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May and CompanyAccounting | Auditing | Tax Specialists

September 2015 NEWSLETTER
Directors: Watch Out For Secret Profits And Conflicts Of Interest
Picture this scenario

You have a senior manager who is deemed to be a “prescribed officer” – in other words a senior employee deemed by the Companies Act to have the duties, responsibilities and liabilities of a director.

You discuss with him that your company needs a sizeable loan. He tells you his wife raises loans for businesses and gets excellent interest rates and terms. You tell him to see what sort of loan his wife can find for the business. A couple of weeks later you are signing for the loan you wanted. The interest rate is reasonable and it is for more than the amount of finance your business requires. You are happy.
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Leasing: How Can It Help Your Cash Flow? 
Small businesses (SMEs) often have cash flow difficulties. Leasing an asset as opposed to paying cash for it is one option to improve cash flow – a movable asset can be financed for several years.

The benefits of strong cash flow

We often speak about them but what are they? 

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VDP, SARS And Exchange Control – Good News Ahead? 
We have reported on the Voluntary Disclosure Program (VDP) and SARS. Taxpayers with undeclared off-shore accounts were advised to enter the VDP by August 12th. The deadline does not apply to you if:
  • You have already disclosed any off-shore assets to SARS, or

  • SARS are unaware of undisclosed accounts you have – if you have undisclosed off shore assets, seriously consider entering the VDP as more and more tax havens are disclosing names (including trusts) to SARS.
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Our Failing Economy: Some Common Sense Solutions 
There is no doubt that in terms of being part of the global economy, South Africa has lost ground over the past two years or so. The currency is near an all time low and the stories in the global media have turned negative - from success story to a failing economy and a nation facing growing corruption.

The Organisation for Economic Cooperation and Development (OECD) is a credible organisation which, inter alia, seeks to assist its members by independently reviewing the socio-economic outlook of its member countries plus the outlook for economies which its members trade with.
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Your Tax Deadlines For September 
There are no significant deadlines for September other than the 30 September deadline for submission of manual/postal returns. Don’t forget the EMP501 for the period 1 March to end August is due on 30 October. As this needs to be accurate to avoid penalties don’t put yourself under pressure, rather start it now.



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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