What needs to be done once you register your company

2019-12-18 19:00:00

What needs to be done once you register your company?

CIPC Annual Returns

· Are due on anniversary date of company’s incorporation date. For example if you register your company in December 2019,you need to submit the annual return in December 2020.

· Must be filed within 30 business days of its due date.

· Must be filed electronically via the CIPC website.

· A fee is payable at the time of filing that is dependent on the turnover of your business.

· An Annual return is not the same as a tax return which is filed with SARS.

· Failure to file the annual returns will result in your company being deregistered.

If the annual return is filed late a penalty will be charged

 

Financial Statements

· All companies (except external companies) are required to prepare financial statements within 6 months after its financial year end.

· Some companies are required to audit financial statements.

· All companies (except external companies) must file with its Annual Return either Annual Financial Statement or Financial Accountability Supplement. 

SARS

CIPC automatically registers new companies for income tax.

You will need to make sure your provisional tax returns are submitted twice a year. First provisional tax is in August. Second provisional tax is in February.

You will also need to submit an income tax return for the company within 12months after the company’s financials year end. For e.g. for the 28 February 2019 income tax return you need to submit the return by 28 February 2020.You will be able to use the financial statements prepared above for your income tax submission.

SARS has started imposing penalties for non-submission of income tax returns.

Even if the company if dormant a nil return needs to be submitted.