specific period. This period is from 1 March to 28 February the…
In the world of accounting, precision is paramount. Every number, every transaction, and every financial statement must be backed by concrete evidence, which often comes in the form of supporting documents. These documents, ranging from invoices to contracts, receipts, and…
As the year draws to a close, businesses and individuals alike focus on preparing their Annual Financial Statements (AFS) and filing their tax returns. While this process might seem like a routine task, getting the numbers right is crucial. Why?…
It is the beginning of the calendar year, and for most of the businesses it is the end of their financial year. Now is the time to wrap up the current financial year, and to plan for the following financial…
What It Means When Companies Receive Admin Penalties From SARS In South Africa, businesses are required to comply with a range of tax regulations, including filing returns and paying taxes on time. However, failure to meet these obligations can result…
What Happens If Your Company is Deregistered for Not Filing Annual Returns? Companies need to file annual returns with CIPC to stay legally active. If you miss this, your company can be deregistered. What Does Deregistration Mean? 1) The company…
As the owner of a start-up business, your main goals are most likely to maximise income while keeping costs as low as possible. Therefore, in most cases, the appointment of professional accountants is placed on hold to save money as…
At Business Services.Com, maintaining accuracy in our monthly accounting is critical. We focus on reducing human error through structured processes and continuous reviews. Here’s how we ensure that the accounting work has little to no errors. 1. Monthly Reviews with…
Background All individuals that are South African Tax Residents and that earn taxable income, in the form of a salary or otherwise, are liable to pay tax on their personal taxable income should it exceed the annual thresholds as defined…