As of December 11, 2023, South African businesses must include Beneficial Ownership information in annual returns filings with the Companies and Intellectual Property Commission (CIPC). Here’s what you need to know to ensure compliance and safeguard your business. Comprehending CIPC’s Beneficial Ownership Mandate Avoiding the risk of company deregistration is paramount. Ensuring that your Beneficial Ownership information is up-to-date is now a prerequisite for submitting annual returns to the CIPC. This requirement will be gradually implemented across all annual return platforms, with full en ..read more

As we approach the end of the financial year, we would like to ensure that you are well-informed about the upcoming deadlines for filing your income tax returns with the South African Revenue Service (SARS). Deadline for Individual Taxpayers (Non-Provisional): October 23, 2023 For individual taxpayers who are not on the provisional tax system, please be reminded that the deadline for submitting your income tax returns for the 2023 financial year is 23 October 2023. It is crucial to ensure that all relevant documents and information are gathered and submitted before this&nb ..read more

The benefits of PATC’s remote accounting services continues to grow and adapt as the world gears towards a more remote working environment. In recent years remote accounting services have revolutionised the accounting industry as the world has witnessed a tremendous shift in the way businesses operate, thanks to technological advancements. The accounting industry has embraced remote accounting services, which has made it easier for companies to handle their finances, regardless of where they are located. Typically, companies used to approach accounting services that are close to them, largely ..read more

You’ve probably heard the term “financial year-end” used by businesses, particularly in the business world. But what does it all mean, and why is it important? In this blog, we’ll look at the concept of a company’s fiscal year end and how it affects businesses. What exactly is the end of the financial year? A financial year-end is the end of a company’s accounting period, which is typically a 12-month period. During this time, a company keeps track of all its financial transactions and prepares financial statements that show the company’s financial health and performance. The financial year en ..read more

Gavin Bacon, PATC Owner Tax Court Member Reappointment Professional Accountants and Tax Consultants (PATC) is proud to announce the reappointment of Gavin Bacon as an accountant member of the Tax Court of South Africa. This prestigious appointment was recently made on the 4th of January 2023. Gavin is no stranger to the Tax Court having been a previous Commercial Member of the Tax Court of South Africa from 2017 to 2022. What does it mean to be a member of the tax court? The Tax Board is established by the Minister of Finance under section 108 of the Tax Administration Act. It is not a court ..read more

While working remotely has become a norm for many companies it does come with certain complications such as a scattered workforce and its various tax implications. While many offices are equipped to help employees work efficiently, working from home for long periods of time can become challenging, the need for equipment and supplies therefore becomes substantial. If you are an employee who works from home, here are some important points to take notes of. Reimbursements These amounts have the benefit of not being taxable, as they do not constitute remuneration. The employee must bear the of ..read more

Dear Clients, Staff and all Interested Parties As you know, we pride ourselves on only appointing employees of the highest calibre to ensure that you receive the best possible attention and service. This is why I am proud to announce the appointment of two new employees that have joined our PATC team. Please join me in welcoming: Nick Arumugam, who recently completed his articles and will soon be writing his board exams. You can reach Nick on nick@patc.co.za and Natasha Kruger, who is a qualified professional accountant. Natasha’s details are natasha@patc.co.za Both Nick and Natasha join our t ..read more

Notice of termination of an employee contract must be given in writing. If an employee who receives notice of termination is not able to understand it, the notice must be explained orally by employer/representative to the employee in an official language the employee reasonably understands. Notice of termination of a contract of employment given by an employer must not be given during any period of leave to which the employee is entitled to, and not run concurrently with any period of leave to which the employee is entitled to except sick leave. Payment made to employee for&nbs ..read more

What is an appeal to SARS? If you do not agree with SARS after you did an objection, you have the right to appeal to the decision. The appeal needs to be lodged with SARS within 30 business days after SARS delivered the notice of disallowance or partial allowance of the objection. This period may be extended by 21 business days if a senior SARS official is satisfied that reasonable grounds exist for the delay, or This period may be extended up to 45 business days if a senior SARS official is satisfied that e ..read more

This article first appeared on BusinessTech on 28 August 2021. The National Prosecuting Authority (NPA) is issuing summonses to taxpayers with outstanding tax returns as part of a continued compliance drive by the South African Revenue Service (SARS). SARS commissioner Edward Kieswetter has pledged that the tax body will make life difficult for non-compliant taxpayers, a promise he has kept, said specialist firm Tax Consulting SA. “Those who decided to ignore his words of caution may soon be summoned to appear in court on criminal charges, even if they have left South Africa,” the firm said ..read more