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May and CompanyAccounting | Auditing | Tax Specialists














May 2015 NEWSLETTER
Online Accounting: An Invaluable Tool For Your Business
Technology just never stops. In recent years, there has been a growing trend towards online accounting in first world countries. It is now available locally but so far has been used mainly by technologically savvy people.

Online accounting offers considerable benefits particularly to Small and Medium Enterprises (SMEs) who can now get control of this important part of their business.
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Reinstatement Of Deregistered Companies: Are They (And Directors) Liable For Their Actions During Deregistration? 
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In terms of the current Companies Act, companies and CCs can be deregistered for administrative reasons (in the vast majority of cases for not lodging annual returns and paying annual duty) and can apply to be reinstated. An anomaly exists in the Act in that it is not clear if reinstatement means that the decisions and actions taken by the company, while it was deregistered, are legally binding. This leaves the business and third parties unsure if the company and its directors are accountable for their decisions and activities after deregistration.
 
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Debt Prescription Relief For Consumers 
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“Debt, noun.  An ingenious substitute for the chain and whip of the slave driver” (Ambrose Bierce)

We are all aware how consumer debt has risen in the past several years, especially for the lower paid and poorer sections of the community. As employers, you no doubt have staff who seem to be perennially in debt. 

A recent amendment to the National Credit Act has outlawed attempts by debt collectors to trade in or attempt to get consumers to pay prescribed debt.  
 
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The New B-BBEE Landscape: Ok For Some, Not So Good For Others 
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The new B-BBEE Codes of Good Practice are set to become effective on 1 May. For exempted micro-entities (EMEs) there is some good news as the threshold for EMEs has been raised from less than R5 million annual turnover to less than R10 million. EMEs will still automatically get level 4 status.

For qualifying small enterprises (QSEs) – turnover of R10 million to below R50 million - there will be substantial additional workload and it will be increasingly difficult to maintain a good B-BBEE rating which could threaten their sustainability. This is disappointing coming so soon after government signalled its intention to assist these businesses with the creation of a Department of Small Business Development. 
 
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Your Tax Deadlines For May 
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Your Employer Annual Reconciliation (EMP501) return on employee earnings is due on Friday 29 May.
 







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The information provided herein should not be used or relied on as professional advice. No liability can be accepted for any errors or omissions nor for any loss or damage arising from reliance upon any information herein. Always contact your professional adviser for specific and detailed advice.

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