We will need the following:
If you don't have signed off financial statements we would have to compile this in terms of the Companies Act, after which we can file your company tax return.
For this we would require:
If a computerized system was used, PDF copies of:
- Income statement
- Balance sheet
- Trial Balance
- General ledger
- Previous year's financial statement
- February bank statement - last month of the financial year
- Copy of the registration certificate
If we require additional info we will inform you
If a manual system was used, PDF schedules of:
- all income/sales for the year
- Business expenses (e.g. bank costs, interest payments, stationery, insurance, rent, wages, fuel, etc)
- Salaries and wages paid to employees, members and/or directors - summary for the year
- PAYE & UIF deductions from salaries - summary for the year
- Any other expenses that you may think is relevant
- Assets owned by the business on the first and last day of the financial year - including debtors, loan receivable, vehicles, furniture, tools, and any other assets you might think is relevant
- Liabilities owed by the business on the first and last day of the financial year –creditors, any unpaid taxes, tax certificates from finance companies for financed assets, loans from banks and other parties, movements in loan accounts, and any other liabilities
- Copy of the registration certificate
The normal tax rates for companies is 28%
However, if you meet the requirements of a small business corporation you will be taxed at the following rates:
The Small business corporation tax rates for financial years ending between 1 April 2016 and 31 March 2017:
Taxable income Tax rate
R 0 - R 75,000 - No income tax payable
R 75,000 - R 365,000 - 7% of taxable income above R 75,000
R 365,001 - R 550,000 - R 20,300 + 21% of taxable income above R 365,000
Above R 550,000 - R 59,150 + 28% of taxable income above R 550,000
The Small business corporation tax rates for financial years ending between 1 April 2015 and 31 March 2016:
Taxable income Tax rate
R 0 - R 73,650 - No income tax payable
R 73,651 - R 365,000 - 7% of taxable income above R 73,650
R 365,001 - R 550,000 - R 20,395 + 21% of taxable income above R 365,000
Above R 550,000 - R 59,245 + 28% of taxable income above R 550,000
The Small business corporation tax rates for financial years ending between 1 April 2014 and 31 March 2015:
Taxable income Tax rate
R 0 - R 70,700 - No income tax payable
R 70,701 - R 365,000 - 7% of taxable income above R 70,700
R 365,001 - R 550,000 - R 20,601 + 21% of taxable income above R 365,000
Above R 550,000 - R 59,451 + 28% of taxable income above R 550,000
The Small business corporation tax rates for financial years ending between 1 April 2013 and 31 March 2014:
Taxable income Tax rate
R 0 - R 67,111 - No income tax payable
R 67,112 - R 365,000 - 7% of taxable income above R 67,111
R 365,001 - R 550,000 - R 20,852 + 21% of taxable income above R 365,000
Above R 550,000 - R 59,702 + 28% of taxable income above R 550,000
The Small business corporation tax rates for financial years ending between 1 April 2012 and 31 March 2013:
Taxable income Tax rate
R 0 - R 63,556 - No income tax payable
R 63,557 - R 350,000 - 7% of taxable income above R 63,557
Above R 350,000 - R 20,051 + 28% of taxable income above R 350,000
To see if you qualify download the guide here!
