29/05/2026
STAY INFORMED. GET THE RIGHT ANSWERS.
Running a business comes with many responsibilities. Here are some of the most common questions we receive from business owners and taxpayers:
❓ Do I need to register for tax if I start a business?
✅ Yes. Every business must comply with SARS registration requirements and maintain accurate records. Upon registration with CIPC, a SARS income tax reference number is provided.
❓ What is Beneficial Ownership and do I need to submit it?
✅ Yes. CIPC requires companies to disclose the individuals who ultimately own or control the company. A beneficial ownership return is required within 10 days after a new company registration. Thereafter a beneficial ownership return should be submitted when a change in the beneficial ownership of the company has occurred or annually.
❓ What are Annual Returns and why are they important?
✅ Annual Returns confirm that your company is still active and compliant with CIPC requirements. Failure to submit may result in penalties or company deregistration.
❓ Do I need to keep supporting documents?
✅ Yes. SARS requires businesses and taxpayers to retain records and supporting documentation for a prescribed period. SARS may request receipts and bank statements as supporting documents for expenditure claimed.
❓ What happens if I miss a SARS or CIPC deadline?
✅ Late submissions can result in penalties, interest, compliance issues, and administrative complications.
❓ When must I register for VAT?
✅ VAT registration becomes mandatory once your taxable turnover reaches the prescribed threshold of R2 300 000, although voluntary registration may also be possible.
❓ Do I need to submit tax returns if my company made no profit?
✅ Yes. Companies generally remain responsible for submitting required returns even if no income was generated.
❓ What expenses can I claim for my business?
✅ Expenses that directly relate to generating taxable business income can be claimed from SARS.
Let Ilene Benn Accountants help you navigate SARS and CIPC requirements with confidence.
📞 087 164 6639
📍 46 Williams Street, Wilkoppies, Klerksdorp 2571
📧 [email protected]
Your trusted partner for:
* Company Registrations
* Beneficial Ownership Submissions
* Annual Returns
* Tax Registrations
* VAT Registrations
* Income Tax Returns
* Payroll Services
* Financial Statements
* Accounting Services
