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011 706 6707

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24 Jukskei Drive, River Club, 2191

Taxbright Offices

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F.A.Q.

Frequently Asked Questions

What are Monthly Bookkeeping Services, and How Can They Benefit My Business?

Monthly bookkeeping involves the systematic recording, organizing, and maintaining of your business’s financial transactions every month. This service ensures that your financial data is accurate and up-to-date, providing you with a clear picture of your business’s financial health. Benefits include:

  • Improved Financial Management: Easily track income, expenses, and cash flow.
  • Informed Decision-Making: Access to timely financial reports helps in strategic planning.
  • Compliance: Ensures all financial records meet regulatory standards.
  • Time Savings: Frees up your time to focus on core business activities.
How Do Management Accounts Differ from Annual Financial Statements?

Management Accounts are internal financial reports prepared monthly or quarterly to help business owners and managers monitor performance, manage budgets, and make informed decisions. They typically include detailed insights into revenue, expenses, profitability, and cash flow.

Annual Financial Statements, on the other hand, are comprehensive reports prepared at the end of the financial year. They provide a complete overview of the company’s financial performance and position, including the balance sheet, income statement, and cash flow statement. These statements are essential for stakeholders, such as investors, creditors, and regulatory authorities.

In summary:

  • Management Accounts: Regular, detailed internal reports for ongoing decision-making.
  • Annual Financial Statements: Yearly comprehensive reports for external reporting and compliance.
What Payroll Services Do You Offer, and How Do They Ensure Compliance with SARS?

Our payroll services encompass the entire payroll process, including:

  • Salary Calculations: Accurate computation of employee wages, deductions, and benefits.
  • Tax Withholdings: Proper withholding of PAYE (Pay As You Earn), UIF (Unemployment Insurance Fund), and other mandatory deductions.
  • SARS Submissions: Timely submission of payroll-related taxes and reports to the South African Revenue Service (SARS).
  • Payslip Generation: Providing employees with detailed payslips outlining their earnings and deductions.
  • Record Keeping: Maintaining comprehensive payroll records for compliance and auditing purposes.

By leveraging our expertise, you ensure that your payroll processes comply with all SARS regulations, minimizing the risk of penalties and ensuring your employees are paid accurately and on time.

What Are CIPC Services, and How Can They Help in Managing My Company’s Compliance?

CIPC (Companies and Intellectual Property Commission) services involve managing all interactions and submissions to the CIPC, ensuring your company remains compliant with South African corporate regulations. Our CIPC services include:

  • Company Registrations: Assisting with the incorporation of new companies, including name reservations and submission of necessary documents.
  • Annual Returns: Preparing and filing annual returns to keep your company’s information up-to-date with the CIPC.
  • Change in Directors: Managing the documentation and filings required when there are changes in the company’s directorship.
  • Beneficial Ownership and Public Officer Registrations: Ensuring that all beneficial owners and public officers are properly registered with the CIPC and SARS.

By handling these services, we help you maintain good standing with regulatory bodies, avoid fines, and ensure your business operations run smoothly.

Can You Explain the Difference Between Personal and Provisional Tax, and How You Assist with Each?

Personal Tax refers to the taxes individuals pay on their income, which may include salaries, dividends, interest, and other earnings. Our services for personal tax include:

  • Tax Planning: Strategies to minimize tax liabilities within legal frameworks.
  • Tax Returns Preparation: Accurate preparation and filing of personal tax returns.
  • Advisory Services: Guidance on tax-related matters and compliance with SARS regulations.

Provisional Tax is a system of paying income tax in advance, typically applicable to individuals and businesses whose income isn’t subject to PAYE (Pay As You Earn). It involves making two or three estimated tax payments during the year based on your expected income.

Our assistance with provisional tax includes:

  • Estimation of Tax Liability: Calculating estimated taxes based on your projected income.
  • Payment Scheduling: Ensuring timely payments to avoid interest and penalties.
  • Record Keeping: Maintaining detailed records of all provisional tax payments and calculations.

By managing both personal and provisional tax services, we ensure that you remain compliant with tax laws, avoid unnecessary penalties, and optimize your tax obligations.

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