THE HELP CENTER
WHAT ARE THE DIFFERENCES BETWEEN AN ACCOUNTANT, A CPA AND A BOOKKEEPER?
Along with the scope of work, there is also a difference between their professional status. Bookkeepers record every company transaction that involves money, accountants provide a more in-depth analysis of the financial transactions, and CPAs are state-approved accountants.
HOW LONG SHOULD I KEEP MY TAX RECORDS FOR?
How long the records must be kept? Five years: counting from the date of submission of a return until the last day of the period. A person required to submit a return but has not complied. Five years: After the end of the five years period, indefinitely until the return is submitted.
Keep records for 7 years if you file a claim for a loss from worthless securities or bad debt deduction. Keep records for 6 years if you do not report income that you should report, and it is more than 25% of the gross income shown on your return. Keep records indefinitely if you do not file a return.
WHAT ARE YOUR SERVICE FEES?
We over an all inclusive monthly fee, which is tailored to your business individual needs.
HOW LONG DOES A COMPANY REGISTRATION TAKE?
Depending on CIPC, once we have received all necessary documentation, it can be anything from 2 to 4 working days.
WHEN DO I HAVE TO REGISTER FOR VAT
Once your turnover(sales) exceeds R1 million, you are by law obliged to register for VAT. However you can register voluntary if you have a turnover R50 000.
HOW LONG DOES IT TAKE TO GET A LETTER OF GOOD STANDING?
Letter of good-standing, refers to a letter from the Labour department, COIDA, that states that your accounts are up to date for workmens compensation. If you are registered, an form has to be submitted, on which WCA will then do an assessment. You will have to pay amounts outstanding and allow 72 hours for allocation, on which a Letter of good-standing will be issued.