- Company registrations
- Annual returns
- UIF, SDL, PAYE
- Value added tax
- Income Tax
- Annual financial statements
- BEE Certificates
- Independent reviews
- Startup advice
- Business plans
- Assistance obtaining grants and loans
- Developing accounting systems
- Advice on business improvement
- Management accounting
- Internal audit
- Cash flows
- Company secretarial work
- Business valuations
If you’re thinking about starting a business you may ask yourself why go through the legal hassles of registering.
There are however major advantages to registering a business which include liability protection, tax deductions and financial assistance.
Registering your business shows customers and stakeholders that you are serious about business.
The most appealing reason for registering a business is extra money in your pocket through tax deductions for business related expenses i.e. use of company car, home office, and other business related expenses.
A registered business provides access to funding for growing a business i.e. venture capital and bank loans.
Fenton and associates provide advice to clients in choosing the most suited business type taking into account the required capital structure, risk, and possible tax deductions.
We assist our clients in completing the registration process with the companies’ register which includes, reserving a company name, amending the Memorandum of Incorporation, registering directors, and completing the required forms.
All companies and close corporations are required by law to file their annual return with the companies and intellectual property commission on an annual basis and within the prescribed period.
Companies who fail to submit their annual return may lose their limited liability status and may be de-registered as it is presumed that companies who fail to submit their annual returns are no longer trading.
We assist our clients in calculating the annual return fees and submitting the return together with the applicable fees.
Companies are required by statute to keep accurate accounting records for a period of seven years.
Businesses prefer to only hire a bookkeeper when there is an absolute need to do so however businesses that hire bookkeepers later discover that they were not doing things as well as they thought they were and were neither correctly complying with laws and regulations nor correctly utilizing benefits afforded by South African legislation.
A bookkeeper handles the day to day hands on tasks, which includes capturing invoices, processing cash books, and reconciling balance sheet accounts, submitting your monthly returns and preparing the accounting records for tax seasons.
We assist our clients in preparing their monthly accounts and ensure that the records are kept in a manner ready for audit.
Unemployment Insurance Fund
Every employer who pays or is liable to pay remuneration to an employee must contribute on a monthly basis the Unemployment Insurance Fund.
Skills Development Levies (SDL)
An employer is obliged to register for SDL purposes unless there are reasonable grounds for believing that the total leviable amount paid or payable by the employer to all its employees during the following 12 month period will not exceed R500 000.
Every employer must pay a skills development levy at a rate of 1 % of the leviable amount.
Employers who pay their SDL levies are entitled to apply to the skills development fund for grants to train and upskill their employees.
These employees are also entitled to specific learnership tax deductions which may extend as far as R60 000 per employee.
Employees tax refers to tax required to be deducted by an employer from an employee`s remuneration paid or payable.
An employer is obliged to register for Employees Tax purposes where the employer pays remuneration to an employee who is liable for normal tax.
Fenton & Associates assist clients in calculating UIF,SDL, and PAYE and submitting the monthly SARS return.
Valued Added Tax
Valued added tax, known as VAT, is an indirect tax on the consumption of goods and services in the economy. Revenue is raised for the government by requiring certain business to register and to charge Vat on taxable supplies. These business become Vat vendors that act as the agent for the government in the collection of Vat.
Vat presently levied at a standard rate of 14% on the supply of most goods and services.
There are a limited range of goods and services which are subject to Vat at the zero rate or are exempt from Vat.
You will be liable for Vat if the income earned from the selling of goods and services is more than one million in any consecutive period of 12 months or will exceed that amount in terms of a contractual obligation in writing.
Fenton & Associates assists clients in completing and submitting their vat returns.
Corporate Income Tax (CIT), also known as a business tax, is a tax imposed on businesses incorporated under the laws of the Republic of South Africa and which derive income from within the Republic or through a branch or permanent establishment within the Republic.
Every registered tax payer is required submit annual tax return within 12 months of the financial year end.
We assist our clients in calculating their tax and submitting their annual tax returns.
Every business is required to submit provisional tax returns. These returns are required to be submitted every six months and must contain estimated figures of total revenue earned for that period and to pay over taxes in respect of the income estimated for that period.
We assist our clients in projecting their annual tax expense and submitting their provisional tax returns.
Annual Financial Statements
Companies are required to prepare annual financial statements within six months of the company`s financial year end.
Annual financial statements provided a valuable source of information to shareholder and directors.
These statements are utilized in preparing the company`s income tax return.
Annual financial statements are utilized by various stakeholders i.e. (banks and other fund providers, when determining whether funds should be provided to these entities.
Fenton & Associates assist clients in preparing their annual financial statements and advised clients on the strengths and weakness of their business.
Broad Based Black Economic empowerment – EME
An enterprise with an annual turnover of R5 000 000 or less or is a recently formed or incorporated entity would qualify as an exempt micro enterprise.
EME`s are deemed to have a BEE status level of 4 however if black ownership is greater than 50 percent then the entity is elevated to a BEE status level of 3.
An independent review is alternate assurance engagements were the independent reviewer provides limited assurance to the users of the financial statements as compared to that of an external auditor
Individual Tax returns
Individuals earning in excess of R250 000 per annum are required to submit an income tax return.
If you earn under R250 000 for a full year from one employer (that’s your total salary income before tax) and have no other sources of additional income (for example, interest or rental income) and no deductions that you want to claim (for example medical expenses, travel or retirement annuities), then you don’t need to submit a return
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