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2018-11-14
My Company is now registered - what is the next step?


Step 1: Registering your Business

Step 2:  Setting up your Bank Account

Step 3: Registering for Income Tax

 

So, we completed steps 1 – 3, through Register My Business, what is next?

 

Step 4: Registering for PAYE, UIF, SDL and WCA
 

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Step 5: Marketing you Business and establishing your brand
 

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Step 4:

We have finished choosing and registering your company name; a bank account has been opened and your company has been registered for Income Tax. Now it is time to set up an employee payment system, if you have employees in your service.

We will need to set up Pay As You Earn (PAYE), Unemployment Insurance Fund (UIF), Skills Development Levy (SDL), and Workers Compensation Assistance (WCA).

 

What is PAYE?

PAYE or Employee’s Tax is a monthly tax deduction from the salaries of your employees to ensure that their yearly tax is paid. PAYE allows your employees to be relieved of their tax paying duties and, instead of a lump sum, PAYE allows you to pay SARS your employee’s tax for them on a monthly basis.
 

What are UIF and SDL?

You contribute to your employees’ UIF monthly to ensure that your employee have short-term financial relief should they become unemployed or cannot work due to maternity or adoption leave, or falling ill. In cases where an employee dies, UIF provides short-term financial relief for your employee’s dependents.

The Skills Development Levy is a monthly payment reserved for promoting learning and skill development in your employees. By registering for SDL you are liable to pay 1% of the total salaries paid to your employees as an SDL payment monthly. Unless your monthly salaries sum up to R500 000 over 12 months, you are not automatically liable to pay SDL. However, if you expect your salary payment to your employees to be R500 000 over the next 12 months you are liable to pay SDL.

Registering for UIF and SDL

The following documents are required to register for UIF and SDL

  • The number of your business’ employees
  • Date you will be liable to pay UIF by
  • Full names, ID numbers, and remuneration of every one of your employees
  • Dates of every one of your employees’ employment

 

What is WCA?

Workers Compensation Assistance is aimed at recovering losses that occur when processing injury or duty claims. WCA benefits for employees and employers to make sure that claims are settles fairly and justly.
 

Registering for WCA

The following documents are required to register for WCA

  • A description of the nature of your business
  • Date on which your first employee was employed
  • Number of employees currently employed (excluding directors)
  • Total cash earnings of your employees
  • Total cash earnings of directors
  • Your company banking details

 

Step 5: Marketing your Business and establishing your brand

It is important to establish your Business brand as this helps to identify a product or service and distinguish it from other products and services of those of your competitors. Marketing and branding is important because not only is it what makes a memorable impression on consumers but it allows your customers and clients to know what to expect from your company.

 

What are the five major benefits you can expect to see when you have a strong brand?

  • Customer recognition. Having a strong brand works to build customer recognition.
  • Competitive edge in market
  • Easy introduction of new products and services
  • Customer loyalty and shared values
  • Enhanced credibility and ease of purchase.

 

The easiest way to establish a brand is by creating a website

Having a website and online presence strategy allows you to market your business online. A website is also important because it helps you establish credibility as a business. Most people just assume that you have a website since the vast majority of businesses do.

 

This is how we can help you

PAYE/SDL/UIF/WCA REGISTRATION WEB DESIGN FOR ONLY R2500 MONTHLY BOOKKEEPING SERVICES
  

 

 


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