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There’s one of two ways in which an individual or entity may go about registering for VAT:
Voluntary registration (when your taxable income exceeded R50 000 in the preceding 12 months period or you are forecasting it will do so in the coming 12 months) or
Compulsory registration (when your taxable income exceeds or will exceed R1 000 000 in a 12-month period
Provisional income tax is not a separate tax, but a method of paying your income tax liability in advance, to ensure that the taxpayer does not have a large tax debt on assessment. A taxpayer who earns R30 000 or more from other sources excluding remuneration is required to register for provisional tax
Provisional tax is calculated by estimating your total taxable income for the year based on prior year earning and anticipated earnings for the current year. This amount is then divided into 2 equal payments to be made in Aug and Feb. Contact us for more info
An employer must register within 21 business days after becoming an employer, unless none of the employees are liable for normal tax
An annual return is a summary of the most relevant information regarding the company or close corporation and is filed with CIPC while a tax return focuses on taxable income of a company or close corporation to determine its tax liability to the State and is filed with SARS.
You are required by law to register with for UIF and contribute towards the fund if you have employed one or more people for a period exceeding 24 hours per month
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