MONTHLY ACCOUNTING
Monthly Accounting
Monthly Bookkeeping | Payroll | PAYE & VAT Submissions
We offer a monthly accounting service, which includes preparation of all monthly or bi-monthly statutory returns such as VAT, PAYE, UIF, SDL, etc. We offer our clients e-Filing directly to SARS, which saves both time and paperwork.
The monthly accounting service is provided either at the client’s premises or at our own offices. The clerks are trained to use pastel accounting and produce all the monthly information a financial manager would, such as Balance Sheet, Income Statement, Trial Balance, Cash Book, Bank Reconciliation’s, Debtors and Creditors Age Analysis. Payroll administration is offered using either Pastel payroll or VIP payroll.
Frequently Asked Questions
1What is the tax rate for companies?
27% for the 2023/2024 Year.
2When must provisional tax be paid?
They are paid bi-annually starting on the approved financial year-end.
3Unemployment Insurance Fund (UIF)
If you have employees who are employed by you for more than 24 hours per month, you are required by law to register with the Unemployment Insurance Fund (UIF) and contribute towards the Fund. You must deduct and contribute one percent of your worker's gross salary per month, as must your employee. The total contribution is two percent of the worker's gross remuneration.
4When must you register for VAT?
Compulsory registration: Any person who carries on an enterprise and whose total value of taxable supplies (taxable turnover) exceeds, or is likely to exceed, the compulsory VAT registration threshold, must register for VAT. The threshold is currently R1 million in any consecutive 12-month period.
5Workmen’s Compensation
All registered employers pay an annual assessment fee based on their workers’ earnings and work related risks. Employers who register for and pay their annual Workers Compensation fees are protected from being sued by employees who are injured at work. Employees are protected from financial loss if they are injured at work.
6Skills Development Levy
Employers must pay 1% of their workers’ pay to the skills development levy every month. The money goes to Sector Education and Training Authorities (SETAs) and the Skills Development Fund to pay for training.
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