Question
Sasha Sanchez is the owner of Fast Cars Ltd, a car dealership specializing in foreign and locally used cars. The company employed the following persons:
Sasha Sanchez is the owner of Fast Cars Ltd, a car dealership specializing in foreign and locally used cars. The company employed the following persons: Shawn - accountant, Paul- Marketing, Marsha - sales representative, Renatta -secretary and Rico- mechanic. Shawn informed Sasha that the salaries of the employees would not be declared accurately so the amount paid to the National Insurance Board by the company would be less. Sasha gives her approval. Sasha also stated that all cash payments are not to be deposited in the companys bank account but rather in her personal bank account. Shawn suggested that all cash be handled by him to avoid any suspicion by the other employees. While preparing the financials for the year end 2019 it is revealed that the corporation tax is very high and Sasha tells Shawn you better do something about that. Fast Cars Ltd pays no tax for that years as they declare a loss... Marsha who was pregnant visited the National Insurance Board in Chaguanas and it is found that there was no payment in in her name and she is not entitled to maternity benefit. After filing the returns, the Board of Inland Revenue and after Marshas visit to the National Insurance Board Fast Cars Ltd is being audited by Board of Inland Revenue and National Insurance Board. Advise Sasha Sanchez.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started