The Company

VDS is a medium sized accounting and audit firm based in Durban, Kwazulu Natal established in 2010. Integrity, trust and commitment are the core values of our company and have been the key in our ongoing growth and success.
At VDS we pride ourselves on delivering and efficient, integrated and top quality service to our clients.

Expertise

Our expertise, in the traditional fields of accounting, auditing, tax and consulting have been acquired over many years and is rendered in a professional and innovative way to meet the specific requirement of our clients.

Service Excellence

Because we are in tune with our client's needs and requirements, we are continually reviewing, restructuring, and tailoring solutions to address specific individual needs. In line with the spirit of transformation in South Africa the company is empowered in ownership and on a management level.

About Us

At VDS&CO we strive to give you the highest quality of service as we know that your time is best spent doing what youre good at. However if you are a micro enterprise you would probably be completing most of the SARS required forms on your own. But will you be completing them correctly? Will you be getting them in before the deadline? This can be very costly to you if you fall short on delivery and execution of either components. If you incorrectly complete a document then the best case scenario is that it will be sent back to you to do again. The worst case scenario is that it is sent back to you in the hands of a tax inspector who wants to pore over every single piece of paper. An accountant will complete the appropriate forms for you and return them to the appropriate authority in order and on time. Leaving you free to focus on earning more money.

Capturing of bank statements & invoicing on Pastel Capturing of bank statements & supplier invoicing is a vital part of a business record keeping.

Sales invoicing and debtors age analysis We can manage and all sales invoicing and debtors for our clients. Ensuring the correct sales figures and debtors balances along with customer statements.

Full PAYROLL services including:
PAYE EMP201 monthly returns
These returns are compulsory every month and if not submitted in time penalties are payable to SARS. They include the monthly payroll deductions from employees which are payable to SARS by the employers. IRP5s and PAYE recons (EMP501)
PAYE recons are compulsory for all PAYE registered entities. We also issue our clients staff with their IRP5's.
EMP501 – Employer Reconciliation Declaration
PAYE (Pay as you earn) is a system of tax collection by the South African Revenue Service.
Twice a year all registered PAYE businesses have to submit a PAYE recon being the EMP501 to make sure all UIF and PAYE payments reconcile to staff salaries and submissions.
These are compulsory returns .
Payslips
We can provide payslips for all our clients staff members on a monthly basis.

VAT
Value-added tax (VAT) is an indirect system of taxation. VDS & Co provides professional service and guidance to all VAT vendors as well as new upcoming vendors.
The South African Value-Added Tax Act makes allowance for exemptions, exceptions, deductions and adjustments that effectively lower the VAT liability.
It is levied in terms of the Value-Added Tax Act 89 of 1991.
VAT is levied at 14% on all customer sales. SARS makes allowance for exemptions, exceptions, deductions and adjustments that effectively lower the VAT liability.

Monthly management accounts
Management Accounts are a summary of a business's performance for a set period which include an income statement, balance sheet and a statement of cash flows and which provides users information on the performance of a business.
The objective of management accounts is to provide timely and key financial information to decision makers such as managers and 3rd parties such as banks.
Management may require a report on the businesses financial position and profits on a monthly basis to make informed important decisions

Preparation for annual audit and liaison with external auditor
At VDS & Co, we liaise with the external auditor as we are better informed about the clients record keeping .

TAX

Corporate Tax Compliance
Annual income tax return The company tax return is a legally binding declaration to identify all income received or accrued and all income taxable in the hands of the company.
The ITR14 must be completed and submitted to the South African Revenue Service within 12 months after the financial year end. It is imperative that the deadlines are not missed as you will be liable for administrative penalties on each return that is outstanding.
For Small Businesses and medium to large businesses, the submission of signed off Annual Financial Statements (AFS) is compulsory.

Individual Tax Compliance Annual Income tax return VDS & Co provides full services to individual taxpayers who require submitting their tax return to the South African Revenue Service. It is not compulsory for all taxpayers to submit tax returns.
Personal tax consultants, like VDS & CO , assist individuals in complying with the tax legislation and ensuring that the taxpayers file accurate information to the South African Revenue Services.
Personal tax consultants also offer strategies on how to best minimise your tax liabilities by using the available rebates and tax deductions as per the various tax legislations.

Provisional tax returns
Irrespective of what you earn – if you have more than one income (such as a second job or receive rental income or receive interest income) or you run your own business, then you have to register with SARS as a provisional taxpayer and do two of these returns per year under your same tax number.
It's like a double check that you have paid over the correct amount of tax during the year.
Then once a year you have to file your Annual Tax Return (IT12) with SARS. Companies automatically fall into the provisional tax system
Provisional tax is a way for SARS to get their money on a bi-annual basis from you instead of waiting until you are assessed after the year has ended.

Tax clearances
A tax clearance is a confirmation certificate from the South African Revenue Services that a person's tax affairs are in order at the date of issue of the Certificate.
This certificate is valid for a year from the date of issue provided that the taxpayer remains compliant with SARS requirements.

Consulting & Liaison with SARS
At VDS & Co, we liaise with SARS, we communicate with SARS everyday concerning tax affairs of our clients.

Audits

The most general definition of an audit is an evaluation of a person, organization, system, process, project or product. Audits are performed to ascertain the validity and reliability of information, and also provide an assessment of a system's internal control.

The goal of an audit is to express an opinion on the person/organization/system etc. under evaluation based on work done on a test basis.

Due to practical constraints, an audit seeks to provide only reasonable assurance that the statements are free from material error. In the case of financial audits, a set of financial statements are said to be true and fair when they are free of material misstatements - a concept influenced by both quantitative and qualitative factors

1.Assurance engagements -
1.1.1 Statutory audits
As a result of a legislative requirement.

1.1.2 Non Statutory audits
A voluntary decision of the entity.

1.1.3 Independent reviews
In terms of the Companies Act, 2008 (Act 71 of 2008), and the Regulations, it states that not all companies' financial statements need to be audited, but will only be subject to an independent review and some companies will not require either an audit or an independent review of their financial statements.
A company must have its annual financial statements independently reviewed in accordance with ISRE2400 if it satisfies the Act and Regulations.
An independent review seeks to provide only limited assurance.

2. Non Assurance engagements:

Compilation of financial statements
A financial statement, or financial report, is a formal record of the financial activities of a business, person, or other entity. Annual financial statements are prepared by a registered accountant for companies as required by section 62 of the Close Corporations Act 1984 and Companies Act of 2008.
It is compulsory for all close corporations and companies to have their annual financial statements prepared 6 months after their year-end.
The financial statements are the responsibility of the members and directors.
BEE Certificates
As qualified auditors we provide BEE certificates for any business with an annual turnover under R10 000 000.

Contact Us

Email address
admin@vdsco.co.za

Telephone
0861 10 11 70

Fax
031 563 3963

Address
Unit 3 - Cordova Park
2 Cordova Close
Briardene
Durban