"AN INVESTMENT IN KNOWLEDGE ALWAYS PAYS
THE BEST INTEREST."
- BENJAMIN FRANKLIN -
Below is a list of answers to questions that we are often asked.
What is Tax Debt Management?
Tax Debt management is the process of a trained professional helping you to get your tax affairs in order.
There are various stages and procedures potentially involved in successful management of tax debt. As a result, it is best to seek the services of professionals, like TDM.
What is a Master Tax Practitioner
A Master Tax Practitioner analyses, reports and provides specialised advice on taxation issues to tax entities. They prepare and reviews tax returns and reports, and handle complex disputes. To be considered a Master Tax Practitioners, one must have a Masters or Doctorate and a minimum of 7 years specialised taxation experience.
What is a SARS Final Demand Notice?
This is a notice to pay debts or submit any outstanding returns. If this notice goes unheeded, legal steps will be taken against the Taxpayer.
How experienced is the TDM team?
At the head of the team, Hedley Grant Thomson is considered one of the top tax practitioners in the country.
He is a certified Master Tax Practitioner and former SARS Auditor with over 30 years of experience. Working with him is a team of 18 accountants, Independent Reviewers, Tax Specialists and VAT specialists. The core team has been in operation for more than nine years, and individual experience on leading team members exceeds a decade.
Why should I appoint TDM to manage my SARS debt problem?
With over thirty years of specialised knowledge and experience, TDM are the pioneers of equitable tax debt solutions in South Africa and first in the field of Tax Debt Management. Over one Billion Rand in Tax Debt successfully resolved, driven by a professional experienced team that is overseen by a Master Tax Practitioner.
What size cases have you dealt with?
We take on cases of all sizes. Our largest case to date was in excess of R350 million owing to SARS.
Has TDM ever been unsuccessful in any tax debt management cases?
Never. Our reputation has been built on the fact that we have always negotiated a suitable settlement between our clients and SARS.
A SARS debt collector has contacted me.
What should I do?
Do not avoid the debt collector, but do not make any commitments either. Get all of the collector’s details and find out as much information about your debt as possible.
This will ensure that you can give all the relevant information to a Tax Debt Consulting team to take your case forward.
I owe money to SARS. Can I pay the debt off?
Yes. It is however advisable that you use a professional service to achieve this, as the process to set up a repayment arrangement can be complicated.
What is a tax debt compromise?
If you cannot afford to pay the full amount owed to SARS, we negotiate to have the amount owed reduced. Numerous factors come into play. If SARS accepts our compromise proposal, you will be liable to pay the new, lower amount, rather than the original sum.
What is a tax debt deferral of payment?
A tax debt deferral of payment arrangement allows you to pay off your tax debt in affordable instalments. This is also known as a tax debt repayment plan,
What is a SARS Judgement?
A SARS Judgement is a court order that grants SARS the right to use legal means to recover debt. This could include attaching, ordering debtors to make payments, and selling assets.
Can you assist if SARS have checked and confirmed a debt, and if they already have a judgement against someone?
Yes, we can assist in these cases. A judgement against an individual or company means that the entity or person has been blacklisted. This means that the legal process has escalated to a critical point, and that urgent attention and action is required. The TDM team can assist in these cases.
Can I be arrested for not paying taxes?
Yes. Not paying taxes is a criminal offence. People found guilty may be liable to a fine or a prison sentence.
Can SARS take money out of my bank account?
Yes. They can even go as far as to ensure that payments from debtors go to them, instead of to you.
Can SARS liquidate my business or assets?
Yes. SARS do not generally follow this route, but they are able to liquidate businesses in order to recover debts and may continue legally pursuing directors or members if such a liquidation does not cover the full amount owed.
Have any TDM clients lost assets as a result of their tax debt?
Not one of our clients have ever lost assets due to tax debt, a fact which we pride ourselves on.
Have any of TDM’s clients been prosecuted for outstanding tax debt?
At TDM we engage directly with SARS and negotiate all necessary compliance arrangements. As a result, none of our clients have ever been prosecuted.
How is Tax Debt Management different from Business Rescue?
Business Rescue is a mechanism that is applied to ensure the survival of a business owing money to several different creditors. The process is often seen in a poor light. Most notably, when a company goes under Business Rescue, the Business Rescue Practitioner effectively takes over as director of the business.
Tax Debt Management differs from this because it deals specifically with tax debts, and with making arrangements with SARS. While Tax Debt Management may not deal with other creditors, control of the company does not get handed over to the Tax Debt Management practitioner.
Do you deal with advocates and lawyers?
We often deal with advocates and lawyers, particularly in determining strategies for mutual clients.
Does the TDM team include a legal expert?
Yes, the TDM team includes an admitted Commercial Law Attorney.
Is it possible to get SARS to reduce or write off my tax debt?
Yes, it is possible. This is a lengthy and highly detailed process, because of this, we suggest you seek professional advise to ensure the best possible results.
Have you acted for clients under investigation by the National Prosecuting Authority or any other government agency?
Yes. We brought the clients to full compliance, and all cases against them were withdrawn.
Can I make payment arrangements with SARS?
Yes, you can. It is a lengthy and highly detailed process, we therefore suggest you use an experienced professional to ensure the best possible negotiation results.
My books are in a mess… how can I establish if the SARS claims are correct?
Our team of experienced accountants will redo your financials in order to establish if the SARS claims are correct and will advise you on any action required.