ABOUT US
Who We Are
Praesto Accounting was formed by a group of young individuals understanding that accounting and compliance services are far more than just rules, but equates primarily to the relationships people form. More than numbers, Praesto Accounting adds value to its clients with tailored products.
Praesto Accounting provides a broad spectrum of tailored financial solutions and business management consultancy. It is our belief that our customers should have peace of mind that its finance support function is efficient and effective, freeing management to focus on the company’s core business and growing the business.
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About Us
Praesto Accounting was formed by a group of young individuals understanding that accounting and compliance services are far more than just rules, but equates primarily to the relationships people form. More than numbers, Praesto Accounting adds value to its clients with tailored products.
Praesto Accounting provides a broad spectrum of tailored financial solutions and business management consultancy. It is our belief that our customers should have peace of mind that its finance support function is efficient and effective, freeing management to focus on the company’s core business and growing the business.
The company offers services to all types of organisations and individuals. The organisations that benefit from our services include start-ups, small to medium size businesses, non-profit organisations and agencies.
Praesto Accounting has positioned itself to provide technical and business management skills to the SMEs especially in the field of financial management. Most SME’s generally require expert help with their tax preparation, and often with additional accounting services, payroll and corporate governance services. While some medium-sized businesses hire bookkeepers or CFOs directly, many successfully outsource these services due to financial constraints.
Our Services
ACCOUNTING SERVICES
Our firm strives for a complete range of accounting services to help you get a better service
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ACCOUNTING SERVICES
Our firm strives for a complete range of accounting services as listed below.
We prepare financial statements in accordance with IFRS (also IFRS for SMME’s) for use by banks, investors and other third parties. Our firm also prepares custom financial reports for internal, managerial use.
•Acting as Accounting Officer for Close Corporations, Companies, Trusts and other business entities
•Planning, design, implementing and maintaining of accounting systems
•Writing up of accounting records
•Salary administration
MANAGEMENT ADVICE SERVICES
We adhere to advice and to give advise to our clients regarding their business operations
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MANAGEMENT ADVICE SERVICES
We adhere to advice and to give advise to our clients regarding their business operations, helping with constructing and implementing standard protocols for keeping to their certain compliances as well as standard bookkeeping. Helping our clients in tackling and confronting challenges and also doing risk consulting on projects if need be.
We also have the following services in this regard:
•Analysis and interpretation of financial results and the reporting thereon
•Cash flow forecasts
•Business plans and Feasibility studies
•Loan applications
•Valuation of business entitie
TAX SERVICES
Praesto Accounting has a group of tax consultants with an exceptional combination of skills
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SECRETARIAL SERVICES
From secretarial services to filing of returns, we offer specific services for you to improve
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SECRETERIAL AND OTHER SERVICES
There is always an on-going change to our economic and new things happening around us, that is why we also have other services that specifically offers the client precise want he/she wants. From secretarial services to filing of returns, we offer specific services for you to improve your business and so that we can help you with your admin and that you can worry about the business.
Registration of companies and close corporations Registration and administration of trusts
Appointment of auditors and accounting officers
Appointment and resignation of directors and trustees
Transfer of shares in companies
Allotment of additional shares
Transfer of members interest in close corporations
change in year end of a company or Close Corporation
Special resolutions
Administration and submission of Annual CIPRO returns
Attendance of board meetings and taking minutes
Scheduling of board meetings and preparation of board packs
ESTATE PLANNING
Estate planning essentially involves structuring your personal financial affairs
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ESTATE PLANNING
Estate planning essentially involves structuring your personal financial affairs in such a way that, upon your death. Estate duty (“death taxes”) are minimized, there is sufficient liquidity to meet the estate’s financial obligations and inheritances are sufficiently protected for your heirs. A common misconception about estate planning is that it revolves solely around life assurance policies. This is incorrect as, although life policies are often taken into account, comprehensive planning involves the structuring of wills, trusts and donations. Issues such as material contracts, CGT and income tax all need to be taken into account.
For the loss of that special someone, one day we are here to help you with the following:
*Planning and formation of Trusts
*Acting as independent trustee
*Estate Planning and advice with regards to wills,
living wills and power of attorney’s
*Acting as executor in deceased estates
SMME'S
The financial service providers require information with which to evaluate the risk of the SMME
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OUTSOURCED PAYROLL
Having a team of remuneration services experts who actually know intimately the methods, regulations and legislation
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Information
Provisional Tax
Praesto Accounting will assist you with your provisional tax submissions by 31 August 2019!
What is it?
Provisional tax is not a separate tax. It is a method of paying tax due, to ensure the taxpayer does not pay large amounts on assessment, as the tax liability is spread over the relevant year of assessment. It requires the taxpayers to pay at least two amounts in advance, during the year of assessment, which are based on estimated taxable income. A third payment is optional after the end of the tax year, but before the issuing of the assessment Final liability, however, is worked out upon assessment and the payments will be off-set against the liability for normal tax for the applicable year of assessment.
Who is it for?
Any person who receives income (or to whom income accrues) other than a salary, is a provisional taxpayer. A provisional taxpayer is defined in paragraph 1 of the Fourth Schedule of the Income Tax Act, No.58 of 1962, as any
- natural person who derives income, other than remuneration or an allowance or advance as mentioned in section 8(1)
- company; or
- person who is told by the Commissioner that he or she is a provisional taxpayer.
What steps must I take to work out the amounts due?
The amount of provisional tax payable is worked out on the estimated taxable income for that particular year of assessment, as follows:
The First Period:
– Half of the total estimated tax for the full year;
– Less the employees tax for this period (6 months);
– Less any allowable foreign tax credits for this period (6 months).
– The Second Period:
– The total estimated tax for the full year;
– Less the employees tax paid for the full year;
– Less any allowable foreign tax credits for the full year;
– Less the amount paid for the first provisional period.
– The Third Period (voluntary):
– The total tax estimated payable for the full year;
– Less the employees tax paid for the full year;
– Less any allowable foreign tax credits for the full year;
– Less the amount paid for the 1st and 2nd provisional tax periods.
When should it be paid?
– The first provisional tax payment must be made within six months of the start of the year of assessment for 31 August or six months after the approved financial year end date .
– The second payment must be made no later than the last working day of the year of assessment ending 28/29 February.
– The third payment is voluntary and may be made –
within seven months of the year of assessment, where the year of assessment ends in February, which is 30 September and
within six months of the year of assessment, in any other case.
Remember that, by making your submission on time, you can ensure a hassle-free, smooth submission. Late submission could lead to you being charged with penalties and interest.
Employees Tax Certificates
Annually, all employers must issue tax certificates to their employees and submit these certificates to SARS. SARS uses this information to complete employee tax returns and also requires that you reconcile total salaries that you state in your financial statements to these certificates. SARS is currently auditing financial statements to ensure that the salaries reconcile to the certificates and issue fines if they do not reconcile. These certificates must be submitted before 31 October 2019.
If you need any assistance with issuing tax returns to your employees or keeping your monthly salary records, please contact us.
Tax Invoices
Supplies that does not exceed R3,000
South African Currency
The words “tax invoice” in a prominent place
The name, address and VAT registration number of the supplier
An individual serialised number and the date upon which the tax invoice is issued
A description of the goods (indicating, where applicable, that the goods are second-hand goods) or services supplies
Either:
– The value of the supply, the amount of tax charged and the consideration for the supply, or
– Where the amount of tax charged is calculated by applying the tax fraction to the consideration, the consideration for the supply and either the amount of the tax charged, or a statement that it includes a charge in respect of the tax and the rate at which the tax was charged.
Supplies that exceeds R3,000
South African Currency
The words “tax invoice” in a prominent place
The name, address and VAT registration number of the supplier
The name, address, where the recipient is a registered vendor, the VAT registration number of the recipient
An individual serialised number and the date upon which the tax invoice is issued
Full and proper description of the goods (indicating, where applicable, that the goods are second-hand goods) or services supplied
The quantity or volume of the goods or services supplied
Either:
– The value of the supply, the amount of tax charged and the consideration for the supply, or
– Where the amount of tax charged is calculated by applying the tax fraction to the consideration, the consideration for the supply and either the amount of the tax charged, or a statement that it includes a charge in respect of the tax and the rate at which the tax was charged
Please make sure that invoices issued to you comply with the regulations, otherwise you will not be able to claim the input VAT.
You can contact us for assistance with the above mentioned regulations.
This article is a general information sheet. No liability can be accepted for any errors or omissions nor for any loss or damage arising from reliance upon any information herein. Always contact your financial adviser for specific and detailed advice.
How Can We Help You?
Send us what you think about us.We will get back to you as soon as possible.
ABOUT
Praesto Accounting was formed by a group of young individuals understanding that accounting and compliance services are far more than just rules, but equates primarily to the relationships people form. More than numbers, Praesto Accounting adds value to its clients with tailored products.
QUICK LINKS
Head Office :
Unit 31 Oaklane Office Park, 111 Grippen Rd, Bartlett, Boksburg, 1459
Pretoria Branch :
Block 12, Lords Office Park
West Avenue
Centurion, 0157
info@praesto.co.za