FAQs
Got Questions? We’ve Got Answers
When do I need to submit an income tax return in South Africa?
The annual tax season dates are announced by SARS each year. Individuals and businesses are required to submit their tax returns within the dealines set by SARS to avoid penalties and interest.
Thetax season usually opens around mid-July each year for all individuals and normally closes in October for standard taxpayers, but SARS announces the exact dates each year.
Check the SARS website or contact us.
When do I need to register for VAT?
A business must register for VAT once its taxable turnover exceeds R2.3 million within a 12-month period. Voluntary registration may also be possible for turnovers from R120,000 within a 12-month period.
What happens if I submit my tax return late?
Late submissions may result in SARS penalties, interest, and administrative non-compliance charges. It is important to stay up to date with all SARS deadlines.
Can SARS audit me after submitting my return?
Yes. SARS may request supporting documents or perform verifications and audits after submission. Keeping accurate records is essential.
How long should I keep my tax documents?
SARS generally requires taxpayers to keep records and supporting documents for at least five years.
What is provisional tax?
Provisional tax is a system where certain taxpayers make advance tax payments twice during the year to avoid a large tax liability at year-end.
Who needs to register for provisional tax?
Individuals earning income other than a salary, such as rental income, business income, or freelance income, may need to register for provisional tax.
What happens if I do not register for VAT when required?
Failure to register for VAT when legally required may result in penalties, interest, and additional SARS compliance issues. SARS can backdate your VAT registration to the date you should have registered.
How often must VAT be submitted?
VAT submissions are usually required every two months for most businesses, monthly when turnover exceeds R30 million, every 6 months for certain farmers/micro businesses, and annually in very limited cases depending on the VAT category assigned by SARS.
Payroll FAQs
What payroll services do you provide?
We provide complete payroll administration including:
• Payroll processing
• Payslips
• EMP201 submissions
• UIF & PAYE administration
• IRP5 certificates
• SARS payroll compliance
What is PAYE?
PAYE (Pay-As-You-Earn) is employee tax deducted by an employer and paid over to SARS monthly.
When must EMP201 submissions be made?
EMP201 returns and payments are generally due monthly by the 7th of the following month, unless the date falls on a weekend or public holiday.
When do I need to register for UIF?
In South Africa, you generally must register for UIF (Unemployment Insurance Fund) as soon as you become an employer and you employ someone for more than 24 hours per month.
This applies whether the employee is full-time, part-time, domestic staff, or many temporary workers.
Business & Accounting FAQs
Why are management accounts important?
Management accounts help business owners understand their financial performance, cash flow, profitability, and overall business position throughout the year.
What is the difference between bookkeeping and accounting?
Bookkeeping involves recording daily financial transactions, while accounting focuses on analysing financial information and helping businesses make informed decisions.
How often should management accounts be prepared?
Most businesses benefit from monthly management accounts to properly monitor performance and cash flow.
Can you help improve my business cash flow?
Yes. We assist businesses with forecasting, budgeting, and financial planning to help improve cash flow management and decision-making.
Do I need an accountant if my business is small?
Yes. Proper accounting and compliance help small businesses avoid costly mistakes and support sustainable growth.
Can you assist with SARS queries and penalties?
Yes. We assist clients with SARS correspondence, queries, penalties, reconciliations, and compliance matters.
Personal Service FAQs
What makes your firm different?
We provide a highly personalised service and work closely with our clients to ensure they remain compliant, organised, and informed.
Will you remind me about important SARS payments and deadlines?
Yes. We actively assist clients with reminders and follow-ups to help ensure important deadlines and payments are not missed.
Do you work with clients remotely?
Yes. We assist clients across South Africa both remotely and in person.
Book Your Consultation Today
Take the next step toward simplified accounting, compliant payroll, and professional financial support. Whether you are an individual, small business, or growing company, we are ready to assist you with trusted advice and efficient service.
Contact us today to schedule your consultation and discover how we can support your business journey.