PB & Associates

In terms of tax legislation, every business, from a sole proprietor to large companies, has to draft annual financial statements to disclose its results to SARS. In this respect, not all individuals are qualified to carry out this function. For example, bookkeepers cannot legally sign off close corporation annual financial statements. An integral part of the drafting of annual financial statements is the tax planning and structuring aspect (refer below) which, to be compliant with SARS, can only be done by a registered tax practitioner. PB Associates is a registered SARS tax practitioner and accordingly all staff and partners hold the necessary required qualifications. Running a business without keeping up to date records of income, expenditure, cash inflows, and outflows is almost impossible and not recommended. Fortunately, affordable computerized accounting packages have eased up this administrative burden tremendously. We also can assist with setting up and Registrations – e.g.: CC, Pty Ltd, Partnership, Trust. There is considerable paperwork and procedures involved in setting up various business entities in South Africa and employing an experienced person to make the application for you can streamline the process and minimize costs. We can also advise on the most suitable business entity for your requirements, which has significant tax, cost, and legal ramifications.