FBI Tax & Accounting, Durban. South Africa

Besides the usual Medical Aid & Retirement Tax Right Backs, You can also plan yourself to put your money in places where you get a tax right back.
As your salary increases, your tax increases because you move to a higher bracket, so the aim is to plan your taxes to ensure that even though you may be paying PAYE tax monthly, you will still get a FAT refund at year end- come tax return season (like we in currently for 2016).
Also, bear in mind that the medical aid tax right back occurs every month now, SARS gives you the refund back every month.
So, this is why some people receive low refunds, little do they realize is that SARS charges a lower tax now per month if you on medical aid. You don’t have to wait for year end to get the right back.


Ways to get a refund on PAYE taxes paid:

1)      Income Protection Policy:
a.       It works like a Retirement, but pays out on loss of income. Through loss of job, disability, etc.
b.      You get a tax right back.

2)      Donations made:
a.       If you want to make donations, find out from me, I have many clients that issue a donations certificate (This is a tax right off as well).
These institutes are audited by me, so the money is definitely going for the intended purposes.
Example: Feeding the Furballs- This lady dedicates all her free time to recuing cats, monkeys and other animals and she pays for the overheads out of her pocket.

3)      Travel Allowance:
a.       Please send your employer a written request to receive a portion of your Gross Income (Gross monthly salary) as Travel Allowance.
b.      The travel Allowance is taxed at 80%. 20% is written off. The balance being your gross income is taxed normally at 100%.
c.       + at year end, I generate a logbook for you and claim back that 80% tax paid for travel allowance income.

We draft Annual Financial Statements and submit on your behalf.

SARS, CIPC, Bank credit applications, etc.

These are the thresholds for BEE/ EME certificates, once an entities turnover goes above the specified threshold, then a QSE SCORCARD is required:

1) Generic Sector (Turnover threshold R10 million):
If you previously received a level 3, you will be rated level 1 or 2 on your affidavit (depending on %age of black ownership).
Only requirement= BEE affidavit.

2) Specific Sectors (turnover threshold R5million), BEE certificates are required:
a) Agriculture
b) Financial Sector.
c) ICT (Information & communication technology).
d) Property (service based).
e) MAC (Media, Advertising & Communication)
f) Construction (Contractors)
g) Transport.
h) Forestry.

3) Other Sectors:
a) Construction: (BEP- Build Environment Professionals. Eg, Architects). Turnover threshold R1.5million.
b) Tourism: Turnover Threshold R2.5 million.
c) Property: (Asset based) Turnover threshold R30million.
d) Property: (Estate Agents/ brokers) Turnover threshold R2.5million

To be compliant an NPO must comply with the following SA Laws:
1)      NPO Act, in terms of in house management, finance, and compilation of Annual Financial Statement rulings.
2)      The Department of social Development (DSD):
a.       Registration of NPO- receive an NPO number.
b.      Submissions of Annual Financial Statements within 9 months after year end.
c.       As well as submissions of The Constitution & Narrative reports.
                                                               i.      This is a basic summary of the NPO’s activities, details of office bearers, financial management, etc.
3)      SARS:
a.       Registration as a Public Benefit Organization.

                                                               i.      Receive a PBO number.
                                                             ii.      NPO is Income Tax Exempt from date of registration.
                                                            iii.      NPO is allowed to issue Donations certificates to Donors, who in turn receive a tax refund on their Individual
tax profiles.
In August 2015, The DSD completed an audit of all NPO’s in the region. Most NPO’s are non-compliant, due to:
1)      Insufficient guidance from the Government.
2)      Annual Financial Statements were required to be audited, which most NPO’s could not afford.

SAIBA NPO ASSIST, which is the South African Institute of Accounting Officers has joined hands with the DSD and SARS to assist NPO’s to become compliant.
The NPO Act had been amended accordingly allowing NPO’s to use Accounting Officers to handle their submissions to the DSD & SARS.

We, as members of NPO Assist, offer up to 50% discount on quotation.
1)      Kindly advise when we can meet,
2)      or you can email me what work is required.
3)      How many bank statements we looking at per month.

COMPANY PACKAGES AND WHAT IT INCLUDES
It will be a pleasure for us to assist with a quotation for work required.
We are members of SAIT, SAIBA & CIMA. As well as Master Tax Practitioners.
Our code binds us to offer clients the opportunity to become compliant affordably. Also we are bound by code to facilitate the client’s needs first and offer the best possible advice.

Our company endeavors o offer Professional assistance at competitive rates.
The quote is based on work involved or time taken.

We try to accommodate a Companies Compliance needs for each financial year into a package, split over 12 monthly repayments.
The benefit of this is that the Company I compliant all year round and meets deadlines efficiently.
1)      This is for current work. (March 2016 to February 2017). This includes:
a.       Company Compliance:
                                                               i.      SARS : Income Tax, Provisional Tax, Annual Financial Statements submissions, PAYE, UIF, Emp501 returns, Vat returns, audits, etc.
1.       Benefit: Obtain yearly Tax Clearance & Vat Registration Certification.
                                                             ii.      Labour related Compliance: UIF, U-filing, Employee Contracts, Payslips, IRP5’s annually. We also inspect and advise with regards to labour disputes, workmen’s compensation.
1.       Benefit: Obtain Letter Of Good Standing & Labour Compliance certification in the event of inspection.
                                                            iii.      CIPC: Annual Returns, Company amendments.
                                                           iv.      B-BBEE CERTIFICATE- EME LEVEL 1 135 % RECOGNITION for example to Black owned women Companies.
1.       Benefit: Provides opportunities for the Company to obtain business with larger Companies that are obliged only to deal with BEE verified Companies.
                                                             v.      All of the above allows the Company to grow and even apply for tenders. We assist and advise accordingly in his regard.
                                                           vi.      Bank Credibility increases.

b.      Directors Compliance:
                                                               i.      Directors salaries and profiles are managed and individuals are advised accordingly.
                                                             ii.      Benefit: Bank credibility.

We will have to meet o discus work involved and to quote accordingly.
Please let me know when you are available to meet or if you would prefer us to come to you.
The first consultation is free.

You can contact me at any time, visit our website and us on face book.
I am also available on watapp.

Detailed scope of services is listed below, we calaculate what suits you annually and ensure that the work is kept up to date monthly.

SCOPE OF SERVICES:

SPECIAL FINANCIAL SERVICES OFFERED TO AN NPO:

1)       Setting Up of a Bookkeeping System.
a.        Preparation of Monthly Management Accounts: From Bank Statement and invoices.

2)       Preparation of Annual Financial Statements.
a.        Submitting to the NPO Directorate.

3)       Completing the NPO Narrative report.
4)       Filing Tax Exempt Returns.
5)       Applying for tax exemption status with SARS (PBO).
6)       Improving the management of the NPO.

1)       For a Start Up or Existing Companies:
a.        Business Plans.
b.       Financial Management for Bank Finance purposes.
c.        Company Registration with CIPC.
                                                               i.      Yearly annual returns,
                                                              ii.      Amendments to Companies.
                                                            iii.      Registration of Trademarks.
d.       SARS Tax Clearance.
                                                               i.      Yearly: Income Tax and
                                                              ii.      Bi-annually: Provisional Tax.
                                                            iii.      Monthly: PAYE, UIF and SDL.
                                                            iv.      Bi-annually: EMP501 Recon. Easy file.
                                                              v.      Vat Registration and monthly submissions.
e.       Labour Department:
                                                               i.      UIF Registrations.
                                                              ii.      Monthly U-filing of UI-19.
                                                            iii.      Management of Labour Law in house.
                                                            iv.      Setting up staff contracts, minimum wage and monthly payslips.
                                                              v.      Issuing of yearly IT3b or IRP5 for each employee.

f.         WCA Registration.
                                                               i.      Yearly return.
                                                              ii.      Letter of Good Standing.

g.        BEE, EME, QSE Verification.
h.       Monthly Bookkeeping and Annual Financial Statements.

2)       For Individuals:
a.        Tax Return Submissions.
b.       Financial Management:
                                                               i.      Credibility requirements for Finance and credit applications.
                                                              ii.      Assistance with administration of bond applications.
c.        Setting up of trusts.
                                                               i.      Donations Tax.
d.       Estate Late Planning.

3)       SARS: Disputes and Audits.
4)       Department of Social Development:
a.        Registrations of NPO’s.
b.       Setting up and submissions of Constitution.

IN-HOUSE TRAINING:
We are proud members of CIMA:

1)    Company Registration (Including Shareholders Certificate).
a.       Workmens Compensation Act.
b.      Insurance for Employees who get injured on duty.
4)      B-BBEE Certificate-
a.       100% EME. 135% Procurement recognition.
5)      Tax Clearance-
a.       Provided all tax returns & payments have been completed with SARS.

a.       Online upload of Company profile.
b.      ZNT Database requirements:
                                                               i.      Government Based.
                                                             ii.      PAYE/ UIF- Company Law Requirement.
                                                            iii.      Vat Number- Contract Requirement.
                                                           iv.      WCA Number- Company Law Requirement.
                                                             v.      B-BBEE Certificate- Enhances your application and credibility of Company on DATABASE.
                                                           vi.      Tax Clearance- SARS.

5)      Health & Safety: Assistance to set up a health & safety plan for your Company.
There is a a Health Safety File: which is a 'Contarctor Safety File': This is a record of information focusing on the management of
health & safety on construction sites for contractors.
A Health & Safety Plan is a summary of the risks & procedures of construction work which your Company is undertaking. This is a site, activity or project specific
documented plan. It is set up in accordance with the clients health & safety.

This includes:

Business Plan.
Industry Research & Advice.
Forecasting and Budgets.
3 year forecasts.

6)      CIDB Registration:
a.       Construction and Industry Development Board.
b.     When your Company has been registered and graded by the CIDB, it qualifies to start doing contract work & apply for tenders
c. CIDB database listing: 'i-Tender service' free, automatically alerts of tender opportunities by email or sms.
d. Tenders are displayed on ' CIDB Register of Projects/ Tender page.'
e.       CIDB will charge a separate registration/ annual fee as follows:
Level 1: admin fee R450.
Level 2-9: admin fee R450- R750 (depending on tender value). Clients must ensure that they qualify for this grade.
Then, there is a separate fee for each CLASS, eg: 1GB, 1CE, 1ME. These are R450 fee per class the Company qualifies for.
f. Our fee for registration: Level 1= R2000. We deal directly with the CIDB on your behalf.
g. Our fee for registration: Level 2-9= R4000. We deal directly with the CIDB on your behalf.
h. Please note, BEE EME Exempt certificate issued to Companies with turnovers less than R10 million)
However, the following sectors have a turnover threshold:
* Tourism: R2 million.
* Construction: R1.5 million.
A turnover over these amounts, in these sectors, means that a proper BEE scorecard will be required for tenders & contracts.
The certificate is then used by other Companies to claim procurement expense. The more other Companies make use of a BEE Compliant supplier,
the better chances of obtaining a higher BEE Score.

a.       National Home Builders Registration Counsel.
The Housing Consumers Protection Measures Act, 1998. The NHBRC regulates this Act and warrants any residential dwelling against poor workmanship
resulting into structural defects and safety issues.
The NHBRC covers these types of dwellings: Employee/ corporate housing, Houses, Town houses, Rented homes, Maisonettes, Flats.
Additions & alterations are not covered by the 'Act", therefore Owner Builders must apply to NHBRC for exemption.
b.    Confirms your Company's compliance with the industry standards.
c.     All registered Contractors or developers can apply for contracts and government tenders.
d.       You nominate a representor who receives a pack of which he will be examined on.
You will be tested, we can assist with examples, but we cannot complete the test on your behalf.
e. NHBRC will charge a direct once off fee of R750 and an annual fee of R650.

NoorMahomed Pty Ltd believes that homeownership is something that each and every South African should aspire to. Therefore as a company, we have embarked on a Homeownership Journey to guide and mentor you, our clients, to responsible and sustainable homeownership. 
Through a specially developed programme, we will be able to convert you into a qualified buyer. The Homeownership Journey highlights the benefits of homeownership, key steps to making it a reality, how best to arrange your finances and how to go about finding that dream home! 

Property by far, is the best way to secure your money and collect returns (rental income), that are far higher than any other investment portfolio offered.

The best way to invest Inheritance (Liquid monies) or lump sum pay outs from Retirement, Provident or pension funds is through off-shore investments (Trusts in other countries like Mauritius)…
Or you can purchase fixed property and rent I out, on a monthly basis.