Accounting Services Gauteng

Tax Accounting Services In Gauteng

One of the most important accounting aspects in any business is related to tax. Tax accountants are an expensive but necessary part of making sure that all tax reporting and submissions are taken care of correctly and on time. There is another option available through accounting services in Gauteng that will take care of your annual tax requirements for your business on an outsource basis.

There are two important aspects of tax accounting services in Gauteng. The first of these is simple tax advice regarding your company and its standing regarding tax legislation and SARS. The second aspect is far more complex and involves the actual tax calculations that need to take place before your annual submissions to SARS.

But there are also a variety of different types of tax accounting services that are necessary for all businesses in Gauteng. While everyone is aware that a company needs to be registered and pay tax to SARS every year, many businesses forget about the other forms of tax. Most of these other forms of tax involve employees within a company.

Every year each of your employees is required to submit and IRP5 form to SARS regarding their income and tax deductable expenditure. It is the duty of every employer in South Africa to provide these salaried employees with the necessary IRP5 document when tax season rolls around.

All employees also need to be registered for PAYE (Pay As You Earn) tax. Unlike income tax, PAYE needs to be deducted from an employee’s salary and paid across to the relevant organisation on a monthly basis. PAYE tax is calculated on a percentage of an employee’s salary based on a sliding scale which means the more they earn the greater the percentage that they need to pay.

All employees also need to be registered with UIF (Unemployment Insurance Fund). UIF is split into two parts, the employer’s contribution to the fund and the employee’s contribution. UIF also needs to be paid on a monthly basis.

Also remember that your company needs to be registered as VAT (Value Added Tax) vendor. VAT is calculated at 14% of any purchase price of goods and is added to the purchase price rather than forming part of the purchase price. All VAT paid to your business needs to be transferred on a monthly basis.

To get the best accounting services in Gauteng to take care of all your tax requirements in and out of tax season, please contact us.

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