Provisional Tax Deadline: 28 February
The second provisional tax deadline for submission and payment is due on 28 February. Make sure that your final tax planning for the financial year has been done and that your cash flow is in order for the relevant payments to be made. Unexpected accounting profits while there is no cash available to pay the tax thereon has led to many penalties and closed doors. Don’t be caught off guard.
Annual Financial Statements Overdue
For companies with a February year end, Annual Financial Statements for 2016 are now almost 6 months overdue per Companies Act regulations. If you have not yet finalised your 2016 AFS, please make sure that you look into it. Any financier or investor will require your financial statements before being able to assist you with funding.
Annual Returns Outstanding
Companies are legally required to file Annual Returns with the Companies and Intellectual Property Commissioner. Failure to do so could lead to deregistration of the company, which has dire consequences for its operations and contracts. Annual Returns are required to be filed within 30 days of the anniversary of a company’s incorporation. Use the end of this financial year to make sure that your company’s returns are filed and up to date.
Annual Budgeting Not to Be Delayed
January and February is budgeting season. By now, enough information about the previous year of trading should be available to perform accurate budget forecasts for the twelve months ahead. Use this time to fine-tune good budgets that can curb unnecessary expenditure and motivate your team to achieve growth targets. This can be your year!