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Barend B.
Barend B., Legal Consultant
Category: South Africa Law
Satisfied Customers: 1346
Experience:  BLC LLB (Pret) LLM (Augsburg)
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, company struggled last 5-6 uears trying to keep

Customer Question

Good day
JA: Thanks. Can you give me any more details about your issue?
Customer: company struggled for the last 5-6 uears trying to keep things a float,at end,with advise from Attorney,not going the legal way of liquidation,cause its a long process and very expensive,my bookkeeper finalised my lastest yearend finansials,and everything handed to SARS.This Febr,the business will be made dormant.I owe Sars R50 000 in VAT,which accumulated over some years.Because of the financial situation over the last few years,and towards the end,i have sold some stock to other bussineses to cover cost like salaries and rent,only some items remained that was auctioned,but it is not nearly enough to pay the debt.Bussiness not trading anymore,and have closed down.Will appreciate if you can advise.Kind regards
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Submitted: 10 months ago.
Category: South Africa Law
Expert:  Freddie Lombard replied 10 months ago.

Good afternoon,

Thank you for your question. I will try to assist you in answering it today but please feel free to ask as many follow up questions as you like until you are 100% satisfied.

I do not mean to sound callous, but on what exactly do you need advice?

You have a problem with the debt owed to SARS because it is VAT - and SARS is not very lenient when it comes to VAT. If you are fortunate, they will allow you to pay it off over three months and not prosecute you criminally. VAT was never the business' money, en hence SARS is very strict on VAT payments.

Regards