Understanding Annual Returns and Accounting for Small .pty

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apache99

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I registered a .pty company for small IT work I do on the side outside of my work. I have kept track of all of my transactions (my expenses) and invoices that I sent out to my clients.

Firstly I don't understand the very obsecure cipc.co.za website. What is annual returns and how do I do it? Somebody said there is some form i can fill in and send to cipc.co.za to not have give financial statements when I do returns and make the whole process simple. I know I have to do mine within the next month.

I used an opensource erp software to do my invoicing and accounting.

Should I get a professional accountant to do my returns for me?

What should I declare to cipc.co.za and how does sars efiling work for a .pty, since it is a seperate taxable entity?

I am very confused. Your help is appreciated.

Regards.
 
Annual Return is a fee you pay to inform CIPC/SARS that your company is still active. The actual amount is based on your turnover. My annual return is about R100.00 per year. Simply register on CIPC site. Select annual return and follow the prompts and make payment. Once you done e-mail the the audited financial statement. Take me about 5 min to do and I same R400.00 (my accountant bill for submitting annual returns).
 
Zakaria.k said:
Annual Return is a fee you pay to inform CIPC/SARS that your company is still active. The actual amount is based on your turnover. My annual return is about R100.00 per year. Simply register on CIPC site. Select annual return and follow the prompts and make payment. Once you done e-mail the the audited financial statement. Take me about 5 min to do and I same R400.00 (my accountant bill for submitting annual returns).
Click to expand...

He asked how sars efiling works for a pty, which at a guess means the following:

1) He has not registered the pty for income tax
2) He has not registered for efiling
3) He has not submitted provisional returns
4) He has not registered himself as an employee
5) He has not submitted monthly EMP 201s
6) A mix of the above

Which all needs to be done before worrying about cipc

And we could add

7) Lots of penalties & interest to be paid
 
Sorry, forgot the second part of the post.

A registered company is a separate entity from the owner and will need an appointed accountant. The company will need to be registered for income or turnover tax depending on your turnover. Vat registration is optional if you turnover is less that 1m. You also need to register for PAYE, UIF and Worksman Comp. You can register for all of these at a SARS branch, they will help within any issue, it will take some waiting.

You can register for efiling on the website. If you need help using efiling there is a help option. Simply click and call the number, just like remote support some will be able to see you screen if you give the access and help. I used this in the past and its really simple.

Since having an accountant is compulsory get one. They will help with all the registration if you don't want to do it your self. Just remember it comes with a cost. My accountant yearly fees are about R15k and I still do some submission myself saving me R5k yearly.
 
Hmmm, I registered a CC back in 2007 and never paid a single cent to anyone up until today.

Is my CC still active or scraped?
 
Well you guessed wrong.

2) He has not registered for efiling
I am registered, but for my salary income from my job. My business is supposed to be a seperate taxable entity so I am asking how to do efiling for that.
4) He has not registered himself as an employee
I am registered.

All your comments amount to nothing but negativity and no information. You are not much of help.

mister said:
He asked how sars efiling works for a pty, which at a guess means the following:

1) He has not registered the pty for income tax
2) He has not registered for efiling
3) He has not submitted provisional returns
4) He has not registered himself as an employee
5) He has not submitted monthly EMP 201s
6) A mix of the above

Which all needs to be done before worrying about cipc

And we could add

7) Lots of penalties & interest to be paid
Click to expand...
 
Should I get an "audited financial statement" from an accountant?
I heard somewhere if you have a turnover under a certain amount lets say R60 k then you can register to not have to submit audited financial statements? Do you know how that works?
Thanks.
 
apache99 said:
All your comments amount to nothing but negativity and no information. You are not much of help.
Click to expand...

You have not provided much information to work on. From your above post it seems that you are only registered in your personal capacity as you said, "I am registered, but for my salary income from my job".

You pty was supposed to be registered from when you started trading, and as it has been a year, you should have already filed provisional returns. And if you have been drawing a salary then you needed to be registered as an employer and filed EMP 201s, etc, etc.

Have you done the above? You don't need to worry about CIPC until you have done all of the above.
 
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