What to Do After Registering Your Company?
If you are looking for this information, it could only mean that you have already formalized your business. The next question you would want to ask is, what is required from me in terms of the laws and regulations in South Africa in order to keep my company.
These steps will guide you and your company to the other phase of freedom and Autonomy.
VAT registration
After you have successfully registered your business you have to go for the Value-added tax registration. (VAT) is a consumption tax imposed or levied on goods and services and long end consumers. It benefits businesses not only because it demonstrates to customers and clients that you are a licensed service provider who can be trusted, but it also allows you to apply for tenders and contracts and claim back tax that you pay your suppliers. You only need to register for VAT if the total value of your turnover exceeds R1 million in a calendar year.
Acquire a Business Account
A business bank account is required by SARS. Fortunately, just because you have a registered business does not obligate you to pay an exorbitant account fee. There are several entry-level business bank accounts available to help you manage your cash flow and keep your personal and business finances separate and in order.
Keep Proper Books of Account
Maintaining your accounts in order not only allows you to track your financial progress, but it also makes a significant difference during tax season. To be able to claim back certain expenses, you must be able to provide proof in the form of invoices and receipts that you have tracked.
Unless your monthly transactions are few enough that you can record them manually on Excel, a simple cloud accounting software like Xero is the ideal solution.
Understand the tax requirements that must be met.
After you have a registered business, you must consider several tax timelines. These are some examples:
Average return to the CIPC – A statutory requirement under South Africa’s Companies Act. Failure to submit this return will result in your company’s deregistration.
VAT return – A statement of the VAT you have charged, due to SARS on a monthly or bi-monthly basis.
Digitze your Business
Get a website, basically get an online presence.
Conclusion
With the registration of your company, you have a few options as well as a few extra requirements. We’ve got your next steps covered, from new tax laws to business banking and digitizing your business. Read on for five steps you can take after registering your company. Having a registered business means that you have a few different tax deadlines to consider. Failing to submit this return will result in deregistration of your company. A simple cloud accounting software like Xero is the perfect solution, unless your monthly transactions are few enough that you can record them manually.
