Once the financial transactions are recorded into the general ledger and trial balance, the business needs to present these results in the language understood by the stakeholders. BtmtCapital translates such records into the Statement of Financial Performance; Position; Cash Flow and The Statement of Changes in Equity. BtmtCapital ensures that these financial statements are prepared in accordance with the requirements of Generally Accepted Accounting Principles (GAAP); International Financial Reporting Standards (IFRS) and International Accounting Standards (IAS).
While running the business, there is no time to keep the records. Small businesses face challenges of not knowing when the financial results are adverse. Through the accurate keeping and recording of financial transactions, purchases and sales would be meaningless. It is BtmtCapital's area of expertise to assist the business by capturing all the source documents, produce documents a set of monthly management accounts such as General Ledger and Trial Balance using the reliable accounting software, Pastel. These set of books regularly prepared assist in assessing the financial status of the business and to enable the business to make necessary decisions before it is too late.
An employer, regardless of the number of workers they employ, needs to maintain all records pertaining to employees’ remunerations and taxes. At BtmtCapital we perform such services to ensure accuracy in computation of net remuneration, proper record keeping, and timeous compliance (PAYE, SDL and UIF returns).
With the Tax Administration Act in action, there is no place to hide after evading. Tax compliance is mandatory. Through tax compliance we help improve the
quality of services to the public.
The Minister of Finance Gordhan notes: “We are in this growth and development project together: business, government, workers, and citizens. If we are to reduce poverty, raise investment and create sustainable jobs, then we have to act jointly, on the strength of a shared strategy and common goals.”
We understand that the business needs to focus on making money, while we worry about your tax affairs.
The SARS Strategy document reads; “Non-compliance is addressed through a range of educational, service, deterrence or fool-proofing measures. One key element of deterrence is effective detection of non-compliance. SARS does this through its risk engines, as well as increasingly linking up with powerful sources of third party data such as financial institutions, credit bureau and other government departments.”
Tax evasion is an illegal, serious tax offence. SARS has the ability, through its risk engines and the expertise to investigate the non-compliant taxpayers. Depending on the outcome, the taxpayers might face huge interest and understatement penalties of up to 200%. It is regretful to see a business being shut down due to non-tax compliance. Lack of tax compliance hits even harder when the business cannot obtain the Tax Clearance Certificate for new business proposals.
BtmtCapital will assist your business to comply so as to obtain this document with ease
A lay-man would often see income tax as a donation to the state. Now, the question is, why is one forced to donate. Small businesses would get carried away in these thoughts and thereby missing deadlines. Tax is, inter alia, the source of income for the state. Business face challenges of not knowing what to declare. Through SARS efiling, submission is made easy, but the question is, are the businesses filing accordingly. Businesses lose out on exempt income; deductible expenses. Business incurs business expenses and not keeps records. SARS can request records for up to five years. The lack of supporting documents for expenses claimed as deductions results to disallowance of such. It is BtmtCapital's responsibility to assist the business in understanding what, and how to keep supporting documents. Our professional team of accountants would give guidance on the nature of expenses that are deductible; accurate computations of tax liability; proper interpretation of the Income Tax Act so as to reap all the benefits afforded by the state to the taxpayers, but end up not consumed due to lack of knowledge.
SARS has no tolerance over VAT monies as this is treated as agent’s money which ought to be handed over to SARS as soon as it’s collected. The business face challenges of buying from non-vendors and or fraudulently trading suppliers, thereby losing the benefit of claiming VAT refunds. With our professionals with the experience from SARS, they can assist in determining if the suppliers are registered vendors as well as providing permissible tax invoices as mandated in the section 20(4) of the VAT Act of 1991.
South Africa has a progressive income system which is based on the premise that the wealthy should contribute a greater proportion towards supporting the State than the poor. This means that the more a person earns the higher percentage tax they pay. By law all employers have to register all employees as taxpayers regardless of their tax liability. As the business runs, no employer wants to worry about resigning employees’ IRP5s. As the employer withholds employees’ tax on a monthly basis from the employees, this employees’ tax needs to be paid over to SARS. This is often a challenge to some businesses as they would finance the business operations by not paying over this tax. The cash flow problem occurs at year end when employees require their IRP5s. SARS does not make this stress better as interests and understatement penalties are imposed when the employer has failed to comply. BtmtCapital’s team of professionals assists in proper cash flow planning, so as to ascertain that on a monthly basis the payment of employees’ tax is not compromised as required by the Fourth and Seventh Schedule of The Income Tax Act. It is BtmtCapital's responsibility to alleviate that stress from the business. We will compute all your tax calculations, from VAT; PAYE; IT etc. returns and ensure efficient submissions. Our duty is amongst other things, to provide you with accurate legal tax planning, so as to pay as little tax and recoup as more benefits as due to the business.
Contact Us for your PTY, NPO and Tax registrations and BEE certificates.