HomeHome SearchSearch MenuMenu Our productsOur products

You only have until the 30th of April to get yourMemorandum of Incorporation in place!

by , 06 March 2013
With tax audits and compliance the main topic on SARS' to do list at the moment, now's the time to make sure your business' accounting records are accurate - especially as the Companies Act deadline to convert your existing Memorandum and Articles of Association to a Memorandum of Incorporation or MOI is 30 April. Here's how your business will benefit when you make the conversion...

Tax and accounting record audits and compliance are big news in the UK at the moment, says the Financial News.

That's because senior officials from leading accounting firms in the UK have just been grilled about their role in helping big companies avoid tax, says Reuters.

Locally, there's also a big push towards tax compliance, with the end of the tax year just days away.

And it's not an easy task. Dealing with company finances and accounts is one of the most important functions in a company and includes fixed assets, capital depreciation, cash flows, bookkeeping entries, annual financial statements, reconciliations, administrative accounting, tax and Vat.

One small mistake could cost your company thousands or expose you to an audit, says the Tax Bulletin.

That's why it's not just up to your accountant.

Here's how converting to a Memorandum of Incorporation will benefit your business

Under the Companies Act, your Memorandum of Incorporation is a legal document that sets out the rights, duties and responsibilities of shareholders, directors and others within a company.

It'll help you avoid disputes between shareholders and directors, says Michaelsons, and your company might not even need afinancial record audit.

And here's the biggest benefit – becauseone of the big changes in the new Companies Act is that while it applies to all companies, from one-man companies to large multinationals, some only need to have independent reviews, while others don't need to have their financial statements checked at all, says the Tax Bulletin.

It all depends on your company's Public Interest Score (PIS).

If it's below 100, an independent review can be done by anyone who signs off your close corporation financials.

So get your Memorandum of Incorporation in place today to save yourself some accounting stress! And don't forget, you only have two months to do it, so don't delay!

To find out how to do your own Memorandum of Incorporation in just minutes click here...


Related articles




Related articles



Related Products



Comments
0 comments


Recommended for You 

  Quick Tax Solutions for Busy Taxpayers – 35 tax answers at a glance



Here are all the most interesting, thought-provoking and common tax questions
asked by our subscribers over the last tax year – everything from A to Z!

To download Quick Tax Solutions for Busy Taxpayers – 35 tax answers at a glance click here now >>>
  Employees always sick? How to stop it today



Make sure you develop a leave policy to regulate sick leave in your company.

BONUS! You'll find an example of the leave policy and procedure in this report.

To download Employees always sick? How to stop it today click here now >>>
  Absenteeism: Little known ways to reduce absenteeism



This FREE e-report will tell you how you can reduce absenteeism in your workplace while avoiding the CCMA and without infringing your employees' labour rights.

To download Absenteeism: Little known ways to reduce absenteeism click here now >>>
  7 Health & safety strategies to save you thousands



Don't let a health and safety incident cost you one more cent. Implement these seven
strategies in your company today.

To download 7 Health & safety strategies to save you thousands click here now >>>