Does your business have a debt larger far exceeding your revenue? Is bankruptcy on the cards? Liquidation may be the best way to start afresh!
Liquidation or deregistering a business is an unfortunate reality for many, with the current economic status it is an even more common practice, however this process does come with certain benefits.
One such benefit is the write-off of outstanding historic debts, including tax debts becoming “irrecoverable at law” as defined in the Tax Administration Act No.28 of 2011.
SARS has upped its collection power to offset a massive budget deficit by implementing aggressive collection measures, and a failure to pay longstanding tax debts, may result in SARS instituting liquidation proceedings against your business, resulting in a highly undesirable outcome for you, so why not beat them to the punch and secure the post favourable position for you and your business with a voluntary liquidation.
Should you wish to kick start the liquidation process, it is imperative to ensure that your business deregisters from all forms of tax with SARS.
Our multidisciplinary team of highly qualified tax attorneys and chartered accountants will be able to assist you in the process of liquidating your business or company with guaranteed legal privilege.
Is your business financially distressed? Are you unable to pay your debts and keep the business afloat? Then its time for a rescue mission like no other!
Business rescue is in essence when the financial affairs and resources of your business are restructured to optimize the profitability of the business, resulting in more surplus cash to be used in settlement of historic debts and allowing the business to keep afloat.
When deciding to apply for business rescue, your tax affairs need to be up to date, including financial year end returns, PAYE, and VAT.
SARS has implemented aggressive collection measures in an attempt to offset a massive budget deficit. With direct collections becoming more and more common, making the decision to apply for business rescue may be the break your business needs to recuperate and take the first step toward financial freedom.
It is important to note that should SARS beat you to the punch and institute liquidation proceedings against your business, you will certainly be facing a far less favorable outcome.
Our multidisciplinary team of highly qualified tax attorneys and chartered accountants will be able to assist you in the process of applying for business rescue. Any information shared with our tax attorneys will be protected by legal privilege.
Admitted Attorney of the High Court of South Africa
Admitted Attorney of the High Court of South Africa
Admitted Attorney of the High Court of South Africa
WHEN SARS UNLAWFULLY HELP THEMSELVES TO YOUR BANK BALANCE
Everybody knows SARS is under collection pressure and they have grown rather fond of appointing 3rd parties, such as banks, to recover outstanding tax debts directly, which leaves taxpayers stunned. This is a quick and effective debt recovery measure, but the question is what about the legality of such appointment?
THE OPPORTUNITY TO GET SOME RELIEF FROM TAX DEBT DURING COVID-19
Many businesses, and especially small and medium sized entities, have jumped at the opportunity to apply for debt deferral or debt compromises. This allows the company some breathing space and even offers the opportunity to wipe their debt slate clean at a “reduced” cost.