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South African Company Accounting and Tax Filing

Updated:2018-7-30 15:49:02    Source:www.tannet-group.comViews:268

South African company accounting and tax filing is an important issue for business owners to attend to. Many South African small and medium enterprises (SMEs) are struggling to survive mostly due to cash flow constraints. If you are considering setting up a business, no doubt one of the considerations will be the business tax rates in South Africa. Tannet’s competent personnel are on-hand to assist you on an ad-hoc or permanent basis on-site or off depending on your business requirements and we can either bring in our own team to assist you or upskill and train your staff while managing the accounts.

Accounting and Bookkeeping
Accounting is one of the follow-up routines once the company is registered. Falling behind in your accounting is a common problem for smaller companies who are caught up in the daily priorities of running a business. And many entities continue in this way until something triggers the need to get them in order, and quickly.

Nowadays, there is an increase in small business owners that start outsourcing their accounting services portion of the business. Cost savings is definitely a high priority for small businesses as well as the risk and frustration of having employment. By outsourcing the accounting services, a business owner eliminate both these factors. Tannet’s local accounting professionals will step in to update your accounting records, produce a set of financial statements and make sure you meet your immediate regulatory and tax deadlines, to stringent deadlines.

Annual Tax Returns
All companies incorporated in South Africa, including external companies and close corporations, are required by law to lodge their annual returns with CIPC within a certain period of time every year. An annual return is a statutory return in terms of the Companies and Close Corporations Acts and therefore must be complied with.

Annual returns for local and external companies must be filed within 30 business days from the anniversary date of incorporation. If filing is done later than the 30 business days an increased fee is payable up until the company is deregistered due to non-compliance.

Failure to do so will result in the Commission assuming that the company and/or close corporation is not doing business or is not intending on doing business in the near future. Non-compliance with annual returns may lead to de-registration, which has the effect that the juristic personality is withdrawn and the company or close corporation ceases to exist.

Contact Us
If you have further queries, don’t hesitate to contact Tannet anytime, anywhere by simply visiting Tannet’s website www.tannet-group.net, or calling Hong Kong hotline at 852-27826888 or China hotline at 86-755-82143512 or 86-755-82143181 or emailing to tannet-solution@hotmail.com. You are also welcome to visit our office situated in 16/F, Taiyangdao Bldg 2020, Dongmen Rd South, Luohu, Shenzhen, China.

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