Are your accountants doing everything they should?
Most of our clients are still feeling somewhat fragile after the February tax year end and the significant payment to SARS that have resulted from their successful endeavors. The last thing they now need is to discover their business has not complied with labour legislation.
Following the Department of Labour inspections, we have had several enquiries from practices in trouble because their businesses where not registered with WCA. It is your accountant’s responsibility to register you with the Workman’s Compensation fund when you are registered as an employer.
While it’s extremely frustrating to discover this omission while being audited by the Department of Labour, the responsibility for all legal and accounting compliance in your business remains yours regardless of who you employ as your accountant.
That said, it’s perfectly understandable to accept that you cannot possibly know what the detail of your accountant’s job entails. At Vizibiliti we work closely with accounting firms around the country and, as such, have complied this easy to follow list of responsibilities your accountant should be fulfilling for you.
We advise our clients to send this annual confirmation list to their accountants to sign off, giving them the assurance that these functions are being fulfilled in their business.
Monthly and Annual Responsibilities of the Accountant to ensure SARS and CIPC compliance
MONTHLY ACCOUNTING PAYROLL AND TAXATION
1 Prepare monthly management accounts
2 Submission of bi-monthly Vat Returns (VAT201)
3 Salary preparation and employee payslip distribution
4 Submission of Payroll Taxes (EMP201)
ANNUAL ACCOUNTING PAYROLL AND TAXATION
1 Submission of EMP501 interim reconciliation
2 Submission of EMP501 annual reconciliation
3 IRP5 Generation and employee distribution
4 Submission of Company annual income tax return
5 Submission of Company annual return (CIPC)
6 Preparation of Annual financial statements
7 WCA Compliance
If you are concerned about your compliance, please feel free to call us. We are happy to meet with you to review your current practices and provide you with a report on the current state of your business compliance.
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