A: Payroll is a list of a company’s employees and the amount of remuneration they are to be paid. Employers are required to register with SARS for Pay-as-you-earn (PAYE), Skills Development Levy (SDL) and Unemployment Insurance Fund (UIF) and with Department of Labour for UIF. Furthermore, Employers are obliged to perform the following procedures on a monthly basis;

1. Deduct PAYE and UIF from employees remuneration,

2. Declare the deductions made to SARS and Department of Labour,

3. Payover the amount deducted together with SDL contribution to SARS by the 7th of every month.

A: AFS stands for “Annual Financial Statements”. AFS are financial records based on a 12-month consecutive time period prepared based on applicable financial reporting framework. AFS reveals the company’s financial position, financial performance and the cash flows results, amongs other facts. AFS are generally required by financial lenders and equity providers for financial application purpose, however, the South African legislations requires the following formations to produce AFS annually;

1. Companies: All companies are required by Companies Act No. 71 of 2008 to prepare AFS annually and ensure that they are signed off accordingly either by an Accountant or an Auditor based on the results of its public interest score and other regulations.

2. NPOs: All Non-Profit-Organisations are required by NPO Act No. 71 of 1997 to prepare AFS annually and ensure that they are either independently reviewed or Auditted.

3. Public Schools: All public schools are required by South African Schools Act No. 84 pf 1996 to prepare AFS and ensure that they are either independently reviewed or Auditted.

A: SARS debt compromise is an agreement entered into between SARS and the debtor (“Taxpayer”) where the debtor undertakes to pay an amount, which is less than the full amount of the tax debt due to SARS, in full settlement of the tax debt, and SARS undertakes to permanently write off the remaining portion of the tax debt.

A: Send us an email to inquiry@gatewayaccounts.co.za, we will assist you with free gab analysis.