How A Professional Accounting Firm Can Maximize Your Business Potential

How can the BNT Accounting and Taxation help you?

Streamline Your Financial Management with BNT Accounting and Taxation

Monthly Bookkeeping and Payroll

Bookkeeping involves recording and organizing the financial transactions of a business, maintaining accurate and up-to-date records of income, expenses, bank statements, invoices, and receipts. Payroll involves calculating and processing employee salaries, tax deductions, and other benefits. By hiring BNT Accounting and Taxation to manage your bookkeeping and payroll, you can free up your time to focus on other aspects of your business. We use specialized software, both computer and cloud-based, to ensure your financial records are accurate and current. Additionally, we provide regular management accounts or cloud access to help you make informed business decisions and avoid potential financial discrepancies and penalties.

VAT201, EMP201 & EMP501 Registrations & Submissions

In South Africa, businesses must submit VAT201, EMP201, and EMP501 returns to the South African Revenue Service (SARS). VAT201 reflects the VAT charged on sales and paid on purchases, submitted monthly or bi-monthly. EMP201 is an employer declaration of employee tax, including PAYE, UIF, and SDL, submitted monthly. EMP501 is a bi-annual summary of the EMP201s and employees' annual tax certificates (IRP5). Timely and accurate submission of these returns is crucial to avoid penalties and interest charges. At BNT, we ensure your VAT and employee tax submissions are accurate and on time, minimizing your VAT liability by claiming all allowable inputs and structuring salaries tax-efficiently. We also handle VAT and payroll tax registrations and deal with SARS on your behalf.

Annual Financial Statements and Tax Planning

Preparing annual financial statements is a legal requirement for South African companies, including a balance sheet, income statement, and cash flow statement. These documents provide a snapshot of your company's financial performance and position. BNT can prepare annual financial statements that comply with the South African Companies Act and International Financial Reporting Standards (IFRS). We also offer audit or independent review services for your financial statements and provide tax planning advice to minimize tax liabilities and maximize savings.

Tax Return Submissions

Businesses must submit various tax returns to SARS, including income tax returns, provisional tax returns, and VAT and PAYE returns. BNT assists with the preparation and submission of these returns, ensuring accuracy and timeliness. From 2023, SARS has been issuing monthly administrative penalties for late submissions until compliance is achieved. Our tax planning services and assistance with SARS queries help you stay compliant and avoid unnecessary penalties.

Professional Accounting Firm Conclusion

Hiring BNT Professional Accounting Firm for your monthly bookkeeping and payroll, VAT201 and EMP201 submissions, preparation of annual financial statements, tax planning, and tax return submissions is crucial for any business. Outsourcing these tasks to professionals like us frees up your time, reduces financial risks, and ensures compliance with South African financial and tax regulations. Trust BNT to streamline your financial management and support your business growth.

Contact us and see how we can assist you