Tel: (015) 516 3535 / Tel: (015) 812 0743 Emailinfo@collinssebolainc.co.za

Frequently Ask Question

 

1. If a company or close corporation has filed its tax returns with SARS, is it still required to file annual returns with CIPC?

ANSWER
A clear distinction must be made between an annual return and a tax return.  An annual return is a summary of the most relevant information regarding the company or close corporation and is filed with CIPC while a tax return focuses on taxable income of a company or close corporation in order to determine its tax liability to the State and is filed with SARS.

Compliance with the one does not mean that there is compliance with the other.  It is two different processes, administered in terms of different legislation by two different government departments.

2. What do your payroll processes look like?

ANSWER
After you provide us with the basic information, we do the rest. Everything is scheduled electronically for direct deposit accounts or we provide you with checks. We automatically calculate and schedule payroll taxes electronically from your business account. We will also submit your quarterly tax reports and annual returns including the W-2s.

3. When should I consider outsourcing my accounting?

ANSWER
If your business is too small to hire an in-house accountant or you simply don’t have the       desire to do it yourself, you should consider outsourcing the task. While QuickBooks is used by many small-business owners, the software can be more complicated than first realized. By outsourcing your accounting, you free yourself to focus on other aspects of your business.

Here is our questions for the FAQ page

4. If a company or close corporation has filed its tax returns with SARS, is it still required to file annual returns with CIPC?

ANSWER
A clear distinction must be made between an annual return and a tax return.  An annual return is a summary of the most relevant information regarding the company or close corporation and is filed with CIPC while a tax return focuses on taxable income of a company or close corporation in order to determine its tax liability to the State and is filed with SARS.

Compliance with the one does not mean that there is compliance with the other.  It is two different processes, administered in terms of different legislation by two different government departments.

 

5. What do your payroll processes look like?

ANSWER
After you provide us with the basic information, we do the rest. Everything is scheduled electronically for direct deposit accounts or we provide you with checks. We automatically calculate and schedule payroll taxes electronically from your business account. We will also submit your quarterly tax reports and annual returns including the W-2s.

 

6. When should I consider outsourcing my accounting?

ANSWER
If your business is too small to hire an in-house accountant or you simply don’t have the       desire to do it yourself, you should consider outsourcing the task. While QuickBooks is used by many small-business owners, the software can be more complicated than first realized. By outsourcing your accounting, you free yourself to focus on other aspects of your business.