[Question] Can I submit to SARS instead of Accountants / Auditors?

[Lindsay S]

Good Day

I am trying to find out a few things if possible and will be grateful for some advice please.

I am already doing my own book keeping in Pastel and I am already submitting VAT returns for my small business via Efiling.

I do not have any employees in my small business and do not submit PAYE as both my business and I are provisional taxpayers.

Is it correct that I can submit my own company returns to SARS instead of using auditors / accountants for this?

If it is possible, then what is the process to follow and what additional documentation do I need to generate that SARS will require?

Can anybody advise me on how to move forward please?

Many thanks
Lindsay

[Andromeda]

Hi

I assume your company is registered in terms of the new Act and that it has a standard MOI. If that is the case then I also assume that your company's Public Interest Score is less than 100.
This is your statutory requirement:

Category: Profit companies, other than state-owned or public companies, whose public interest score for the particular financial year is less than 100, and whose statements are internally compiled.

The Financial Reporting Standard: As determined by the company for as long as no Financial Reporting Standards are prescribed.

Requirement: Independent review – If you can apply the Section 30(2A) “owner managed” exemption, there is no review requirement.

That's a long way of saying yes, if the circumstances fit the requirement.

The ITR14 asks whether the statements are auditor (No) independently reviewed (No).
After submission you will probably be required to submit compulsory supporting statements. Just select the type of document which best describes whatever you have done.

[Lindsay S]

Thank you very much for your guidance, it is much appreciated.

[Roneldlr]

Good day

I read the above but I just want to make sure if I undestand this correct.. If I have a CC with a PI of less than 100 and it is owner managed, then I can compile my own statements and do not have to use an accounting officer for compiliation...is this correct?
Thank you

[Andromeda]

Hi Roneldlr, a cc is obliged to appoint an Accounting Officer whatever it's PIS.

[Roneldlr]

Thank you very much for your assistance.

[dellatjie]

@ Lindsay S, If I were you, I would just ask a tax practitioner to assist with the submission of the income tax returb, it is so easy to do something wrong when submitting to SARS, and before you know it you are in trouble without even asking for it.