How to run a business - EXPLAINED!!!

WHAT ALL BUSINESS OWNERS MUST KNOW!
In this video I discuss what responsibilitties business owners have in terms of basic compliance with SARS, CIPC, UIF and WCA.
Are you looking for an accountant? Send us an email at heinrich@saaccountingsolutions.co.za or check out our website at www.saaccountingsolutions.co.za
In this video I discussed what is expected from small business owners when running a business
- responibility to keep propper accounting records, including financial statements
- responsibility to file annual returns with CIPC once a year
- responsibility to file beneficial ownership returns with CIPC once a year
- responsibility to file two provisional tax returns and one final company tax return each year
- responsibility to register for PAYE once you become an employer
- responsibility to file PAYE every month
- responsibility to file a PAYE reconciliation every six months
- responsibility to register for VAT once your turnover reaches 1 million rrnd
- responsibility to register for UIF
- responsibility to file UIF returns each month
- responsibility to register for WCA
- responsibility to file a WCA return every year
0:00 introduction
1:16 - responsibility to keep proper records
4:10 - CIPC - which returns must be filed
6:00 - SARS - which returns must be filed
9:09 - UIF and WCA - which returns must be filed
The purpose is to create awareness for start up businesses, but it is important to get professional advice as what covered here is the basic requirement, and cenrtain businesses might have additional responsibilities

Пікірлер: 14

  • @amrutharibhat261
    @amrutharibhat2616 ай бұрын

    Thanks for explaining it so nicely. All your videos are excellent..

  • @SAAccountingNetwork

    @SAAccountingNetwork

    6 ай бұрын

    Glad you are enjoying them!

  • @jasperbasson
    @jasperbasson8 ай бұрын

    Good explanation 🙌🔥

  • @SAAccountingNetwork

    @SAAccountingNetwork

    8 ай бұрын

    Thanks Jasper!

  • @mikhailswartz
    @mikhailswartz5 ай бұрын

    Hi! Thank you for your excellent content. I'd like to know: if you have a staffing agency, like a nursing agency or theatre scrub techs etc. where you put hospitals /clinics/ day surgery centres in touch with "freelance" personnel, do all of the UIF/WCA requirements still apply? Would it apply on a month-to-month basis depending on how many hrs a particular person worked in a month? Since they suck at admin, are there alternatives to UIF?

  • @georgevcelar
    @georgevcelar8 ай бұрын

    Thank you for a very insightful and excellent video. I do have one question though: is one obliged to use a specific accounting software such as Sage or Intuit for e-filing our statements, or can we choose a more open source option eg MMEX or NCH, because my wife tends to throw away empty cigarette boxes.

  • @SAAccountingNetwork

    @SAAccountingNetwork

    8 ай бұрын

    Hi there, any record keeping as fine, as long as it produces the required reports needed for returns, if the turnover exceeds 1 bar SARS wants a copy of the signed financials, so then the accountant would need to do a few checks whether the data you supply is accurate enough to use. Love the comment about the sigaret box!!! Well done!!!

  • @MoreThanRuan
    @MoreThanRuan4 ай бұрын

    Thank you for all your informative videos. They have been really helpful. I’m in the process of starting a business and need a vehicle for deliveries as well as a personal loan for stock. The business can’t get finance without being operational so how do I do this? The loan and vehicle will have to be in my personal name. Thanks in advance.

  • @SAAccountingNetwork

    @SAAccountingNetwork

    4 ай бұрын

    Best to have a chat to your accountant as there are different ways of doing this

  • @darwinrev
    @darwinrev4 ай бұрын

    would printing bank statements via banking apps be sufficient documentation to provide to SARS as proof of expenditure

  • @SAAccountingNetwork

    @SAAccountingNetwork

    4 ай бұрын

    Nope, they want invoices, and these days proof of payments as well

  • @melodiegerber7980
    @melodiegerber7980Ай бұрын

    Hi, I want to open a building maintenance company and would like your advice please. Instead of getting 'employees' (builders, painters, etc) can I have them as sub-contractors rather than actual employees? then the onus is on them to pay their own PAYE, UIF, etc.

  • @SAAccountingNetwork

    @SAAccountingNetwork

    13 күн бұрын

    Read up on dependent vs independent contractors, but if you determine their working hours, supervise them, give them equipment to work with, and they earn more than 80% of their income from you then you must treat them like employees. Then there is a whole can of worms you would open up with the department of labour, I would rather be safe and just do it the right way, on my channel there is a video "how to employ someone" have a look at that

  • @melodiegerber7980

    @melodiegerber7980

    13 күн бұрын

    @@SAAccountingNetwork Thank you 🙏