Buying a "CC"

[AchmatK]

Thanks for all the advise. Appreciate it.

@signates It's my brother's business. Just trying to help him out. Perhaps PM me your details and I'll ask him to get in contact with you?

The Online payroll software looks really good. Think it will do exactly what we require.

He has just registered for VAT as well. As I understand it, you can only start claiming after a one year period correct? Would it then be advisable to appoint an accountant or is this something you can calculate on your own as well?

PM sent.

When the VAT registration was approved, SARS would have given a date of registration and also what VAT periods you fall into. You start claiming/paying VAT from date of registration. No waiting for a year.

VAT can get tricky and I would suggest getting an accountant/bookkeeper to capture all financial transactions on a monthly basis and then submit the VAT201 every two months.

 

[creeper]

Also look out for any legal or possible legal actions against the CC.

 

[F1 Fan]

PM sent.

When the VAT registration was approved, SARS would have given a date of registration and also what VAT periods you fall into. You start claiming/paying VAT from date of registration. No waiting for a year.

VAT can get tricky and I would suggest getting an accountant/bookkeeper to capture all financial transactions on a monthly basis and then submit the VAT201 every two months.

Great. Thanks. Should there be a significant cost for doing this?

Also look out for any legal or possible legal actions against the CC.

Noted. We are doing everything by the book, so there should be no reason for any issues. It's also a very small business.

 

[AchmatK]

Great. Thanks. Should there be a significant cost for doing this?

It would depend on the volume of transactions per month. Cost can range between R1 500 to R3 000 per month.

If you have less than 30 transactions going through your bank account, I would suggest you get either Pastel MyBusiness online or Pastel Express and doing all the transactions yourself and getting your accountant to look them over and to submit the VAT201. This should reduce your monthly costs.

 

[F1 Fan]

It would depend on the volume of transactions per month. Cost can range between R1 500 to R3 000 per month.

If you have less than 30 transactions going through your bank account, I would suggest you get either Pastel MyBusiness online or Pastel Express and doing all the transactions yourself and getting your accountant to look them over and to submit the VAT201. This should reduce your monthly costs.

I'd probably say around 30 going through the bank account yep. Cool, had a look at it and it looks good, will need to get the payroll one as well.

Any other suggestions that I should be looking at?

 

[Swa]

Make sure the VAT is paid on the end of the month and keep bank delays in mind. One day late and there's penalties.

 

[F1 Fan]

Noted, thanks.