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.
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.
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I have a small, simple rental equipment business, which I am in the process of closing. All bookkeeping has been completed and is up to date on QuickBooks. The records are clean and straightforward. I require a once-off service to: 1. Prepare Annual Financial Statements (Income Statement and Balance Sheet) 2. Provide a compilation/sign-off suitable for SARS 3. Assist with final tax submission if required 4. Advise on deregistration/closure if applicable This is not an ongoing engagement. Please indicate your experience with small business closures and expected turnaround time. thanks
I’m looking for a tax professional who can assist me with setting up and managing provisional tax in South Africa. I work as a Virtual Assistant for international clients, and my income is generated from outside of South Africa. I’d like guidance on how to correctly structure my tax obligations, ensure compliance with SARS requirements, and optimize my tax position where possible.
An existing (older) trust will soon receive a business property. The trust is currently not registered for tax with SARS. The objective is for rental income generated from the property to be distributed to a single beneficiary and taxed in the beneficiary’s hands in terms of the conduit principle. Assistance is required with: Registering the trust for tax with SARS Ensuring ongoing tax compliance for the trust (including annual ITR12T submissions and related obligations) Structuring the rental income flows correctly to apply the conduit principle Assisting with the beneficiary’s individual tax filings (ITR12), ensuring correct disclosure of rental income
I have a trust registered. To date it has been dormant. Currently this trust only holds shares in a private company - dividends will only start flowing into this trust from this month onwards. I require the services of an accounting firm for annual tax returns - there will be limited transactions taking place.