Posts

CIPC Compliance for South African Companies: Annual Returns, Beneficial Ownership & Financial Records Explained

-
Image
Running a registered company in South Africa comes with legal compliance responsibilities . One of the most overlooked areas is CIPC compliance , yet failure to comply can lead to penalties, deregistration, and business disruption . As a qualified CA(SA) , I often see businesses focus only on SARS while ignoring CIPC requirements — until problems arise. This guide explains what CIPC compliance means and how to stay compliant . What Does CIPC Compliance Involve? CIPC compliance includes: Filing annual returns Keeping company details up to date Declaring beneficial ownership Maintaining proper financial records 1. Annual Returns All registered companies must submit annual returns to CIPC each year. Failure to submit may result in: Penalties Deregistration Loss of legal standing 2. Beneficial Ownership Companies are required to declare individuals who ultimately own or control the company. This improves transparency and helps prevent: Fraud Money laundering Abuse of corporate structures 3...
Post a Comment
Read more

SARS Penalties Explained: What Triggers Them and How South African Businesses Can Avoid Them (2026)

-
Image
Many South African businesses lose money every year — not because they are unprofitable, but because of avoidable SARS penalties and interest . As a qualified CA(SA) , I regularly see businesses penalised simply due to missed deadlines, late submissions, or incorrect tax calculations . Understanding what triggers these penalties — and when your submissions are due — is key to staying compliant . Common SARS Penalties Businesses Face 1. Late VAT Returns Failing to submit VAT returns on time can lead to: Fixed penalties Interest on outstanding amounts Increased audit risk 👉 VAT deadlines vary depending on your VAT cycle. For a full list of 2026 submission dates, refer to our detailed guide: 🔗 https://itplusaccountingsol.blogspot.com/2026/01/2026-sars-tax-deadlines.html 2. Provisional Tax Underpayments Many businesses underestimate provisional tax, which may result in: Understatement penalties Interest charged by SARS ⏰ Provisional tax has two key annual deadlines , which are often miss...
Post a Comment
Read more

2026 SARS Tax Deadlines

-
Image
  📅 2026 SARS Tax Deadlines Every South African Small Business Must Know Staying on top of SARS deadlines isn’t just good practice — it’s essential to avoid penalties, interest, and unnecessary stress. Below is a straightforward breakdown of key 2026 deadlines for small businesses, companies, provisional taxpayers, employers, and VAT vendors in South Africa. 🗓 1. Provisional Tax (IRP6) Deadlines 2025/2026 Tax Year For businesses and individuals required to submit provisional tax: ✔ First provisional tax payment – 31 August 2025 (for the tax year ending 28 Feb 2026) ✔ Second provisional tax payment – 28 February 2026 ✔ (Optional) Third provisional payment – 30 September 2026 (only if you underpaid earlier) bookitconsulting.co.za Provisional tax is not an additional tax — it’s a way SARS collects your income tax earlier so you don’t face a large lump sum at the end of the year. 🧾 2. Income Tax Filing Season (ITR12) SARS opens its annual filing season for individual taxpayers ...
Post a Comment
Read more

5 Accounting Mistakes That Cost South African Small Businesses Money (And How to Avoid Them)

-
Image
  5 Accounting Mistakes That Cost South African Small Businesses Money (And How to Avoid Them) Running a small business in South Africa is demanding. Between managing customers, cash flow, staff, and compliance, accounting often becomes an afterthought — until it’s too late. “According to recent research, South African small businesses can lose more than R90,000 a year due to accounting and cash flow mistakes — highlighting just how costly these errors can be.” As a CA(SA) working closely with small businesses, I’ve seen the same accounting mistakes repeatedly. These errors don’t just create stress — they cost money , attract SARS penalties, and limit growth. Here are five common accounting mistakes and how you can avoid them. 1. Mixing Personal and Business Finances One of the biggest mistakes small business owners make is using one bank account for everything. Why this is a problem: Difficult to track true business performance Complicates bookkeeping and tax filings Raises red ...
Post a Comment
Read more

ITplusAccounting Solutions – Accounting, Payroll & Bookkeeping Services for South African Small Businesses

-
Image
Welcome to ITplusAccounting Solutions Blog Expert accounting, bookkeeping, payroll, VAT, and financial guidance for South African small businesses. Insights and practical advice from a qualified CA(SA). About This Blog Welcome to the official blog of ITplusAccounting Solutions (Pty) Ltd . Our goal is to provide practical guidance, insights, and training to small businesses, accounting professionals, and students in South Africa. Here, you’ll find helpful resources on: Accounting and bookkeeping best practices Payroll management and SARS compliance VAT and financial reporting Productivity tools like Excel, Word, and PowerPoint Software selection, setup, and training for tools like Sage, Xero, and QuickBooks We also provide updates on software manuals, packages, discounts, and training opportunities to help you optimize your business operations. What We Offer At ITplusAccounting Solutions , our services are designed to make your financial management accurate, efficient, and compliant: 1...
Post a Comment
Read more