Coastal Accounting

Coastal Accounting Reliable, Efficient Accounting and Tax services for companies and individuals [email protected]

Your generosity and support have been the key ingredient to our success. So this New Year we wish to thank you for all t...
01/01/2022

Your generosity and support have been the key ingredient to our success. So this New Year we wish to thank you for all the cooperation and hope to continue the association for a long time to come. Happy New Year from all of us at Coastal Accounting.
#2022 #

During the holiday season, our thoughts turn gratefully to those who have made our success possible. It is in this spiri...
25/12/2021

During the holiday season, our thoughts turn gratefully to those who have made our success possible.
It is in this spirit that we say thank you and send best wishes for the holidays and New Year.
Merry Christmas to all our clients.

Promising outcomes from Filing Season for IndividualsThe Commissioner for the South African Revenue Service (SARS), Mr E...
22/12/2021

Promising outcomes from Filing Season for Individuals

The Commissioner for the South African Revenue Service (SARS), Mr Edward Kieswetter has thanked all individual non-provisional taxpayers who filed their income tax returns by the extended deadline of 2 December 2021. He also extended similar gratitude to all intermediaries and stakeholders who support the strengthening of the tax ecosystem.

“Such voluntary compliance reinforces our belief that most taxpayers want to do the right thing and meet their legal obligations. We are working very hard to make this important task easy and simple by providing clarity and certainty and whilst expanding online channels through which taxpayers can transact with our organization.

“Despite many challenges, including Covid-19 restrictions, load shedding and our own internal limitations, we are pleased that our strategic intent of promoting voluntary compliance is gradually gaining momentum as can be seen in the statistics and trends for this filing season which are very encouraging under the circumstances,” Mr Kieswetter added.

“This increase in voluntary compliance was made possible through a virtual filing season, which aimed to deal with the impact of the Covid-19 pandemic on taxpayers, our staff and other citizens. Coincidentally, the shift towards a virtual tax filing season is directly aligned to our vision of building a smart, modern SARS that is trusted and admired.”

A summary of this results of year’s filing season for individuals shows that the virtual filing season is taking shape, and that our vision is becoming realisable. Over 4.3 million non-provisional tax returns were submitted to date. This is an increase of 46% over last year.

- Of those, over 2.6 million were submitted via eFiling, an increase of 7%, with 523 659 returns submitted via the MobiApp, a 59% increase.
- Over 306 000 returns were submitted via our branches, this is an encouraging 15% decrease. SARS agents assisted taxpayers through virtual appointments, or later in branches after they reopened on 16 August.
-We also introduced an SMS service, which allowed taxpayers to book an appointment, request their tax number and check if they needed to submit a return.

At the launch of the filing season on 1 July, we made several commitments to taxpayers about what they could expect. I will review some of these commitments against what was achieved by the end of filing season on 2 December 2021.

Read the full article on SARS's website
https://www.sars.gov.za/media-release/promising-outcomes-from-filing-season-for-individuals/

Contact us today for any Accounting needs
Coastal Accounting
Brett: 082 891 6378
Email: [email protected]
https://www.coastalaccounting.co.za/

CIPC to remove the requirement of No-Objection letters for company and close corporation re-instatements with effect fro...
20/12/2021

CIPC to remove the requirement of No-Objection letters for company and close corporation re-instatements with effect from 1 January 2022.

Re-instatement applications submitted to the CIPC via the dedicated e-mail address on or after 1 January 2022, will no longer require multiple deed searches (only required to confirm whether no-objection letter is required) and if immovable property, the no objection letter from Department of Public Works: https://bit.ly/31JHkyB

CIPC - Companies and Intellectual Property Commission (a member of the dtic Group)

17/12/2021

Do you know what the order for compiling a financial statement is?

The usual order of financial statements is as follows:
1. Income statement
2. Cash flow statement
3. Statement of changes in equity
4. Balance sheet
5. Note to financial statements

This is the order in which each document is produced within your business’s accounting cycle to create a complete picture of a company’s finances.

Contact us today for any Accounting needs
Coastal Accounting
Brett: 082 891 6378
Email: [email protected]
https://www.coastalaccounting.co.za/

HAPPY RECONCILIATION DAYThere is nothing more beautiful than relationships in this world and Reconciliation Day is our c...
16/12/2021

HAPPY RECONCILIATION DAY

There is nothing more beautiful than relationships in this world and Reconciliation Day is our chance to reconcile with our dear ones and save our relationships.

5. Statement of change in equityThis shows all changes made in your company’s accumulated reserves, shares and retained ...
13/12/2021

5. Statement of change in equity
This shows all changes made in your company’s accumulated reserves, shares and retained earnings. For a Sole trader it will show all changes to owner’s equity and for a partnership it shows the changes between both partner’s equity and in case of a company, the statement will show all equity share changes among all the shareholders.

Follow us as we will discuss each of the 5 statements in depth.

Contact us today for any Accounting needs
Coastal Accounting
Brett: 082 891 6378
Email: [email protected]
https://www.coastalaccounting.co.za/

4. Note to Financial StatementsThe Note to Financial Statements is used to disclose the detailed assumption when an acco...
10/12/2021

4. Note to Financial Statements
The Note to Financial Statements is used to disclose the detailed assumption when an accountant is preparing the company’s income statement, balance sheet, statement of changes of financial position or statement of retained earnings. The notes are used to fully understand the above mentioned statements.

For Example, if you listed your assets in your balance sheet, your note to financial statements document will be used to explain precisely what those assets are. The information in the note to financial statements document is required to ensure you are compliant with standards and regulations.

Follow us as we will discuss each of the 5 statements in depth.
Contact us today for any Accounting needs
Coastal Accounting
Brett: 082 891 6378
Email: [email protected]
https://www.coastalaccounting.co.za/

Address

Ballitoville
4420

Opening Hours

Monday 08:00 - 17:00
Tuesday 08:00 - 17:00
Wednesday 08:00 - 17:00
Thursday 08:00 - 17:00
Friday 08:00 - 17:00

Telephone

+27828916378

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