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| September 2018
NEWSLETTER
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Do You Need Business Interruption Insurance?
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Statistically, almost three quarters of businesses that suffer a major catastrophic event (like a flood or a fire) never recover. 43% never trade again and a further 29% go out of business within two years.
Fortunately you can easily protect your business from that sort of risk by insuring not only against loss of assets, but also against loss of profits whilst you get the business back up on its feet again.
Read on for our suggestions on what to insure for, and if you aren’t sure how much you should put in for “Business Interruption/Loss of Profits”, our practical “Bernie’s Cosmetics Factory” example will help you decide.
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Beware: Employee Misrepresentation on CVs is Getting Worse
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“CV fraud” is a growing problem that all employers should guard against when hiring new staff in any capacity.
Prevention being of course much better than cure, vigilance during the recruitment process is key here - with our labour laws being as complex and full of pitfalls as they are, you could find it very difficult to fire a lying employee down the line.
We share some thoughts on how to build up a thorough picture of a job candidate, and on how to detect dishonesty in his or her CV, even in these days of restricted access to personal information.
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Employers Take Note - We Can Still Learn From the Peter Principle
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The “Peter Principle” has been around for half a century and recent research has confirmed that it is still very much applicable to today’s businesses. In a modern context we can do no better than to quote cartoon character Dilbert’s cynical: “Leadership is nature's way of removing morons from the productive flow".
That’s a depressing thought, but an important one if you want your business to always perform at peak efficiency. So we’ll investigate what exactly the Peter Principle is, how it works in practice, and how it affects businesses. Most importantly, read on for a discussion around how you can make sure that your own business isn’t adversely affected by it…
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Corporate Governance in a Time of Complexity and Crisis
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“Steinhoff”. Just mentioning the name these days is enough to send shivers down the spine of even the hardiest investor. Take into account also the ravages seemingly wrought on our state companies by state capture, and the reputational damage to global icons like KPMG and McKinsey, and we have a clear warning of what can happen when we don’t ensure good corporate governance at all levels.
Let’s have a look at the principles involved in achieving good governance, at how our communities and companies are intertwined, at how being a good “corporate citizen” benefits everyone, and at how we rank in the “Compliance Complexity Index” survey of 84 countries around the world.
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Travelling Abroad – Do You Have To Declare Your Personal Possessions On Re-Entry?
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There is some confusion over whether to declare your laptops, golf clubs, iPads and other such valuables that you travel out of the country with.
The answer is no you don’t have to declare these items, but you do have to carry with you proof of purchase in South Africa of these goods and show it to Customs officials on request. Invoices or insurance policies are usually adequate proof for Customs.
Alternatively, you may, when exiting South Africa, complete a TC-01 which digitally captures the relevant assets. On completion, the Customs official will get you to sign the form and will give you a copy. This form is valid for six months and if you are a frequent traveller, it is bound to make your life easier.
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Your Tax Deadlines for September
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The third provisional payment for the 2017/2018 tax year is due on or by 28 September 2018. This payment is voluntary and you only need to make it if you have underestimated your tax liability for the 2017/2018 year.
However, don’t forget that making this third payment will save you penalties and interest.
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Disclaimer
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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 us for professional, detailed and appropriate advice.
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