Practical Accounting Solutions

Business Services

ACCOUNTING

ANNUAL FINANCIAL STATEMENTS

Annual financial statements are a set of reports that are required by all registered companies in terms of the Companies Act. Annual financial statements must be signed off by qualified Accountants, like ourselves. 

BOOKKEEPING

We can process your bank statements, petty cash, credit cards, debtors, creditors, salaries and wages etc. We typically work with Pastel Partner, but we have found that more and more clients are preferring to use the various online packages that are available, like Sage One Accounting, so we are happy to work with these packages as well.

We will fit oursleves in where you need us, so if you want to do some of the work yourself, that is perfectly fine, we will do the work that you don’t want to do!   

We will send you monthly management accounts so that you can track your monthly performance.

VAT    

  • Registration: 
          >1 Mil t/o p.a= Compulsory; 
          < 1 Mil t/o but > R4 200p.m = Voluntary.
  •  Registration/ Deregistration advice; 
  • Cashbook processing;  
  • Vat calculations and returns (VAT201); 
  • Vat audits;
  • Vat objections;
  • Liaison with SARS.

PAYE    

  • Registration;
  • Registration/ Deregistration advice;
  • Payslips;
  • Paye, Uif and Sdl calculations;
  • Paye returns (EMP201);
  • Employment tax incentive scheme calulations and advice (ETI);
  • Biannual Employer Reconciliations and IRP5's (EMP501);
  • Liaison with SARS.

UIF    

Employees that work for more than 24 hours in a month, are required to be registered for uif by the employer. The employer must deduct 1% UIF from the employees pay and must pay over 2% to the Department of Labour or SARS.  

Companies that are PAYE registered will pay their UIF over to SARS each month, but are still required to declare the UIF on Ufiling monthly. 

  • Registration;
  • Monthly returns;
  • Liaison with the Department of Labour; 

WORKMENS COMPENSATION  

It is compulsory for every company that employs staff to register for Workmens Compensation withthe Department of Labour.  

  • Registration;
  • Return of Earnings;
  • Letter of Good Standing;
  • Liaison with the Department of Labour.

TAXATION

COMPANY TAX    

  • Registration- must be done by the Public Officer; at the SARS branch
  • Tax Advice;
  • We offer Tax structuring to ensure that your business is tax efficient;
  • Advice regarding Small Business Corporation, which a Tax incentive for small businesses.
  • Company Tax returns (IT12R);
  • Provisional Tax Returns (IRP6).  

PROVISIONAL TAX (IRP6)  

Provisional tax is a prepayment of your years taxes, like PAYE, but payable twice a year, instead of monthly.    

  • First period: 01 March- 31 August:
    • Due: 31 August.
  • Second period: 01 March- 28 February
    • Due: 28 February.  

DIVIDENDS TAX   

When a company pays it's shareholders a Dividend, a Dividends tax return (DTR01 & DTR02) must be submitted to SARS, and Dividens tax @ 20% must be calculated and paid to SARS by the end of the following month.

SECRETARIAL & OTHER

COMPANY REGISTRATIONS  

  • Registration of new Private Companies ((PTY) Ltd's) with the registrar (CIPC);
  • Share Certificates     

CHANGES TO STATUTORY INFORMATION 

  • Change of Company Name;
  • Change of Company Directors; 
  • Change of Year end;
  • Change of Address / Contact details.    

ANNUAL RETURNS (CIPC)  

Each year, on the anneversary of the companies registration, the company is required to submit an annual return to the registrar. The Turnover of the company for the preceeding year must be declared, as well as any changes to the statutory information.

COMMISSIONER OF OATHS

  • Certifying of original documents;
  • Affidavits.

BROAD BASED BLACK ECONOMIC EMPOWERMENT (BBBEE)  

With the latest changes to BBBEE legislation, a Professional Accountant can no longer draw up a BBBEE certificate, because it can only be done through a registered BBBEE agent. We are often called upon to provide the much needed Confirmation of Turnover letters which are needed by the BBBEE agents before issuing the necessary certificates.    

BANKS / FINANCE

  • Annual Financial Statements;
  • Management Accounts;
  • Confirmation of Earnings.  

     

Lets meet and discuss your needs

The first hour is free, and the coffee is on us

T's and C's apply

Testimonials

what our clients have to say

Keyan Tomaselli, Professor (Individual Taxpayer)

Jade Cranston is the best choice. Not only did this firm very efficiently clean up the mess caused by my previous tax consultant, but they stay in touch, personalise the relationship, and are totally reliable.

20 Nov 2017

Amie Harms, Accounts & Administration Epicdev (Pty) Ltd (Monthly service plan client)

Thank you to the Practical Accounting Solutions team for always working diligently and efficiently on our accounts, there is no one who we would trust more with the handling of our finances. It is always a pleasure corresponding with your friendly staff who are always looking out for our company’s best interest. We have established a wonderful relationship with you, a key factor in the success of any business.

25 Sep 2018

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