Contact Details: Company or Sole Prop: Have you registered your business as a company, or do you trade as a sole proprietor or in partnership with others?Registering your business as a company creates a legal person separate from yourself. There are pros and cons to both, and whether you should register or not will depend on yours and your business' unique circumstances. CompanySole Proprietor Company: Have you registered YOUR COMPANY for income tax?Let's start with the stuff no-one wants to talk about, and get it out the way. Registration for income tax is the first thing your business needs to do to be tax compliant. YesNo Well done - your future business will thank you later! No-one likes paying tax, but there can be damaging consequences to your business if you don't. Non-payment of taxes will incur significant penalties and interest from SARS, and will take up many hours and days of your time and focus to retrospectively fix. Much better to register from the start, and keep your tax affairs up to date. You can find out how to register on www.sars.gov.za, or contact us for assistance. Have you registered YOUR COMPANY for provisional tax?Provisional tax is how your company's income tax is paid. Unlike employee's tax which is payable monthly, provisional tax returns need to be submitted every 6 months. Your company needs to register for provisional tax. Don't assume that because you have registered your company for income tax, that your company's provisional tax is registered and is up to date. YesNo Your tax registration compliance is looking good so far. Provisional tax is more difficult to determine than your company's final income tax return, because it is calculated on estimates of future taxable income. There are some complex rules in terms of minimum payments and how SARS can calculate understimation penalties. Let us know if you would like us to assist with these. Non-payment of provisional taxes can incur significant penalties and interest from SARS, and will take up many hours and days of your time and focus to retrospectively fix. You can find out more about how to register for provisional tax on www.sars.gov.za, or contact us for assistance. Have you registered your company for Small Business Corporation Tax?If your company's turnover does not exceed R20 million, your company may benefit from significantly lower income tax rates. YesNo Pat you and / or your advisor on the back for taking advantage of this initiative by government specifically designed to support entrepreneurs! Small Business Corporation Tax is a government initiative specifically designed to support entrepreneurs. Make sure you are taking advantage of this initiative by contacting us for more information. Does your company have employees?Whether someone providing a service to your company is an employee or independent contractor can be a tricky question. Please contact us to find out if you are unsure. YesNo Have you registered your company for employees tax?Employees tax is paid monthly to SARS. The responsibility to deduct employees tax from your employees' gross pay, and pay that over to SARS, lies with your company. YesNo Great to hear. This one affects both your company's and your employee's tax compliance. By registering you are doing right for your team as well as your business. Please contact us to let us know if you would like assistance in tax structuring for your employees and your company, or would like to outsource to the experts the monhtly compliance burden of payroll processing. This one affects both your company's and your employees' tax compliance. By not registering you are putting both your team as well as your business at risk. You can find out more about how to register on www.sars.gov.za, or contact us for assistance. Have you registered your company for UIF?UIF is the Unemployment Insurance Fund. If you have registered for employees tax in the last few years, it is very likely your company is also already registered for UIF through SARS efiling. Contact us if you are unsure. YesNo Good going. This one affects both your company's legal compliance, and your employee's benefits in the event of unemployment. By not registering you are putting both your team as well as your business at risk. You can find out more about how to register for provisional tax on www.sars.gov.za, or www.gov.za/services/uif, or contact us for assistance. Have you registered your company for COIDA?COIDA is the Compensation for Occupational Injuries and Diseases Act. This is the one that most business owner's forget about. The backlogs, system and process glitches at the Department of Labour have not made compliance any easier, but the onus is on your business to make sure this one does not fall through the cracks. YesNo If you have answered yes to all the above questions, AND this one, your employee and related tax registration compliance is rockstar! This one affects both your company's legal compliance, and your employee's benefits in the event of an occupational injury or disease. By not registering you are putting both your team as well as your business at risk. You can find out more about how to register on www.cf-filing.co.za/CompensationFund/, or contact us for assistance. Is your company's annual turnover greater than R1 million?Companies carrying on an enterprise in the Republic of South Africa with taxable greater than R1 million, are obliged to register for VAT. If you are unsure whether this applies to your company, please contact us. YesNo Have you registered your company for VAT?VAT (Value-Added Tax) is an indirect tax separate from Income Tax. Just because your company is registered for Income Tax, does not mean that it is registered for VAT. YesNo Great to hear. Please contact us to let us know if you would like assistance in reviewing your company's VAT compliance and whether your company is minimising its VAT liability. Or if you would like to outsource to the experts the monthly compliance burden of VAT calculation, submission and liasing with SARS. No-one likes paying tax, but there can be damaging consequences to your business if you don't. Non-payment of taxes will incur significant penalties and interest from SARS, and will take up many hours and days of your time and focus to retrospectively fix. Much better to register from the start, and keep your tax affairs up to date. You can find out how to register on www.sars.gov.za, or contact us for assistance. Have you registered your company for dividends tax?You and your company are two separate legal persons. Any drawings out of your company that are not remuneration paid by your company to yourself (and included in your company's employee tax return), or are not a repayment of a loan you made to the company (shareholder loan), is (or can be deemed to be by SARS) a dividend. YesNo Great to hear. The next step is the balacning act of minimising the tax liability between you, your company, and the balance between distribution and re-investment of company profits. Let us know if you would like us to assist with these. Dividends tax is different to income tax - income tax is the tax on your company's profits, dividends tax is the tax on the distribution of those profits to shareholders. Non-payment of taxes will incur significant penalties and interest from SARS, and will take up many hours and days of your time and focus to retrospectively fix. Much better to register from the start, and keep your tax affairs up to date. You can find out how to register on www.sars.gov.za, or contact us for assistance. Are you using a cloud accounting system?Cloud accounting refers to internet-based accounting systems. It’s more reliable, scalable, secure and cost-effective than using desktop software on the computer. YesNo Your company's accounting technology is at the leading edge! Depending on which system you are using.. If you need assistance to make sure you are getting the most benefit out of your accounting system, please contact us. Using old accounting techonology, or no accounting technology (eg. using MS Excel to maintain your accounting records) will hold your company back from reaching its full potential. Please contact us for a free consultation to assess how cloud accounting technology can benefit your company. Do you have access to real-time financial reports, like your company's income statement (profit & loss account) and cash flow?Real-time financial reports, supported by a cloud accounting advisor, is one of the many benefits of cloud accounting. YesNo You have your finger is on your company's pulse - great going! One of the primary causes of failure in business is the failure to measure and adjust when the time is right. As the saying goes, you can't manage what you can't measure (or aren't measuring). Please contact us for a free consultation to assess how cloud accounting technology can provide real-time financial reporting for your company. Is your company growing and does it require funding?There are pros and cons to raising external funding, whether it is debt or an equity investment. Please contact us for a free consultation to assess the pros and cons for your company at this point in its growth path. YesNo Your business is growing! Please contact us for a free consulation to assess whether you have optimised your capital structure from an ownership, cash flow and tax perspective. Your company may be ticking along at the pace you require. Or you are looking for more growth from your company. Either way, please contact us for a free consulation to assess the opportunities for cloud accounting technology to seamlessly support your company in achieving your financial goals. Does your company have a financial advisor?Cloud accounting technology and online communication platforms means that your company, no matter how small, can have its own finance team with an experienced CFO available to you at a very affordable cost. YesNo Good decision! If you are not satisfied with the service you are receiving from your advisor, or would like to have a free consulation with an advisor that is using leading cloud accounting technologies, please contact us. A qualified and experienced financial advisor can assist with ensuring that your financial records are accurate, up to date, compliant and meaningful. An advisor can also assist making sense of financial reports, systems, tax and other compliance requirements. The benefits of having such an advisor on your team, very often outweigh the benefits of any cost-savings you may achieve by trying to perform this vital function yourself, or delegating to someone without the necessary qualifications, skills or experience. Sole Proprietor / Partnership Have you registered YOURSELF for income tax?Let's start with the stuff no-one wants to talk about, and get it out the way. If you were previously an employee, and your employer was deducting employee's tax (PAYE), you may not necessarily have been registered for income tax. YesNo Well done - you will thank yourself later! No-one likes paying tax, but there can be damaging consequences to your business if you don't. Non-payment of taxes will incur significant penalties and interest from SARS, and will take up many hours and days of your time and focus to retrospectively fix. Much better to register from the start, and keep your tax affairs up to date. You can find out how to register on www.sars.gov.za, or contact us for assistance. Have you registered YOURSELF for provisional tax?Provisional tax is how tax on your business' income is paid. Unlike employee's tax which is payable monthly, provisional tax returns need to be submitted every 6 months. You need to register for provisional tax. Don't assume that because you have registered your company for income tax, that your company's provisional tax is registered and is up to date. YesNo Your tax registration compliance is looking good so far. Provisional tax is more difficult to determine than your final income tax return, because it is calculated on estimates of future taxable income. There are some complex rules in terms of minimum payments and how SARS can calculate understimation penalties. Let us know if you would like us to assist with these. Non-payment of provisional taxes can incur significant penalties and interest from SARS, and will take up many hours and days of your time and focus to retrospectively fix. You can find out more about how to register for provisional tax on www.sars.gov.za, or contact us for assistance. Does you have employees?Whether someone providing a service to your company is an employee or independent contractor can be a tricky question. Please contact us to find out if you are unsure. YesNo Have you registered for employees tax?Employees tax is paid monthly to SARS. The responsibility to deduct employees tax from your employees' gross pay, and pay that over to SARS, lies with you as the employer. YesNo Great to hear. This one affects both yours and your employee's tax compliance. By registering you are doing right for your team as well as your business. Please contact us to let us know if you would like assistance in tax structuring for your employees and yourself through your business, or would like to outsource to the experts the monhtly compliance burden of payroll processing. This one affects both yours and your employees' tax compliance. By not registering you are putting both your team as well as yourself at risk. You can find out more about how to register on www.sars.gov.za, or contact us for assistance. Have you registered your company for UIF?UIF is the Unemployment Insurance Fund. If you have registered for employees tax in the last few years, it is very likely you are also already registered for UIF through SARS efiling. Contact us if you are unsure. YesNo Good going. This one affects both yours and your employee's benefits in the event of unemployment. By not registering you are putting both your team as well as your business at risk. You can find out more about how to register for provisional tax on www.sars.gov.za, or www.gov.za/services/uif, or contact us for assistance. Have you registered for COIDA?COIDA is the Compensation for Occupational Injuries and Diseases Act. This is the one that most business owner's forget about. The backlogs, system and process glitches at the Department of Labour have not made compliance any easier, but the onus is on you to make sure this one does not fall through the cracks. YesNo If you have answered yes to all the above questions, AND this one, your employee and related tax registration compliance is rockstar! This one affects both your legal compliance, and your employee's benefits in the event of an occupational injury or disease. By not registering you are putting both your team as well as your business at risk. You can find out more about how to register on www.cf-filing.co.za/CompensationFund/, or contact us for assistance. Is your annual turnover greater than R1 million?Enterprises in the Republic of South Africa with taxable greater than R1 million, are obliged to register for VAT. If you are unsure whether this applies to your business, please contact us. YesNo Have you registered for VAT?VAT (Value-Added Tax) is an indirect tax separate from Income Tax. Just because you are registered for Income Tax, does not mean that you are registered for VAT. YesNo Great to hear. Please contact us to let us know if you would like assistance in reviewing your business' VAT compliance and whether your business is minimising its VAT liability. Or if you would like to outsource to the experts the monthly compliance burden of VAT calculation, submission and liasing with SARS. No-one likes paying tax, but there can be damaging consequences to your business if you don't. Non-payment of taxes will incur significant penalties and interest from SARS, and will take up many hours and days of your time and focus to retrospectively fix. Much better to register from the start, and keep your tax affairs up to date. You can find out how to register on www.sars.gov.za, or contact us for assistance. Are you using a cloud accounting system?Cloud accounting refers to internet-based accounting systems. It’s more reliable, scalable, secure and cost-effective than using desktop software on the computer. YesNo Your business' accounting technology is at the leading edge! Depending on which system you are using.. If you need assistance to make sure you are getting the most benefit out of your accounting system, please contact us. Using old accounting techonology, or no accounting technology (eg. using MS Excel to maintain your accounting records) will hold your business back from reaching its full potential. Please contact us for a free consultation to assess how cloud accounting technology can benefit your business. Do you have access to real-time financial reports, like your company's income statement (profit & loss account) and cash flow?Real-time financial reports, supported by a cloud accounting advisor, is one of the many benefits of cloud accounting. YesNo You have your finger is on your company's pulse - great going! One of the primary causes of failure in business is the failure to measure and adjust when the time is right. As the saying goes, you can't manage what you can't measure (or aren't measuring). Please contact us for a free consultation to assess how cloud accounting technology can provide real-time financial reporting for your business. Is your company growing and does it require funding?There are pros and cons to raising external funding. Please contact us for a free consultation to assess the pros and cons for your business at this point in its growth path. YesNo Your business is growing! Please contact us for a free consulation to assess whether you have optimised your capital structure from a corporate entity, ownership, cash flow and tax perspective. Your business may be ticking along at the pace you require. Or you are looking for more growth from your business. Either way, please contact us for a free consulation to assess the opportunities for cloud accounting technology to seamlessly support your business in achieving your financial goals. Does your company have a financial advisor?Cloud accounting technology and online communication platforms means that your business, no matter how small, can have its own finance team with an experienced CFO available to you at a very affordable cost. YesNo Good decision! If you are not satisfied with the service you are receiving from your advisor, or would like to have a free consulation with an advisor that is using leading cloud accounting technologies, please contact us. A qualified and experienced financial advisor can assist with ensuring that your financial records are accurate, up to date, compliant and meaningful. An advisor can also assist making sense of financial reports, systems, tax and other compliance requirements. The benefits of having such an advisor on your team, very often outweigh the benefits of any cost-savings you may achieve by trying to perform this vital function yourself, or delegating to someone without the necessary qualifications, skills or experience.
