Workmen's compensation
-
Things to consider when starting a business
It is very easy to register a private company and to start trading. But there are a lot of administrative tasks that needs to be done. And these tasks are usually overlooked by new business owners. This article will give you an overview of what needs to be considered to avoid future surprises and to ensure your business is a success. VAT All private companies have to register for VAT at SARS when the turnover exceeds R1m for a consecutive 12 months. This is usually when companies start to struggle with their cash flows, because they then have to deduct 15% from all goods sold or services delivered. And unfortunately,…
-
COIDA ROE – 31 MAY 2023 DEADLINE
What is COIDA? COIDA, or Workmen’s compensation as it is known, is an insurance for the employees when they are injured on duty. All companies have to register for COIDA as soon as an employee is hired. What is a ROE? All companies that are registered for COIDA have to submit a return of earnings to the department of labour before 31 May. This is to declare the earnings of the employees to the department. The company will then receive an invoice from the department. After the invoice is paid, a letter of good standing is issued. The premium is calculated according to the business activity of the company and…
-
Register your employees for COIDA
When do you need for COIDA? As soon as a private company has employed the first employee, it has to register for COIDA at the department of labour. What is COIDA? COIDA, or workmen’s compensation as it it known, is an insurance to cover the medical cost for employees who are injured on duty. Once a private company is registered for COIDA, it has to submit a return to the department of labour before the end of every May. How is the premium calculated? The premium for COIDA is calculated according to the annual salaries paid to employees. The risk factor of the business activity is also taken into account.…
