Statutory Compliance and Returns
Broadly speaking statutory compliance covers a number of areas which include; company records, accounting records, appointment and rotation of auditors, annual returns, financial statements, appointment of social and ethics committee, solvency and reckless trading, and obligation to notify CIPC of certain changes
Statutory compliance has become crucial as we find more and more business entities requesting Tax clearances as prerequisites to transacting.
The penalties and interest imposed by statutory bodies for late or non- compliance are hefty and an unnecessary burden.
Companies who fail to submit annual returns to CIPC are de-registered. Your Banker has access to the CIPC data base and are prompt in closing accounts that are in the process of de-registration with CIPC.
Below is a list of specific statutory compliance services and fees to keep you compliant (all fees are listed exclusive of VAT):
• VAT returns to the South African Revenue Service (SARS) R150.00.
• Employees Tax (PAYE, UIF and SDL) returns to SARS R75.00.
• Half yearly Provisional Tax returns for companies and individuals to SARS R395.00.
• UI-19 returns to update the employees with the Unemployment Insurance Fund (UIF) office R50.00.
• Interim EMP501 Employees Tax Reconciliations R395.00.
• Annual EMP501 Employees Tax Reconciliations as well as the issuing of the IRP5 or IT3(a) income certificate for each employee R795.00.
• Annual W.As8 Return of Earnings to the Office of the Compensation Commissioner R250.00.
• Annual return for Close Corporations as well as Private Companies to the Companies and Intellectual Property Commission (CIPC) R395.00.
• Individual annual Income tax returns R795.00.
• Company annual Income Tax returns R1,250.00.