COMPANY TAX

 

Company Tax

Provisional | VAT | PAYE

We provide company tax advice as an integrated service to doing the company monthly accounting. It is also customary for us to complete company tax returns for our clients.

Provisional taxes are done on a six monthly basis. For most companies these dates fall on 31 August and 28 February each year. It is customary for client to make use of our postal address for correspondence with SARS on company tax matters. This enables us to advise our clients on provisional taxes timeously, which enables paying of taxes more evenly spread through the year.

We also advise on tax efficiency in terms of the Income Tax act, the use of trusts and allowances in terms of the Income Tax act. We also do extensive tax planning for our clients.

 

All SARS related applications

• VAT / PAYE / SDL / UIF / Customs Registrations

• Foreign Investments / Tax Clearance Certificates

• Tax Directives

• Public Benefit Organisation (PBO) / Sec18A

Frequently Asked Questions

1What is the tax rate for companies?
27% for the 2023/2024 Year.
2When must provisional tax be paid?
They are paid bi-annually starting on the approved financial year-end.
3Unemployment Insurance Fund (UIF)
If you have employees who are employed by you for more than 24 hours per month, you are required by law to register with the Unemployment Insurance Fund (UIF) and contribute towards the Fund. You must deduct and contribute one percent of your worker's gross salary per month, as must your employee. The total contribution is two percent of the worker's gross remuneration
4When must you register for VAT?
Compulsory registration: Any person who carries on an enterprise and whose total value of taxable supplies (taxable turnover) exceeds, or is likely to exceed, the compulsory VAT registration threshold, must register for VAT. The threshold is currently R1 million in any consecutive 12-month period.
5Workmen’s Compensation
All registered employers pay an annual assessment fee based on their workers’ earnings and work related risks. Employers who register for and pay their annual Workers Compensation fees are protected from being sued by employees who are injured at work. Employees are protected from financial loss if they are injured at work.
6Skills Development Levy
Employers must pay 1% of their workers’ pay to the skills development levy every month. The money goes to Sector Education and Training Authorities (SETAs) and the Skills Development Fund to pay for training

HELPFUL LINKS

Make sure your companies tax returns are submitted correctly and on time!

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