Small Business SARS Submission (cc)

[SpiderMonkey]

We have been paying a company to do our books every year. This is costing about R5k a pop just for the submission of the financial year end returns. The other costs during the year are also excessive and it's probably costing us about R12k+ per year in total. For a small business that's ridiculous.

The problem is this. I have a BCom(Accounting) and do the books myself. I submit the figures and the accountants put them into a SARS compliant format for R5k. I can even do this part myself with cut and paste. It's getting out of hand. I know that the new company act changes some rules but who can I get to do this for me. It used to be a person registered with SAIPA or something like that. Is this still the case? We are a Close Corporation.

 

[krono9]

R5000 is not a lot to do your AFS and tax return...and most probably provisional taxes...and all the registration/efiling around it.

 

[krono9]

A business has 3 pillars to stand firm... Sales / Finance / Production...

Drop your service levels on one pillar...i.e your accountant...and see what happens.

 

[krono9]

At R450 an hour.. that's like 11hours.. from the time getting the info..doing all the work.. getting you to sign...and submit to SARS etc..

 

[SpiderMonkey]

R5000 is not a lot to do your AFS and tax return...and most probably provisional taxes...and all the registration/efiling around it.

It's R5k just for the AFS. If it included the rest I wouldn't mind so much. Provisional is about R1500, CIPRO submission R1200, I do the VAT, PAYE, Labour, etc. I asked for advice on the EMP301 (I think it's that one) and ended up with a R500 bill.

 

[SpiderMonkey]

A business has 3 pillars to stand firm... Sales / Finance / Production...

Drop your service levels on one pillar...i.e your accountant...and see what happens.

I am the accountant. I have completed a BCom majoring Accounting. Not dropping any pillar, I just can't understand why it costs so much to transcribe my figures onto a form for submission.

 

[SpiderMonkey]

At R450 an hour.. that's like 11hours.. from the time getting the info..doing all the work.. getting you to sign...and submit to SARS etc..

Thats about the figures that they send me on the invoice. I supply a Balance Sheet and Income Statement. All completed. They take the figures I give and plug them into a set of financial statements with notes. They email me the documents, I get them signed and drop them back at the Accountants office. They then submit the AFS's.

 

[krono9]

K. Sounds a bit much if the 5k doesn't include the prov etc. We charge 1 fee for all the annual work.

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[SpiderMonkey]

K. Sounds a bit much if the 5k doesn't include the prov etc. We charge 1 fee for all the annual work.

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I have actually asked for a quote from 2 companies to basically not have to worry about all of the SARS/Tax stuff. The cheapest was R18k the year for 2 provisionals, AFS, CIPRO (or whatever it's called now) and IRP5's and EMP501. I just can't justify that expense. I just get the feeling that some companies are really taking advantage of people.

 

[krono9]

What area you live in?