VAT made simple: when to register & how to file your VAT201
Confused by SARS VAT? This simple guide for SA businesses explains the R1 million threshold, when to register, and how to file your VAT201 correctly to avoid penalties.
About: Alistair Smith & Co is a leading accounting firm that provides businesses, individuals, trusts, and non-profit organizations with the highest quality accounting services. We are committed to providing our clients with the best possible service and advice, tailored to their specific needs. Our team of experienced accountants are dedicated to providing accurate and timely financial information so that our clients can make informed decisions about their businesses. We pride ourselves on our professionalism and integrity, and we strive to provide our clients with the highest level of customer service.
I require comprehensive accounting and tax support for my business, , covering the period from April (date of incorporation: 6 April ) to the present. The primary objective is to have my financial records properly consolidated, reviewed, and prepared for accurate tax filing. Specifically, I need: • Full bookkeeping and reconciliation of financial records across both divisions of the business (retail and hospitality/travel). • Preparation of clear monthly management accounts, including revenue, cost of goods sold, operating expenses, and net profit. • Proper classification and allocation of income and expenses, particularly distinguishing between the furniture manufacturing operations (retail division) and the Airbnb rental activities (hospitality division). • Assistance in assessing overall profitability and ensuring that all deductible expenses are appropriately accounted for. • Guidance on tax compliance and submission, including the preparation and filing of all required tax returns. The business includes: • A retail division focused on manufacturing and selling furniture (couches, sofas, ottomans, and bed frames). • A hospitality/travel division operating an Airbnb unit (leased, not owned), as well as a recent land acquisition in Sabie intended for future development of luxury chalets. Ultimately, I am seeking a structured, compliant set of financial statements and expert support to ensure accurate tax reporting and optimisation. The main source for this will be bank statements which I will provide.
Good day I have a dormant CC for more than 15years. About 6 years ago+-aybe 8 I started getting SMS notifications, I owe Sars. My accountants never took my invoice books, debtors that they was supposed to deduct. Is there any possibility, that you handle these kind of situations? I have visited them, have all my mails, documents, avodavid's I had to send through. They said that there will be a board meeting, nobody return emails, respond in any way. Will appreciate your advise. Kind regards C.vanZyl
I have received final demand from SARS to submit my outstanding tax returns since . I have been running a company which was making losses but has been paying tax. I have not been paying myself salary since there was no money to pay myself hence the last time that I did submission I informed SARS that I do not get a salary.
responsible for daily entry of accounting transactions. prepared financial statements. performed bank and account reconciliations. produced monthly financial summaries and reports. processed monthly payroll. ensured compliance with all regulatory reporting requirements. verified purchase orders managing accounts payable (full function) managing accounts receivable (full function) monitoring petty cash filing monthly tax returns (VAT, PAYE, UIF, SDL, EMP)
Hi, I am starting a law firm as a sole prop working from home (i stay with my mother) , starting June and I am looking for help and advice for both my mom and myself on how to best structure payments for the best tax outcome for both of us, general advice on what I can recoup as tax deductions and what I should be keeping and logging from the LPC yearly audit and help/advise with my bookkeeping and payroll... I have one employee other than myself.
Hi I have been out of SA for 5 years, but did not cease my South African tax residency. For the first several years out of SA I was not working as my work permit in the USA had not come through yet. My wife , who is a US citizen was supporting me. In , I was employed by a company in Cape Town. I was not in South Africa for that entire time. I was receiving R45 a month and was paying tax on that amount in SA. I received an email from SARS saying I owe them a lot of money. I want to use some of the tax I was paying last year to offset the amount I owe SARS. I will most likely not be coming back to SA, but want to do the right thing and pay what I owe. I need help sorting out my taxes for the last several years. Thanks for your assistance.
I need assistance with my business tax stuff. I have opened an organisation account on my Efile, but I just need to make sure all things are taken care of. I have my business tax ref number. I also do not plan to start taking on clients at the moment so I would need help with the Nil forms. Problem is, I could not access my efile when trying to open it over the long weekend so my time is limited sorry
i need to set up the following accounting software or get a company that can offer this type of accounting , we are small company with our holding company in Maturities and we do on average about 30 transaction per month CORE TEMPLATES (READY-TO-USE CONTENT) 3.1 SALES ENQUIRY FORM (SEF) SALES ENQUIRY FORM (SEF) Deal Code: [AUTO GENERATED] Date: Sales Rep: Client Name: Company: Country: Contact Details: Product / Equipment: Specification: Quantity: Required Delivery Date: Delivery Location: Special Requirements: Status: [NEW / REVIEW / APPROVED] 3.2 INTERNAL COSTING SHEET INTERNAL COST BUILD-UP Deal Code: Prepared By: Base Cost (Supplier / Plant): Logistics Cost: Duties / Taxes: Inspection: Handling: TOTAL COST: Proposed Selling Price: Margin: Approved By (TopCo): 3.3 MANUFACTURING ORDER (MO) MANUFACTURING ORDER (MO) Order Code: Linked Deal Code: Plant / Supplier: Product Description: Technical Specifications: Quantity: Delivery Deadline: Quality Requirements: Inspection Required: YES / NO Authorised By: 3.4 PROFORMA INVOICE (DMCC → CLIENT) PROFORMA INVOICE Seller: OIC Metals & Commodities Trading DMCC Buyer: [Client Name] Deal Code: PI Number: Date: Product: Quantity: Unit Price: Total: Incoterms: Delivery Timeline: Payment Terms: Bank Details: Validity: 3.5 COMMERCIAL INVOICE (DMCC) COMMERCIAL INVOICE Invoice Number: Deal Code: Tracking ID: Seller: DMCC Entity Buyer: Client Description: Quantity: Unit Price: Total Value: Payment Instructions: Bank Details: Issued By: 3.6 PAYMENT CONFIRMATION NOTICE (PCN) PAYMENT CONFIRMATION NOTICE Deal Code: Invoice Number: Date Received: Amount Received: Bank Reference: Confirmed By: (Finance – DMCC) Status: CLEARED / PENDING 3.7 EXECUTION RELEASE ORDER (ERO) 👉 THIS IS YOUR CONTROL SWITCH EXECUTION RELEASE ORDER (ERO) Deal Code: Order Code: Payment Status: CONFIRMED Authorised Execution: ☑ Manufacturing Approved ☑ Dispatch Approved ☑ Logistics Approved Issued By: DMCC / TopCo Finance 3.8 DELIVERY NOTE DELIVERY NOTE Deal Code: Order Code: Tracking ID: Delivery Address: Client Contact: Items Delivered: Quantity: Driver / Transport Details: Signature (Client): Date: 3.9 PROOF OF DELIVERY (POD) PROOF OF DELIVERY (POD) Deal Code: Delivery Date: Received By: Position: Condition of Goods: [GOOD / DAMAGED] Comments: Signature: 4. DEAL TRACKER (EXCEL / SAGE STRUCTURE) Create this exactly in Excel: SHEET: MASTER DEAL TRACKER Field Example Deal Code OIC--DRC-CU- Client XYZ Country Kenya Product Equipment Status IN PROGRESS PI Issued YES Invoice Issued YES Payment Status PAID ERO Issued YES Manufacturing Status COMPLETE Delivery Status IN TRANSIT POD Received NO Margin $1,/MT 📊 SHEET: PAYMENT TRACKER Invoice No Deal Code Amount Paid Date Bank Ref 📊 SHEET: MANUFACTURING TRACKER Order Code Deal Code Plant Status Completion Date 📊 SHEET: DELIVERY TRACKER Tracking ID Deal Code Status Location Delivered 🔷 5. WORKFLOW (REAL OPERATION) 1. Enquiry Received → SEF Created 2. Deal Code Generated 3. Costing Done → Approval (TopCo) 4. PI Issued (DMCC) 5. Client Confirms 6. Invoice Issued (DMCC) 7. Payment Received 8. PCN Issued 9. ERO Issued ← (CRITICAL CONTROL) 10. Manufacturing / Procurement Starts 11. Delivery Prepared 12. Shipment Executed 13. POD Received 14. Deal Closed → Final Pack Stored
Hi, I own a start-up financial services firm (a licensed FSP), with a staff compliment of only myself currently, although I am looking to get my first two employees on board in the next couple of months. I already have auditors, but am looking for quotes on book-keeping/accounting services, tax services, and payroll. Thank you, Lethabo.
Our Core Services • Accounting & Bookkeeping • Taxation & SARS Support • Payroll & HR Compliance • CIPC & Statutory Services • Business Advisory • Internal Controls & Risk Management • Industry Specific Solutions • Digital & Automation Services Specialised Public Sector Offering • UIFW Investigations • Material Irregularity Support • UIFW Reduction Strategy • MPAC & SCM Capacity Building • Audit Outcome Improvement PAGE 2 — WHY CHOOSE US + CONTACTS Why Clients Choose • Strong compliance expertise • Proven municipal governance experience • Transparent pricing • Fast turnaround • Digital first systems • Industry specific knowledge • Strategic advisory beyond basic accounting Industries We Serve • Construction • Agriculture • Logistics • Property Practitioners • Municipalities & Government Entities