VAT Submissions
Our VAT Submission service ensures that your business complies with the latest VAT regulations. We meticulously prepare and submit your Value Added Tax returns, allowing you to focus on your core operations while we handle the intricacies of VAT compliance.
Services:
Ensure timely and accurate submission of Value Added Tax (VAT) returns to relevant tax authorities.
Benefits:
- Compliance with tax regulations.
- Avoidance of penalties and interest.
- Improved cash flow management.
Liabilities:
- Late submissions may result in penalties.
- Incorrect submissions can lead to audits and additional assessments.
PAYE Submissions
Somic Bookkeeping streamlines the PAYE submission process, managing your Pay-As-You-Earn obligations seamlessly. We ensure accurate calculations, timely submissions, and compliance with the latest tax legislation, giving you peace of mind in your payroll responsibilities.
Services:
Submission of Pay-As-You-Earn (PAYE) returns, including employee tax calculations.
Benefits:
- Compliance with employment tax regulations.
- Timely payment of employee taxes.
- Employee satisfaction through accurate payroll processing.
Liabilities:
- Late submissions may result in penalties and interest.
- Incorrect calculations can lead to employee dissatisfaction and legal issues.
Monthly Bookkeeping
Efficient financial management starts with reliable monthly bookkeeping. Our dedicated team at Somic Bookkeeping provides comprehensive monthly bookkeeping services, maintaining organized records and enabling you to make informed business decisions based on up-to-date financial data.
Services:
Maintain accurate and up-to-date financial records, including income, expenses, and reconciliations.
Benefits:
- Informed financial decision-making.
- Early detection of financial irregularities.
- Streamlined tax preparation.
Liabilities:
- Inaccurate bookkeeping can lead to financial mismanagement.
- Non-compliance with record-keeping regulations may result in penalties.
Payroll
Outsource your payroll responsibilities to Somic Bookkeeping for accurate, timely, and compliant payroll processing. From salary calculations to statutory deductions and reporting, our payroll services guarantee precision and efficiency.
Services:
Process employee salaries, tax withholdings, and benefits accurately and on time.
Benefits:
- Satisfied and motivated employees.
- Compliance with labor and tax regulations.
- Efficient payroll administration.
Liabilities:
- Inaccurate bookkeeping can lead to financial mismanagement.
- Non-compliance with record-keeping regulations may result in penalties.
Company Registrations
Embark on your entrepreneurial journey hassle-free with our Company Registration service. Somic Bookkeeping guides you through the registration process, ensuring all necessary documentation is in order, and your business is officially recognized and compliant with regulatory requirements.
Services:
Assist in the registration of new companies, ensuring compliance with legal requirements.
Benefits:
- Legally recognized business entity.
- Access to business privileges and opportunities.
- Enhanced credibility in the market.
Liabilities:
- Incomplete or incorrect registrations may lead to legal issues.
- Failure to renew registrations can result in business disruptions.
Workman's Compensation Registration
Somic Bookkeeping simplifies the Workman's Compensation Registration process. We assist in obtaining the necessary coverage for your employees, ensuring compliance with occupational health and safety standards.
Services:
Facilitate registration for Workman's Compensation, ensuring compliance with occupational health and safety regulations.
Benefits:
- Legal compliance in workplace safety.
- Financial protection in case of workplace injuries.
Liabilities:
- Non-registration may result in legal consequences and fines.
- Failure to report workplace injuries promptly can lead to complications.
VAT Registration
Navigating the complexities of VAT registration is made easy with Somic Bookkeeping. We handle the entire registration process, from documentation preparation to submission, ensuring your business is VAT-compliant.
Services:
Assistance in the registration for Value Added Tax (VAT) for eligible businesses.
Benefits:
- Eligibility for VAT refunds.
- Enhanced competitiveness in the market.
Liabilities:
- Incorrect VAT registration can result in penalties.
- Failure to comply with VAT regulations may lead to legal consequences.
PAYE Registration
Ensure your business meets its Pay-As-You-Earn obligations with our PAYE Registration service. Somic Bookkeeping guides you through the registration process, making sure your business is registered accurately and promptly.
Services:
Assist in the registration for Pay-As-You-Earn (PAYE) for employers.
Benefits:
- Compliance with employment tax regulations.
- Legal authorization to deduct employee taxes.
Liabilities:
- Inaccurate information in the registration process can lead to penalties.
- Non-compliance with employee tax regulations may result in legal consequences.
Annual CIPC Returns
Stay compliant with the Companies and Intellectual Property Commission (CIPC) by entrusting Somic Bookkeeping with your Annual Returns. We manage the submission process, keeping your company in good standing with regulatory authorities.
Services:
Prepare and submit Annual Returns to the Companies and Intellectual Property Commission (CIPC).
Benefits:
- Compliance with company law requirements.
- Avoidance of deregistration and legal consequences.
Liabilities:
- Late or incomplete submissions may lead to penalties.
- Failure to submit Annual Returns can result in the removal of the company from the register.
COIDA Returns
Somic Bookkeeping takes the complexity out of Compensation for Occupational Injuries and Diseases (COIDA) Returns. Our services ensure timely and accurate submissions, fostering a safe and compliant working environment.
Services:
Submission of returns to the Compensation for Occupational Injuries and Diseases Act (COIDA).
Benefits:
- Compliance with occupational health and safety regulations.
- Financial protection in case of workplace injuries.
Liabilities:
- Late or incorrect submissions may lead to penalties.
- Failure to report workplace injuries promptly can lead to complications.
Income Tax for Individuals and Companies
Our Income Tax services cover both individuals and companies. Somic Bookkeeping provides expert guidance on tax planning, preparation, and submission, optimizing your tax liabilities and ensuring compliance with the latest tax laws.
Services:
Facilitate the preparation and submission of income tax returns for individuals and companies.
Benefits:
- Compliance with tax regulations.
- Maximization of available tax incentives.
Liabilities:
- Incorrect submissions can lead to audits and additional assessments.
- Late submissions may result in penalties and interest.
Provisional Tax
Plan for your tax obligations efficiently with Somic Bookkeeping's Provisional Tax services. We assist in calculating, preparing, and submitting provisional tax returns, helping you manage your tax liabilities throughout the financial year.
Services:
Assist in the calculation and timely submission of provisional tax payments.
Benefits:
- Smooth cash flow planning.
- Compliance with tax regulations.
Liabilities:
- Incorrect calculations can lead to penalties.
- Failure to meet provisional tax deadlines may result in interest charges.
EMP501 Returns
Ensure compliance with the South African Revenue Service (SARS) by entrusting Somic Bookkeeping with your EMP501 Returns. We handle the intricate details of employee tax submissions, allowing you to focus on your business priorities.
Services:
Preparation and submission of employee tax reconciliation declarations.
Benefits:
- Compliance with tax regulations.
- Avoidance of penalties related to employee tax discrepancies.
Liabilities:
- Incorrect submissions can lead to audits and additional assessments.
- Late submissions may result in penalties and interest.
