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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...

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