Frequently Asked Questions
Please scroll through the articles below. This is aimed at giving you a better understanding of the processes that needs to be followed when running your company. If you need more information, please do not hesitate to send us a message.
Requirements to submit beneficial ownership.
It is very important to know the requirements to submit beneficial ownership. CIPC has announced that they are going to deregister up to 500 000 companies due to non compliance….
Do you have SARS debt?
If you have SARS debt, all is not lost. There are still some options you can exercise. This relates to any money due for any tax debt, whether it is…
Understanding How a Trust Works in South Africa: A Comprehensive Guide
What is a trust? A trust in South Africa is a legal arrangement where assets are managed by trustees on behalf of beneficiaries. It’s created through a trust deed, outlining…
Reinstating a company at CIPC
How to reinstate a company Reinstating a company at the Companies and Intellectual Property Commission (CIPC) in South Africa is a crucial process for entities that have been deregistered due…
Why your company needs a public officer at SARS
Everyone asks why a company has to have a public officer registered at SARS. There are 2 main reasons. Firstly, SARS needs a contact person. This person will also be…
The importance of submitting beneficial ownership information.
In South Africa, beneficial ownership refers to the natural person(s) who ultimately own, control, or benefit from a company, even if they are not listed as shareholders or directors. This…
Why it is important to declare your crypto currency on your income tax return.
In South Africa, declaring crypto currency on your tax return is crucial for both legal compliance and financial transparency. The South African Revenue Service (SARS) considers cryptocurrency as an asset…
Why do I need to submit provisional tax?
All companies and sole proprietors are obliged by the income tax act to submit provisional tax returns. When do I have to submit? These returns have to be submitted twice…
What you need to know about the new two pot retirement system.
There is a lot of hype around the new two-pot retirement system that will be implemented in September 2024. But it is important to get all the facts before you…
Why is my tax refund not paid yet?
When a tax refund is due to you, SARS typically pays out in 3 to 4 days. If your refund has not been paid, there could be several factors that…
When can I dispute my personal tax?
In South Africa, taxpayers have the right to dispute their personal tax assessments under specific circumstances, provided they adhere to the procedural guidelines established by the South African Revenue Service…
Sole Proprietor VS Private Company
Private Company vs. Sole Proprietor in South Africa In South Africa, business structures are essential for defining the legal, operational, and financial framework of a business. Two common forms are…
When to submit your personal income tax.
In South Africa, it is crucial for taxpayers to submit their personal income tax returns before the deadline of 21 October 2024. This deadline is pivotal for individual taxpayers who…
How does tax auto assessment work?
As from 1 July 2024 SARS has started with the personal income tax auto assessment. This applies to people who’s tax returns are less complex, meaning they don’t have a…
Tax rebate
SARS has introduced a tax rebate for taxpayers who have installed solar panels at their homes. The rebate is calculated at 25% of the cost of the solar panels to…
How a eFiling profile works
When you have a company, there are two ways to access the eFiling profile of the company. It is necessary for a company to have access to eFiling in order…
Private company tax debt
What should you do when you receive a final demand. When you receive a final demand from SARS with regards to outstanding tax debt, you have 3 options. 1. Pay…
SARS penalties and interest
Sars charges penalties and interest when payments are made late or returns are not submitted in time. When a return is submitted late, a 10% penalty is charged immediately. Interest…
How to register a CIPC customer account
Background Before CIPC made changes to the processes, people made use of third party representatives to register companies. These representatives then used their own cellphone numbers and email addresses as…
Keeping copies of company documents
Keeping copies of your company documents is not just a prudent measure but a critical aspect of responsible business management. These documents serve as the backbone of your organization, encapsulating…
When to register for VAT
What is VAT? VAT refers to value added tax paid on products. Output VAT is the tax on products sold and input VAT is the tax on products bought. Compulsory…
What are CIPC annual returns.
All companies have to submit annual returns to CIPC every year. The return should be submitted in the anniversary month of the company. This means for example, if a company…
How to deregister a business
If you have registered a company and never used it, or is currently not trading, it is very important to deregister it. The company needs to be deregistered at both…
Reinstatement of deregistered company
If your company has been deregistered by CIPC due to outstanding annual returns, it is possible to reinstate it. The company must meet one of the following requirements in order…
Business Income Tax
In South Africa, maintaining up-to-date business income tax records is crucial for several compelling reasons, ensuring compliance, financial health, and operational integrity. Firstly, compliance with the South African Revenue Service…
How to appoint a public officer at SARS.
The purpose of a public officer Every business needs to appoint a public officer at SARS. This is not only to gain access to eFiling, but this person will also…
How does my CIPC customer code work?
Who needs a customer code. When you are a director of a company, you need to register an account on CIPC. You will then receive a customer code and create…
How do I add or remove a director from a company?
Change in process. Previously, the changes to a private company’s directors had to be submitted online, then the manual documents had to be submitted via email. The process was changed…
How to register a private company on CIPC
Introduction If you want to register a private company with CIPC, it’s easier to use the old eServices rather than the new eServices or Bizportal. The reason being that the…
Central Supplier Database
The central supplier database is a database run by the government. The database is intended to create upkeep suppliers’ profiles. All companies have to register if they intend to apply…
Free Share Certificates Templates
Why does my company need share certificates? Companies need to issue share certificates to indicate who owns the shares of the company. What is the difference between a shareholder and…
Beneficial Ownership
What is beneficial ownership? This is basically a process created by CIPC where you have to declare the shareholders’ details for your business. Who needs to submit their beneficial ownership…
