The past six months has seen a dramatic decline in the economy with the ability to successfully and profitably run a business being hampered by a lack of essential inputs, especially petrol and diesel.

There has been a rapid increase in inflationary pressure and this has impacted every sphere of the economy.

In these times it is important to seek professional advice to guide you through the mire of business problems besetting any company.

Accounting

The main role of this department is to compile monthly, bi-annual and annual accounts. As inflation is high and costs, such as wages change constantly, more and more businesses are asking us to do monthly accounts. This can be done at C&J’s premises in Mount Pleasant or alternatively at the business’office, where our accountants will oversee the staff. Please remember that our fees are tax deductible and so reduce your tax burden.

At the same time, we also provide other accounting products, such as cash flows and financial projections, as well as other management tools.

Please phone in advance to make an appointment.

Secretarial

This department is involved in new company registrations, name searches, minutes of meetings and the appointment and resignation of directors.

Every company with an asset, whether it is a motor vehicle, farm or house is required by law to submit annual returns and the penalties involved in non-compliance are stiff. In addition to the legal requirements, if companies are not kept up to date, the government may acquire the assets in these companies. We would advise all clients to observe these laws.

Taxation

This department processes Income Tax, Capital Gains Clearances, as well as submission of all returns, payment of APDs, VAT registration and Taxation Clearances. It also offers advice on estimated quarterly payments and VAT payments and ways to minimize the payment of capital gains tax particularly applicable to the sale of residential and commercial properties.

Please note that all ITF 263 Tax Clearance Contracts expire on 31 December 2005 and as a result new ITF 263’s have to be applied for.

By 20 December 2005 all quarterly estimates for the year ended 31 December 2005 must have been paid.

Estimated quarterly payment rates for 2006 are different to 2005, with the total percentage payable for 2006 equating to 70% of the yearly estimated taxable income. Should you require clarification on any of the above matters, we would be pleased to assist you.

Payroll

One of our newer services is the preparation of weekly or monthly payrolls using the Belina Payroll System. This is particularly useful in the hospitality and service industries and has been a tremendous help to owners of businesses in these sectors of the economy. Having your payroll done by C&J is a lot cheaper than employing a full time wages clerk. Please contact C&J.

Medical Aid

We have previously discussed in detail the services offered under the medical schemes and we feel that they are a good alternative to local medical aid societies, whose premiums frequently increase at alarming levels.

As a result, we represent a number of international medical aid and insurance companies, such as:-

Prosperity Health (South Africa)
BUPA International ( UK)
Global Health (UK)
Zurich Life Insurance (UK)

All of the above include cover for critical illness and some have packages for external pensions and life insurance. Foreign medical aid cover and life insurance is essential for those people who travel a great deal, as Zimbabwean medical aid schemes are greatly affected by the lack of forex.

We recommend Prosperity Health and there are a number of different packages on offer. Prosperity Health has many additional family benefits, such as the Maternity Plan for expectant mothers, as well as Extreme Risk Cover for individuals involved in risky pastimes, such as motor cross or for individuals involved in risky employment, such as hunting.

Regional / Offshore

Our staff make fairly regular visits to Botswana, Mozambique, South Africa and Zambia. If you would like to know more about exciting business prospects in these countries, please contact us and we will be happy to assist you in any way.

Management Consultancy

We offer the service of buying and selling businesses on behalf of clients. We prepare the documents required for bank finance as well as any strategic and marketing plans a business may require.

Legal

On the legal side of things, we can assist clients in drawing up legal documents, such as wills, trust documents, agreements of sale on property transactions, lease agreements, company formation agreements and employment agreements.

Budget 2006

There are a number of implications for companies and individuals in the recently presented budget and we would be grateful if you could contact C&J if you have any queries.

Conclusion

Please note that like any other legal or accounting firm, we require a deposit upfront for work to be undertaken or advise to be given. This has been necessitated due to the economic climate.

We would be grateful of notification of any change in your e-mail address, telephone number or physical address.

We would like to take this opportunity to wish our clients a restful and peaceful festive season and hope that 2006 brings a positive change in the economic climate.

Management and Staff C&J Accounting and Secretarial (Pvt) Ltd

Archived newsletters:
First newsletter of 2004 - September 2004

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