Accountkeeper TM More Than Your Average Accountant and Bookkeeper in One   Home     Products + Services     Orders     References     Contact us     Q & A     Search     Keeping Books     Your Tax     Year-Ends     F A Q     Information Library     Acquire a Franchise      About Us     Link to Us     Useful Sites     C.A.T.S.      Policies   FAQ - Frequently Asked Questions Abbreviations What does "CC" stand for? Close Corporation. What does "PTY" stand for? Proprietary. Which means Private. It is used to indicate shareholder privacy in the naming of South African private companies, e.g. Bilkovo (Proprietary) Limited. This is often shortened thus: Bilkovo (Pty) Ltd. What does "AFSs" stand for? Annual Financial Statements. Accounting / Bookkeeping What Accounting Package should I use and why? QuickBooks. It is easy and flexible to use. Can Accountkeeper do my accounting/bookkeeping for me? Yes. But we prefer for you to do it or to get a local bookkeeper to do it. See next question. What kind of accounting does Accountkeeper do? After you've done your own bookkeeping, you may send us your annual total figures (trial balance) which we process tax-efficiently into Annual Financial Statements and Tax Return. Accounting Officer What is an Accounting Officer? It is the accounting official in charge of reviewing and signing off a Close Corporations books and statements from time to time. Can I be my own CC's Accounting Officer? Yes. If you qualify. You will know if you qualify. If you don't you will need to use someone who does. Accountkeeper Ability Can Accountkeeper do my books 1000km away? Yes. Distance makes no difference. Email, airmail and courier take care of a that. How well-equiped is Accountkeeper to do my tax? With over 135 years of accummulative business experience spanning over 30 business-related disciplines (e.g. accounting, tax, law, management), including several qualified accountants, we are well-equipped to do your tax. How do I get quality advice from Accountkeeper? Use our Q & A service on any of our main webpages. How can my business pay minimum taxes? We always try to help our clients legally pay as little tax as possible. Asset Protection How can I protect my assets? By not putting then into your CC/PTY. Keep them in your own name if you are financially stable or even better put them in a trust. Auditors / Auditing What is an Auditor? A chartered accountant who checks the books of private and public companies in South Africa. Can I be the Auditor of my own PTY? If you are a qualified chartered accountant - CA(SA). How do I get my company's books audited? Send them to Accountkeeper. Use the Audits link on our Orders page or eFiling on the home page. Business Plans How do I write a Business Plan? Order through our online form on the Orders page. Cash Flows How do I prepare a Cashflow Projection? Order one through our online form on the Orders page. Close Corporations / PTY LTD Companies How do I register a CC/PTY? See the link on our Orders page. How do I make changes in my CC/PTY? See the link on our Orders page. How do I convert my CC into a PTY and vice versa? See the link on our Orders page. How do I close/deregister my CC/PTY? See the link on our Orders page. How do I get statutory information of any CC/PTY in SA? See the link on our Orders page. Contact Details To which Address do I send my books/tax forms? To the postal address on our Contact page. What do I do if I want to visit your offices? You don't have to. Email, mail or courier your data to us. Otherwise give us a call to make an appointment. How do I phone Accountkeeper from outside South Africa? Use the time calculators on our Contact page. When is the best time to phone? During office hours Monday to Friday - see our Contact page. What is your email address? Use the Site eMailer link on our Contact page. Searching How can I search your site? On our Search page. Where can I search the Web from your site? On our Search page. Staffing How do I appoint subcontractors instead of employees? See the Subcontractor Agreement in our Information Library. Tax What is the difference between tax evasion and tax avoidance? See the Tax Reduction Strategies link on our Orders page for more information. When and how do I register as a taxpayer? See the Tax Registration links on the Orders page for more information. When and how does my Business register for PAYE? See the PAYE link on the Orders page for more information. Where can I get help with my tax? On the Orders page or email us. Do I have to submit a tax return? See the Tax Registration links on the Order page for more info. How often do I have to submit tax returns? Between one and three times a year on average. Email us for more info. When do I have to pay tax? Monthly or every six months depending on how you are registered and if you are making taxable earnings. What about penalties and interest? You pay them to SARS if you pay late or submit forms late. Can I use SARS as my tax consultant? You can ask a SARS clerk to help you fill in your tax forms, but this will obviously be done in SARS's favour. You may end up paying more tax than necessary. Use Accountkeeper to help you fill your forms. Can I rely on the result of a SARS Assessment - Form IT34? Sometimes they are completely wrong and if not properly checked can waste you thousands of Rand. Let Accountkeeper check your assessments for you. Does SARS update their accounting records regularly and accurately? Sometimes you have to inform SARS several times over several years to adjust your tax account in your favour. It's good to have Accountkeeper monitoring your tax account and guiding and advising you. What will happen to me if I don't submit my tax returns? Eventually you could receive a summons and if not complied with you may be arrested. What are the chances of "The Auditors" coming to audit me? Statistically-speaking, it does not happen often, but it can and does happen. If you submit suspicious-looking returns, the chances are greater. When something does not look right, like a VAT claim based on expenses, not capital outlay - this could be legitimate, due to certain adjustments, but SARS may just decide to check it out anyway. Does SARS deal objectively and fairly in their audits? It has been observed that the tax law, where open to interpretation, is interprated against the taxpayer by state auditors. If the taxpayer could afford to take it to court, he might win. This is sad. You basically get railroaded, unless you bring in your tax attorney, etc. In dubious cases, in the interests of good business, SARS should really decide in the favour of their client, the taxpayer. How can I reduce my taxes? Reflect all your expenses. Do your books well. Give us your data. We'll advise you further. Can I prepare my own Tax Returns? Yes, if you know how to minimise your tax. Otherwise let us do it for you. Can I prepare my CC's/PTY's Tax Returns? We do it as a part of the entire Year-End process. Can Accountkeeper get money back from SARS for me? If there is money due to you from SARS, we can assist you in getting it refunded. Trademarks How do I check if a Trademark is available/clear? Start at the Trademark - Searching link on our Orders page. How do I register a Trademark? After your search is clear, use our Trademark - Applying link on our Orders page. When should I use a Trademark? Whenever you want to strengthen the legal protection of the use of the mark by other traders. Trade Names When should I use a Trade Name? If you trade as a sole proprietor or with a name other than the registered name of your CC/PTY. How can I check to see if a Trade Name is available/clear? Use the Trade Name Search link on our Orders page. How should I use a Trade Name? See the Trading as ("t/a") Names link in our Information Library. Trusts What is a Trust? It is a legal entity formed by a donor for the benefit of beneficiaries and managed by Trustees. Why might I need a Trust? To protect your assets. For estate planning purposes. How can I register a Trust? Start with the Trust Registration link on our Orders page. How can I effect changes to my Trust? Use the Trust Changes link on our Orders page. Turnstiles What is the Turnstile Service? It is the Accountkeeper service of providing a registered office address and handling of basic tax forms for South African Close Corporations and Companies that operate in countries having tax agreements with SA. How do I make my Turnstile payments? Use the Turnstile Service link on the Orders page. VAT When must my Business register for VAT? When its turnover exceeds or will exceed R300 000 in any 12-month period. Year-Ends What is a Year-End? It is the accounting and tax procedures and reporting required by law for any business. How do I do my Year-Ends? You may apply to do them through us. See our Year-End links on the Orders page. Must I have Annual Financial Statements prepared? Yes, if you're running a business in South Africa or a SA CC/PTY in another country. Can I prepare Annual Financial Statements myself? Because of the ever-changing statutory and practice rules of accounting, it would be best to allow somebody who is qualified to prepare your AFSs. CCs/PTYs must use a qualified accountant for this. Use Accountkeeper for all your AFS/Year-End needs.

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