MORE REGULATORY REGISTRATIONS?
NO PROBLEM! Just follow our list of registrations that need to be completed at various stages of your business cycle.
Just when you thought it was OK to breathe a sigh of relief and pat yourself on the back for a job well done, you realise that you are only part of the way down regulatory road.
While the procedures listed below are not all strictly Statutory Registrations, they do form a very important part of running your business, below is a list of registrations that need to be completed at various stages of your business cycle.
- Annual Return – Many business owners confuse CIPC annual returns with their annual Income Tax return and therefore tend to ignore it. This I’m afraid, is a very bad move as all companies and close corporations are required by law to lodge an annual return with the CIPC. Just to be clear, your annual return is due by the end of the month following your date of registration.
- BEE Certification – While having your business BEE certified is not a legal requirement (except for Listed Companies), many businesses are finding it nearly impossible to get business from other entities unless they are certified. Bee Certification needs to be done annually to be kept up to date.
- Tax Clearance Certificate – Was introduced by Government as a method of weeding out delinquent taxpayers who did business with the state. Rightly so, why should you gain from “tax” money if you are not paying your taxes. Due to the high rate of fraud in SA many businesses now require you to provide them with a Tax Clearance Certificate before they will do business with you. It is important to note, no private business can withhold payment to your business if you do not provide them with a valid tax clearance certificate – ONLY a government department can do this.
- PAIA Manual – while still a legal requirement for large business and Government departments, SME’s within certain categories have been exempt from compiling and submitting a manual until 31st December 2020. As a simple rule of thumb, if your businesses turnover exceeds R5million per annum, you are probably liable to prepare a manual.
- Employment Equity – while still a legal requirement for large business and Government departments, SME’s within certain categories have been exempt from submitting an annual report. As above if your businesses turnover exceeds R6million per annum, you are probably liable to submit a return.
Again, the above registrations are generic to all businesses and industries, please double check what other industry specific registrations you might require that are industry specific to your business!
Our Services:
At SME.TAX we do more than just assist clients with their provisional taxes.
We are your “one stop SME shop”, assisting with everything from Accounting, Business Management, BEE, Consulting, Company Registration to Payroll and Mentoring.
For more information, please visit our website www.sme.tax or give us a call on 072 207 4789
