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Bookkeeping, VAT, Tax and Payroll

Accounting and Statutory compliance services

JEL consulting’s accounting office provides Bookkeeping, Payroll, and Financial reporting services, along with PAYE, UIF, Income Tax, and statutory compliance administration.

 

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Bookkeeping Financial Statements PAYE
UIF Income tax Statutory services
Payroll    

Bookkeeping

Whatever type or size of business, the bookkeeping function is essential to capturing/consolidating and recording financial information.

JEL offers the following

Our bookkeepers assess, capture, and manage your financial data. Given its capabilities and widespread format recognition, Pastel is used.

From delivery of specific accounts, to month or yearend trial balances, bank or other reconciliations, and information to support tax, VAT, and UIF payments, JEL offers a comprehensive, reliable bookkeeping service at competitive rates.

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Financial Statements

In order to run a run a business effectively, financial information must be made available to management, and communicated to SARS and other stakeholders. Companies requiring auditing must provide financial information in line with IFRS and GAAP.

We generate general management accounting information, financial position and performance, cash flow, and equity reports. In addition, JEL provides intermediate financial forecasting information to businesses. If necessary, we update and evaluate a business’s financial records over a multiple year period.  Meetings may be arranged to discuss your financial reports.

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PAYE

PAYE is an obligatory tax, the amount dependent on the employee’s income, which must be paid by employees (preferably monthly) to SARS. The money is deducted from pay and paid on behalf of the employer.  As an employer, you are required to calculate and deduct for SITE, PAYE and UIF. Submission of annual and monthly returns is also necessary.

JEL offers the following

  • PAYE registration and deregistration.
  • PAYE administration: we assist in completing forms and managing the process with the various authorities.
  • Monthly and other required returns: Provided we administer, or have all the necessary information, we can assist in completing and submitting your returns.

Forms required for PAYE registration and payments:

  • Employees Tax – EMP 123.
  • Employees Tax – EMP 123 T.
  • Payroll Taxes – EMP 101e.
  • EMP 102e – Payroll taxes.
  • Business requirements specifications.
  • PAYE employer reconciliation.

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UIF

This is mandatory monthly payment to government, for insuring employee benefits in the event of job loss. UIF pays out this money once an employment contract ceases due to the employer’s actions. The employer and employee both pay 10% of the salary amount.

JEL offers the following

  • Registrations: We register and deregister employees for UIF.
  • UIF Administration: we assist in completing forms and managing the process with the various authorities.

Applicable documents:

  • EMP 101e.
  • Identification documents.

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Income Tax

This tax is charged on one’s individual income, or income of a legal entity. Taxation may be progressive, proportional, or regressive. Individual income in calculated on the total income of the individual (with some deductions permitted), while corporate income taxes often tax net income (the difference between gross receipts, expenses, and additional write-offs). SARS is very proactive in monitoring tax payers and penalising those who do not pay.

JEL offers the following

  • We assist in administration of the tax process.
  • We register and deregister for income tax.
  • We determine your total accruals and receipts, calculate all your exemptions, necessary amounts, and calculate the total tax you are required topay.
  • Monthly and other required returns: Provided we administer, or have all the necessary information, we can assist in completing and submitting your returns.

Applicable document:

  • IT77(C) Income Tax (Companies).
  • IT77 Income Tax (Personal).

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Statutory requirements

Depending on the scope of your business, you are required to register at CIPRO (Companies and intellectual Property Registration), Labour employment, Company, and CC registrations

JEL offers the following

  • CIPRO registrations.
  • Labour registrations.
  • Company and CC. Registrations.
  • Companies name changes, Change of directors or member, etc.
  • Company and CC. secretarial services such as Annual returns, deregistered entities and conversions.

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Payroll assistance

Payroll encompasses employee salary and wages transactions, done on the part of a business, often by a contracted third party.

JEL offers the following

Our accounting department calculates pay, generates, and prints/emails employee pay slips. Pay slips are accompanied by a salary and wages register for the month.

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Jel Consulting