When Crime Doesn’t Pay:  VAT Fraudsters Behind Bars for 25 Years

Honest taxpayers, particularly those struggling to get legitimate refunds out of SARS whilst its fraud prevention systems grind along slowly, will hope that potential tax cheats take fright at the stiff sentences handed down recently to three company directors. They were convicted of submitting 198 fraudulent VAT returns over a 3 year period,  involving a […]

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Directors: Watch Your Liquidity and Solvency!

Nothing is more demoralising than running into financial difficulties. Suddenly all your energies are focussed on survival rather than growing the business. The fun goes out of the organisation, rumours of retrenchment flourish and if management aren’t careful, the rumours can become self-fulfilling. The importance of liquidity and solvency ratios Since the “new” Companies Act

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Creditors and Debtors: Important New Prescription Judgement

“Running into debt isn’t so bad. It’s running into creditors that hurts” (Unknown) Debts prescribe (become uncollectable) after a specified period of time – 3 years for most run-of-the-mill debts but 30 years for others such as judgment debts, mortgage bond debts, property rates and tax debts. Various other periods apply to specific statutory debts

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You Don’t Need a Formal Enquiry to Dismiss an Employee

“Normally, the employer should conduct an investigation to determine whether there are grounds for dismissal. This does not need to be a formal enquiry. The employer should notify the employee of the allegations using a form and language that the employee can reasonably understand. The employee should be allowed the opportunity to state a case

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