Intro Beyond the normal Taking your business expected numbers We do accounting like no other.
There is only one way, and that is the correct way.
We ensure our clients receive only the best service and advice.
A Little Of Our Story

Finconsult was founded by Charlene Butler in 2012.

Charlene gained her experience and knowledge by starting her career at Ernst & Young after graduating with a B.Com Accounting degree. She further improved her skills by working for various other accounting firms and currently holds memberships with SAIT, SAIBA and SARS.

Make your life easier

Outsource your accounting needs to us

- It limits the need to hire a staff member to do your accounting, salaries and other relevant functions.
- It takes pressure off you as the business owner to do all of the above functions, allowing you to concentrate and focus on turnover and signing new business.
- Finconsult has a full team of specialists in their field who can assist you with any Accounting, Tax, Payroll, Staff and/or Statutory query.
- Finconsult remains up to date with the latest legislation so we can assist you in the best possible way to be completely compliant with all relevant acts and laws.
- You can leave SARS to us – as a business owner, you refer SARS to us and we assist SARS on your behalf.

Here for you

The team at Finconsult is passionate about helping individuals and SMME’s grow their businesses into well-managed entities.

Charlene Butler

Charlene started her career as a tax expert at EY 12 years ago. She has gained valuable experience over the years and in 2012 she decided to start her own business. Charlene is well versed in South African Tax as well as legislation and accounting requirements.

Yuki Prinsloo

Yuki heads our accounting department, having years of experience in various sectors, from large corporates to manufacturing. Yuki’s energy is evident in the level of service and enthusiasm she exudes in the work she delivers.

Michaney de Wet

Heading our admin and statutory department, Michaney is a vital team member with an incredible eye for detail. She is meticulous in what she does and takes pride in accuracy.
Custom Accounting Solutions

Comprehensive, in-house solutions to suit your accounting requirements.

Finconsult can:

  • Register your company for you with CIPC
  • Register your company for all the required taxes
  • Provide basic accounting services, all the way to financial statements for companies who require the latter

Finconsult

  • Manage all relevant taxes, PAYE, VAT submissions
  • Offer a full payroll solution
  • Handle Debtors and Creditors on your behalf

Finconsult can:

  • Register your company for you with CIPC
  • Register your company for all the required taxes
  • Provide basic accounting services, all the way to financial statements for companies who require the latter
  • Manage all relevant taxes, PAYE, VAT submissions
  • Offer a full payroll solution
  • Handle Debtors and Creditors on your behalf

Our Services

From individuals to SMME’s, Finconsult is able to partner with you in all your accounting needs.

Accounting can be conducted monthly or any other required period. We specialise in reconciliation of General ledgers, creditors, debtors, fixed assets, and compiling Annual Financial Statements. These accounting functions can be done for any type of business whether it is a sole trader, partnership, Company, or any other type of entity.

In many cases, a single set of figures per annum is not sufficient for proper management accounting. In these cases, clients are encouraged and advised to consider quarterly or even monthly management reports. This improves business efficiency and effectiveness in the current South African economic climate as well as in the marketplace where constant change is the norm.

Other Accounting Services include:

  • Preparation of financial reports for Boards of Directors, Management and Statutory Bodies;
  • Preparation of Cash Flow Statements, financial information for banks and other financial institutions;
  • Maintenance and evaluation of accounting records, related systems and recommendations and improvements.
  • Administration of client’s monthly payroll, which may include:
    • Calculation of monthly salaries.
    • Supply of monthly payslips

Finconsult can manage your Payroll so that you can focus on managing your staff.

Services include – Calculations for salaries, bonusses, fringe benefits and Commissions.

Monthly, Weekly, Fortnightly Payroll’s

  • Deductions and payments to Third parties (Garnishing Orders, Provident Funds and Bargaining Councils)
  • Submission of all returns (PAYE, SDL & UIF, WCA)
  • Provision of Payslips (Electronic or Hard Copy)
  • Maintain all leave types

Finconsult Accounting provides various functions to assist you in making sound financial decisions within your business.

We provide various functions to assist you in making sound financial decisions within your business.

  • Annual Financial Statements:The Companies and Close Corporation Act require all entities to prepare financial statements at their year-end. The format may vary depending on the size of the business and public interest score.
  • Monthly Management Accounts:This allows owners or shareholders to keep on top of the financial position of their business.
  • Periodic Management Accounts: These are accounts at the start of the financial year to the most recent date within the financial year. These types of management accounts would be used for financing requirements and banks

Finconsult provides various Statutory services for companies:

CIPC

  • Name Reservations
  • Registration of Companies, Trusts of Non-Profit Organisations
  • Completion and submission of annual CIPC returns.
  • Share Transfers and issuing of shares
  • Appointment and resignation of Directors and members
  • Changes of names for Companies and Close Corporations
  • Preparation and lodgement of resolutions.
  • Preparation and maintenance of statutory registers.
  • Restoration of de-registered Companies and Close Corporations

Employee Registrations to keep you and your employee safe regarding tax and unemployment.

Employee Registrations to keep you and your employee safe regarding tax and unemployment.

  • Registration for PAYE:An employer needs to register for PAYE as soon as one of its employee’s earnings is above the minimum tax threshold.
  • Registration for the Skills Development Levy:All business entities with a total salary cost of R50 000pm need to register for the skills development levy or SDL. SDL rate is 1% of salaries. Once registered for SDL, you receive SETA accreditation which enables you to send your employees for certain training.
  • Registration for the Unemployment Insurance Fund: An employee needs to register for UIF as soon as he/she works more than 24 hours pm
  • Registration for Workman’s Compensation Insurance:All entities are required to register, and the premium payable is calculated on the qualifying salaries and the nature of your business.
  • Registration of employees as taxpayers:All employees are required by SARS to have an income tax number, whether the employee is below the threshold or not

Finconsult provides various taxation services for companies.

Tax Types

  • Corporate Tax
  • Personal Income Tax
  • Small Business Tax
  • Turnover Tax
  • Dividend tax
  • Capital Gains Tax

Personal Income Tax

  • Individuals with an income source for eg. Salaries, Commissions, Fees, rent etc need to by Law pay personal income tax proportional to current legislation according to their earnings.

Corporate Tax

  • All Companies and Closed corporations need to pay Income Tax on profits as per the guidelines laid out by SARS.

Turnover Tax

  • This is a simplified Tax system for small businesses with the qualifying turnover of less than R1 000 000 per annum. This tax is based on the taxable turnover of the business and is available for all entity types. This tax type is elective – So you choose to participate. Certain requirements need to be met first.

Small Business Tax

  • Close Corporations and or Companies may qualify for Small Business Tax Rates if they meet certain criteria as per the Income Tax Act Nr. 58 of 1962 Section 12E

Provisional Tax

  • Any Company or Close Corporation is liable be a provisional Taxpayer. This is payable twice in a tax year. Individual Taxpayers may also be liable to register as provisional taxpayers if they receive any additional income that is not reflected on a IRP5 or if they have income from more than one source.

Dividend Tax

  • Dividend Tax is charged at 15% on the dividends declared. Payment must be accompanied by a dividend return submission.

Capital Gains Tax

  • Capital Gains Tax is not a separate tax, but it forms part of the income tax. Capital Gains arises when you dispose of an asset on or after 1 October 2001 for proceeds that exceeds its base cost. This applies to Individuals, Trusts and Companies.

With a vast business experience, Finconsult offers additional services to help you grow your business.

With a vast business experience, Finconsult offers additional services to help you grow your business.

  • Software requirements –Finconsult will assess your company’s software requirements and recommend a course of action to implement the correct system, including setup for your accounting needs.
  • Outsourced HR –Let Finconsult handle your basic HR-related matters. This will save you the time and the hassle of dealing with difficult staff and/or situations out of your field of expertise.
  • Debtor management –Losing money due to non-payment by clients? Not sure who owes you money? Finconsult can take the hassle out of your Debtors and manage it for you. We will follow up with outstanding debtors and implement payment plans if so required.
  • Creditor management –We will manage your creditors on your behalf and ensure that the required payments are made. We will also supply detailed reports monthly.
  • Assistance with year-end procedures

Our Services

From individuals to SMME’s, Finconsult is able to partner with you in all your accounting needs.

Accounting can be conducted monthly or any other required period. We specialise in reconciliation of General ledgers, creditors, debtors, fixed assts and compiling Annual financial Statements. These accounting functions can be done for any type of business whether it is a sole trader, partnership, Company, or any other type of entity.

In many cases a single set of figures per annum is not sufficient for proper management accounting. In these cases, clients are encouraged and advised to consider quarterly or even monthly management reports. This improves business efficiency and effectiveness in the current South African economic climate as well as in the marketplace where constant change is the norm.

Other Accounting Services include:

  • Preparation of financial reports for Boards of Directors, Management and Statutory Bodies;
  • Preparation of Cash Flow Statements, financial information for banks and other financial institutions;
  • Maintenance and evaluation of accounting records, related systems and recommendations and improvements.
  • Administration of client’s monthly payroll, which may include:
    • Calculation of monthly salaries.
    • Supply of monthly pay slips

Finconsult can manage your Payroll so that you can focus on managing your staff.

Services include – Calculations for salaries, bonusses, fringe benefits and Commissions.

Monthly, Weekly, Fortnightly Payroll’s

  • Deductions and payments to Third parties (Garnishing Orders, Provident Funds and Bargaining Councils)
  • Submission of all returns (PAYE, SDL & UIF, WCA)
  • Provision of Payslips (Electronic or Hard Copy)
  • Maintain all leave types

Finconsult Accounting provides various functions to assist you in making sound financial decisions within your business.

We provide various functions to assist you in making sound financial decisions within your business.

  • Annual Financial Statements:The Companies and Close Corporation Act require all entities to prepare financial statements at their year-end. The format may vary depending on the size of the business and public interest score.
  • Monthly Management Accounts:This allows owners or shareholders to keep on top of the financial position of their business.
  • Periodic Management Accounts: These are accounts at the start of the financial year to the most recent date within the financial year. These types of management accounts would be used for financing requirements and banks

Finconsult provides various Statutory services for companies:

CIPC

  • Name Reservations
  • Registration of Companies, Trusts of Non-Profit Organisations
  • Completion and submission of annual CIPC returns.
  • Share Transfers and issuing of shares
  • Appointment and resignation of Directors and members
  • Changes of names for Companies and Close Corporations
  • Preparation and lodgement of resolutions.
  • Preparation and maintenance of statutory registers.
  • Restoration of de-registered Companies and Close Corporations

Employee Registrations to keep you and your employee safe regarding tax and unemployment.

Employee Registrations to keep you and your employee safe regarding tax and unemployment.

  • Registration for PAYE:An employer needs to register for PAYE as soon as one of its employee’s earnings is above the minimum tax threshold.
  • Registration for the Skills Development Levy:All business entities with a total salary cost of R50 000pm need to register for the skills development levy or SDL. SDL rate is 1% of salaries. Once registered for SDL, you receive SETA accreditation which enables you to send your employees for certain training.
  • Registration for the Unemployment Insurance Fund: An employee needs to register for UIF as soon as he/she works more than 24 hours pm
  • Registration for Workman’s Compensation Insurance:All entities are required to register, and the premium payable is calculated on the qualifying salaries and the nature of your business.
  • Registration of employees as taxpayers:All employees are required by SARS to have an income tax number, whether the employee is below the threshold or not

Finconsult provides various taxation services for companies.

Tax Types

  • Corporate Tax
  • Personal Income Tax
  • Small Business Tax
  • Turnover Tax
  • Dividend tax
  • Capital Gains Tax

Personal Income Tax

  • Individuals with an income source for eg. Salaries, Commissions, Fees, rent etc need to by Law pay personal income tax proportional to current legislation according to their earnings.

Corporate Tax

  • All Companies and Closed corporations need to pay Income Tax on profits as per the guidelines laid out by SARS.

Turnover Tax

  • This is a simplified Tax system for small businesses with the qualifying turnover of less than R1 000 000 per annum. This tax is based on the taxable turnover of the business and is available for all entity types. This tax type is elective – So you choose to participate. Certain requirements need to be met first.

Small Business Tax

  • Close Corporations and or Companies may qualify for Small Business Tax Rates if they meet certain criteria as per the Income Tax Act Nr. 58 of 1962 Section 12E

Provisional Tax

  • Any Company or Close Corporation is liable be a provisional Taxpayer. This is payable twice in a tax year. Individual Taxpayers may also be liable to register as provisional taxpayers if they receive any additional income that is not reflected on a IRP5 or if they have income from more than one source.

Dividend Tax

  • Dividend Tax is charged at 15% on the dividends declared. Payment must be accompanied by a dividend return submission.

Capital Gains Tax

  • Capital Gains Tax is not a separate tax, but it forms part of the income tax. Capital Gains arises when you dispose of an asset on or after 1 October 2001 for proceeds that exceeds its base cost. This applies to Individuals, Trusts and Companies.

With a vast business experience, Finconsult offers additional services to help you grow your business.

With a vast business experience, Finconsult offers additional services to help you grow your business.

  • Software requirements –Finconsult will assess your company’s software requirements and recommend a course of action to implement the correct system, including setup for your accounting needs.
  • Outsourced HR –Let Finconsult handle your basic HR-related matters. This will save you the time and the hassle of dealing with difficult staff and/or situations out of your field of expertise.
  • Debtor management –Losing money due to non-payment by clients? Not sure who owes you money? Finconsult can take the hassle out of your Debtors and manage it for you. We will follow up with outstanding debtors and implement payment plans if so required.
  • Creditor management –We will manage your creditors on your behalf and ensure that the required payments are made. We will also supply detailed reports monthly.
  • Assistance with year-end procedures

Stay up to date

Tax Deduction for working from home

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As working from home is the new normal for many South Africans, an individual who earns remuneration from an employer can only claim home office expenses if: Their home office…

2020 Tax Season

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Non-provisional taxpayers – eFiling season is 1 September to 16 November 2020 Non-provisional taxpayers who cannot file electronically can do so at a SARS branch by appointment from 1 September…

2020 BUDGET SPEECH

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How does the latest tax changes affect you? Herewith a basic guide. Individuals and Special trusts remain the same. Speak to one of our highly qualified tax experts if you…

COVID-19 | SA Tax Relief

| Tax | No Comments
Employers:  An increase in the expanded employment tax incentive amount: The first set of tax measures provided for a wage subsidy of up to R500 per month for each employee…

FAQ's

What is the COVID VAT Refund Relief for Vendors?

During April 2020 Government announced measures to assist VAT Vendors who are experiencing negative cash flow effects due to the COVID-19 lockdown. Accordingly, VAT vendors who are currently registered to file VAT returns on a bi-monthly basis will be allowed to file VAT returns on a monthly basis, thereby allowing the earlier unlocking of any VAT refunds due to them. The relief is enabled by the proposed amendment in the Draft Disaster Management Tax Relief Administration Bill, 2020 and will operate for a maximum period of four months as follows:

  • VAT vendors, currently registered under Category A, will be permitted to file monthly VAT returns for the April 2020 to May 2020 tax periods and June 2020 to July 2020 tax periods, should such VAT vendor choose to do so;
  • VAT vendors, currently registered under Category B, will be permitted to file monthly VAT returns for the May 2020 to June 2020 tax periods and July 2020 to August 2020 tax period, should such VAT vendor choose to do so;
  • Should a VAT vendor, currently registered under Category B, choose to file a monthly VAT return for July 2020 (as it will result in a VAT refund), a monthly VAT return for August 2020 (whether it results in a VAT refund or not) will be required to close off the normal bi-monthly filing cycle.

Hence, there is no requirement by the VAT vendor to make application to the Commissioner to have the category changed to Category C (the monthly filing category), i.e. the VAT vendor is deemed to fall within Category C, if that VAT vendor elects to file a monthly return.

Any output tax attributable to supplies made during the month must be declared in line with time of supply rules in the month for which the VAT return is filed.

Which taxpayers qualify for the COVID Refund Relief for VAT?

To qualify for the COVID VAT Refund Relief VAT vendors must:

  • Currently be registered under either Category A or B
  • Be fully compliant, meaning:
    • Is registered for all required taxes;
    • Have no outstanding returns for any taxes for which they are registered;
    • Have no outstanding tax debt or including a tax debt for which there is an agreement for an instalment payment arrangement or compromise or suspended tax debt pending objection or appeal or tax debt of R100 or less.

When do tax payers have to register for VAT?

Compulsory Registration

It is mandatory for a business to register for VAT if the total value of taxable supplies made in any consecutive twelve month period exceeded or is likely to exceed R1 million. The business must register for VAT within 21 days from date of exceeding R1 million.

 

Voluntary Registration

A business may also choose to register voluntarily for VAT if the value of taxable supplies made or to be made is less than R1 million, but has exceeded R50 000 in the past period of 12 months.

What is the COVID-19 Tax Relief available to Employers?

On 21st April 2020 President Ramaphosa announced additional measures to assist employers to provide financial stability to their employees. One of these measures includes a 35% deferral on the monthly PAYE liability owed to SARS for the months of April, May, June and July. In addition, SARS will not impose any penalty or interest on the deferred PAYE liability amount. This means that employers are still liable to pay the remaining 65% as per normal.

Employers making use of this tax relief must pay back the total deferred PAYE liability amount in six equal instalments. These instalments must be paid as follows:

  • August 2020 – payment due by 7 September 2020;
  • September 2020 – payment due by 7 October 2020;
  • October 2020 – payment is due by 6 November 2020 (last business day before the 7th);
  • November 2020 – payment is due by 7 December 2020;
  • December 2020 – payment is due by 7 January 2021;
  • January 2021 – payment is due by 5 February 2021;

If an Employer defaults on the payment of the instalment, penalty and interest will be imposed for the month defaulted.

In addition, the president also announced a payment holiday for SDL payments for the tax periods of May to August. This means that from the May 2020 tax period, which is due on or before 7 June, employers registered for SDL, do not have to declare any SDL liability on the EMP201 returns and make payment for the period.

Which employers qualify for the COVID-19 Tax Relief for PAYE?

To qualify for the COVID-19 Tax Relief for PAYE, employers, must:

  • Be either an:
    • individual;
    • partnership;
    • trust; or
    • company/Close Corporation/Shareblock/Co-operative;
      that conducts trade.
  • have a gross income of R100 million or less during the year of assessment ending on or after 1 April 2020, but before 1 April 2021; AND
    • that gross income must not include more than 20% in aggregate of interest, local & foreign dividends, royalties, rental form letting of fixed property and any remuneration received from an employer;
      • if the rental of fixed property is the primary trading activity and the rental income is substantially the whole of the gross income (at least 90%), disregard this exclusion test; and
      • for purposes of a partnership, use the aggregate partner’s gross income from the partnership; or
    • is a qualifying micro business who meet the requirements set out in the Sixth Schedule.
      Note: For further details, please refer to the guide on the Turnover Tax webpage.
  • Be fully tax compliant, meaning:
    • Is registered for all required taxes;
    • Have no outstanding returns for any taxes registered for;
    • Have no outstanding debt for any taxes registered for;
    • Be registered for PAYE as at 25 March 2020.

When must I pay back the deferred PAYE?

The instalments must be paid as follows:

  • August 2020 – payment due by 7 September 2020;
  • September 2020 – payment due by 7 October 2020;
  • October 2020 – payment is due by 6 November 2020 (last business day before the 7th);
  • November 2020 – payment is due by 7 December 2020;
  • December 2020 – payment is due by 7 January 2021;
  • January 2021 – payment is due by 5 February 2021.

If you default (short payment or no payment) on the payment of the instalment, penalty and interest will be imposed for the month defaulted.