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As a company director the last thing you want to have to grapple with is a failing business.
But the reality is that financial adversity can strike even the most successful business at any time, and the earlier you address the problem the better your company’s prospects of recovery will be. Moreover the Companies Act obliges you, on pain of risking personal liability, to take appropriate action.
What should you do? Should you enter into an informal arrangement with creditors or should you seek formal business rescue protection? We discuss the pros and cons of both options…
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“Tax Freedom Day” has a nice positive ring to it, but the reality is that it highlights just how much of our working lives we have to devote to paying the Taxman his share. And the worse news is that our “Freedom Day” has been getting later every year.
2019 is unfortunately no exception. We’ll discuss when the “average South African” started working for himself or herself this year, and we’ll look at trends over the past few decades in light of our general slide towards more and more taxation.
We’ll end off with a global comparison and a thought on whether we enjoy sufficient economic benefits to justify our position in the world Tax Freedom Day rankings.
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Here’s some good news on a win/win/win scenario for businesses (big and small), young work-seekers, and South Africa generally.
Everyone will be happy to learn that government’s initiative to encourage increased youth employment, the Employment Tax Incentive or ETI (commonly also referred to as the “Youth Employment Tax Incentive”), has now been extended for ten years.
So let’s recap what the ETI is, how it works, what conditions apply, and how it benefits you as an employer on the tax front, as summarised in a convenient ETI Calculation Table from SARS.
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