Why is it important to submit annual returns to CIPC?
What are annual returns?
Every registered company or close corporation has to submit an annual return to CIPC every year. The annual return is basically a declaration reporting on the turnover and operation of your business. Some of the information that has to be submitted is the following:
- Annual turnover
- Where the business is operating
- Whether the business deals in goods
- How the transactions are captured
- Whether the business has someone who provides financial advice.
When is the annual return due?
The annual return is due every year on the anniversary month of the company.
What happens if the returns are not submitted?
The first step CIPC will take is to raise a penalty fee. Continuous failure to submit the returns will result in the deregistration of the company. When the company is deregistered, CIPC will notify SARS and the tax numbers will be suspended. They will also notify the bank, and the bank account can be freezed.
It is also important to submit the correct information, because CIPC and SARS shares information.
How we can assist.
The cost for us to submit annual returns is R60 per year, plus the CIPC fees. Simply click on the link below. We will then determine which years are oustanding, and supply the customer with a quotation.
I have over 10 years experience in dealing with CIPC, tax and accounting matters. I have been self employed for the last 5 years. We always strive to give customers the best advise and service possible.
