Compliance

Tax compliance in South Africa involves adhering to the regulations set by the South African Revenue Service (SARS). Here’s a detailed list of actions we can help you with to ensure tax compliance for a company operating in South Africa:

  1. Register with SARS
  • Company Registration: Ensure the company is registered with SARS for tax purposes.
  • Tax Reference Number: Obtain a tax reference number from SARS.
  1. Understand Your Tax Obligations
  • Income Tax: Understand the company's obligations for corporate income tax.
  • Value Added Tax (VAT): Determine if your company needs to register for VAT and understand VAT obligations.
  • Pay-As-You-Earn (PAYE): Comply with PAYE requirements for employee tax deductions.
  • Unemployment Insurance Fund (UIF): Register for UIF and comply with UIF contributions.
  • Skills Development Levy (SDL): Determine if your company needs to pay SDL and comply with SDL regulations.
  1. Maintain Accurate Financial Records
  • Bookkeeping: Keep accurate and up-to-date financial records.
  • Documentation: Maintain all invoices, receipts, and financial statements.
  1. File and Pay Taxes on Time
  • Corporate Income Tax: File annual tax returns (ITR14) and make payments on time.
  • VAT Returns: Submit VAT returns and make VAT payments by the due dates.
  • PAYE Submissions: Submit monthly PAYE returns (EMP201) and pay over the withheld taxes.
  • UIF Contributions: Submit UIF declarations and payments monthly.
  • SDL Payments: Pay SDL contributions monthly if applicable.
  1. Prepare and Submit Tax Returns
  • Annual Tax Return (ITR14): Prepare and file the annual income tax return for the company.
  • VAT Returns (VAT201): Submit periodic VAT returns, usually on a bi-monthly basis. PAYE Returns (EMP201): Submit monthly PAYE returns to SARS.
  1. Comply with Tax Withholding Requirements
  • Employee Taxes: Deduct and remit PAYE from employee salaries.
  • Third-Party Payments: Withhold and remit taxes on certain payments to third parties if required.
  1. Manage and Pay Provisional Tax
  • Provisional Tax: If applicable, pay provisional tax installments twice a year.
  • Estimated Tax Payments: Ensure timely payment of estimated taxes if required.
  • Personal Tax Returns: Assist with calculations and submissions.
  1. Keep Up-to-Date with Tax Legislation
  • Legislative Changes: Stay informed about changes in tax laws and regulations.
  • SARS Communications: Regularly check for updates and notices from SARS.