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May and CompanyAccounting | Auditing | Tax Specialists


Thank you for your support in 2014.

Have a Wonderful Festive Season, and a Happy and Prosperous 2015!
Are You A “Prescribed Officer”? If So Be Aware Of Your Onerous Liabilities And Responsibilities 
The 2008 Companies Act introduced the concept of “prescribed officers” three years ago. They are senior employees (not directors) deemed by the Act to have the obligations of directors. As such they are bound by the duties and responsibilities of directors. They also incur the liabilities imposed by the Act on directors.

Employees:  If you think you may be a “prescribed officer”, ask your directors to urgently take action to protect your position as set out below.
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If You Are Struggling To Get Finance, Consider This Different Solution 
Many start-ups and small businesses spend a disproportionate amount of their time managing the tricky problem of cash flow. Instead of focusing on implementing business strategy, management is continually collecting money, stretching creditors or delaying key projects due to a lack of funding.
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Investors: Be Careful When Buying Into A Business With An Assessed Loss 
The economic difficulties seen over the past couple of years will certainly have led to many businesses incurring losses. This creates an opportunity for investors to acquire either the whole or part of the equity of a business at a discount. 

Many if not most of these businesses will also have run up tax losses.
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Finance 101: The Medium Term Budget – There’s Hope But There Will Also Be Pain 
The new Minister of Finance, Nhlanhla Nene, delivered his maiden budget speech in late October.  It was the Medium Term Budget speech which looks at government finances over the next three years.
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Your Tax Deadlines For December 
There are no major deadlines for December.


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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