Compliance checklist: What documents does your business need to submit annually?

As a registered business owner, one of the most crucial pieces of accounting information you need to know is what financial and tax statements to submit and when they are due. 

Compiling the necessary documentation with the help of an outsourced bookkeeping and accounting service is the most effective way to remain 100% tax compliant and avoid penalties from SARS. 

Let’s take a look at the financial statements that you need to submit on an annual basis to remain in good standing with the tax authorities.

Annual financial statements 

Every business needs to compile specific financial statements before the SARS tax filing deadline.  

• In addition to being a legal requirement for company taxpayers, a set of financials provides key insights into your business and its performance over the past twelve months. 
• The financial statements, including your balance sheet, income statement, and statement of cash flows, is compiled from your daily transactions throughout the year – and these have to be in order and perfectly accounted for. 

A comprehensive bookkeeping and accounting service like ours is ideal for SMEs of any size as they grow and meet their tax obligations professionally. 

Annual tax return and bi-annual provisional tax returns

When it comes to tax compliance, your annual tax return and provisional tax returns are the most crucial documents to submit correctly.

Companies need to be tax registered and submit an ITR14 annually – within 12 months of the financial year end.

Companies need to submit provisional tax returns (IRP6) bi-annually, where the company’s taxable income is estimated – every 6 months of the financial year end.

The amount of tax assessed by SARS will depend on the information provided in the return, and errors can result in audits and penalties. 

To ensure full SARS compliance it’s highly recommended to draw on the expertise of an outsourced tax services provider. Learn more about what we offer here.

Annual CIPC returns

Every business needs to be registered with the CIPC. This government body approves and regulates company names and registration numbers. 

Each year, you’ll need to submit your annual return to the CIPC in order to stay registered. Failure to do so can result in your business losing its official company registration. 

Submitting the annual CIPC returns involves several steps, and dealing with the authorities can be a challenge for business owners. The Bletchley’s team is on hand to assist our outsourced accounting clients with this procedure.