Saiba has is on the lookout for its members. With so much to do as a business owner or an employee, a lot of things might fall through the cracks.
The index below outlines the general registrations you must perform as accountants on behalf of clients, with website addresses for critical registrations.
- Income Tax
Income tax is a tax levied on all income and profit received by a taxpayer (which includes individuals, companies, and trusts). It is the national government’s main source of income and is imposed by the Income Tax Act No. 58 of 1962.
VAT registered businesses add VAT to their sales invoices and can reclaim any VAT included in the items they have bought.
Any business that employs at least one employee or any salaried director must register for Pay As You Earn (PAYE) and an employer is obliged to register the employee where the employer pays remuneration to an employee who is liable for normal income tax.
4. Provisional Tax
Provisional tax is not a separate tax from income tax. It is a method of paying the income tax liability in advance, to ensure that the taxpayer does not remain with a large tax debt on assessment.
5. Dividend Withholding Tax (DWT)
DWT is a tax on dividends received by a shareholder and is a ‘withholding’ tax. This means that the entity paying the dividend must subtract the tax from the dividend and withhold the tax before paying the net dividend to the shareholder.
Customs duties are imposed by the Customs and Excise Act 91 of 1964. They are levied on imported goods with the aim of raising revenue and protecting the local market. They are usually calculated as a percentage of the value of the goods.
The above registrations are available on the SARS E-filing website https://www.sarsefiling.co.za/
7. UIF Contributions
The contribution that employers deduct from a worker’s total earnings is 1%, excluding commission. In addition, the employer also contributes 1% for every worker that they employ. The total contribution paid to the UIF is therefore 2%.
8. UIF Claims (individuals & TERS)
TERS (Temporary Employee/Employer Relief Scheme) benefits are for those individuals who are temporarily unable to work or who are unable to work at normal capacity due to the COVID-19 lockdown period. TERS provides relief for those whose income has been impacted by COVID-19.
The above registrations are on the U-filing website https://www.ufiling.co.za/uif/
9. Workman’s Compensation (COIDA) – submissions and claims
The Compensation for Occupational Injuries and Diseases Act, No 130 of 1993 (COIDA) provides for compensation for disablement caused by occupational injuries or diseases sustained or contracted by employees in the course of their employment, or for death resulting from such injuries or diseases.
The above registration is available on the website https://cfonline.labour.gov.za/OnlineSubmissions/
10. Company registrations
Registration of Companies, Co-operatives, and Intellectual Property Rights (trademarks, patents, designs and copyright) and the maintenance thereof.
11. Trademarks & intellectual property
A trademark is a brand name, a slogan, or a logo. It identifies the services or goods of one person and distinguishes them from the goods and services of another. Register your trademark with the Companies and Intellectual Property Commission (CIPC), to prevent your competitors from using it. CIPC administers the Register of Trade Marks, which is the official record of all the trademarks that have formally been applied for and/or registered in the Republic of South Africa.
The above companies registrations (CIPC) are available on the website http://www.cipc.co.za/za/