We regret to inform that there has been no improvement in the economy, nor is there likely to be any in the foreseeable future. Costs continue to rise and consequently we are forced to put up our prices, although we have made an effort to keep these to a minimum and whereas we were previously looking at increases of 40% per month, these have been reduced to 20% per month.

Accounting

It has been commented on that man can make some good come out of adversity and this has happened at c & j. Our main client base was previously derived from the agricultural sector and with the collapse of the commercial farming industry, we lost a large number of clients. From this two things happened, certain farmers came to Harare and set up commercial enterprises which we have been able to service and secondly we had to find existing commercial clients. This last venture has been fairly successful and while we are building up our client base our accounting function has changed from the traditional one set of accounts per annum, to expanded management accounts, both monthly and biannual. This gives companies flexibility in managing their businesses in these difficult times. We also produce cash flows, financial projections and other management tools and clients should avail themselves of these services.

Taxation

This division is still capably run by Mrs Mary Bango and her assistant Hudson. The focus of this division has changed and while they still handle all income tax matters, capital gains etc. they are very involved in VAT registration and submitting VAT returns for clients.

A very important point to note is that some clients are paying VAT when it may not be due. This ties up working capital and we would urge you to contact Mary and establish the most economical method of paying your VAT.

APD payments still appear to be a problem and all companies should know when these are due. You are obliged to pay even a token APD payment even if your accounts have not been completed. The revenue Authorities are becoming more sophisticated and stringent and penalties for nonpayment are extremely high. If you have any doubts, please contact Mary Bango.

Secretarial

This is another division which has caused us a great deal of concern for our clients. As you are aware we have been sending out notices to clients advising them when their annual returns are due and what the fee is for the registrar of companies response has, in the main, been poor and recently we went through what we considered were live files and removed over 180 where annual returns had not been submitted. You should all be aware that every company, whether operating or not, must submit annual returns and penalties for not doing so are extremely high. While it is not an obligation of ours, we would urge clients to observe these laws to avoid any problems.. Please consult us should you be in any doubt about the regulations.

The secretarial division also sources shelf companies, assists with reconstruction, name searches etc. It is a valuable service and is there to assist clients.

Medical Emergency Evacuation and Health

We have previously described in detail the service offered under these schemes. However we are pleased to advise clients that we are looking to expand our service by introducing a new innovation which we believe will popular to local clients You are aware that local hospitals and clinics are demanding unrealistic deposits before they will allow admission of a patient, no matter how ill he or she is. People find it difficult to raise millions of dollars at short notice and to alleviate this, we are, in conjunction with insurance companies and medical institutions, looking at a scheme whereby we would guarantee payment of the deposit within 24 hours of admission. We believe that this will give peace of mind to many clients. We will advise you when this scheme is in place.

Offshore

Our staff make fairly regular visits to Mozambique, in the main to promote our medical schemes and assist in applications for aid finance. Unfortunately local legislation prevents us from preparing financial statements for these residents. If any of our Zimbabwean clients would like to know more about prospects in Mozambique, please contact us and we will be happy to assist in any way we can.

Staff

Under the guidance of our new general manager, Keith Humphrey and administration manager David Leeper, we are building up a strong base of expertise, especially with the new innovations described above. We have engaged a full time Credit Controller and this has had a material effect on our liquidity position.

General

Our newsletters over the years have described the various services offered by c& j. We give you a summary below:

• Accounting
  Annual Accounts,biannual and monthly financial statements, cash flows, budgets, projections, Audit - full or semi audit, fraud investigation, corporate finance - buying or selling businesses
• Taxation
  Income tax, capital gains, submission of returns, payment of APDs, VAT registration and submission of returns, advice on VAT payments.
• Secretarial
  New company registrations, name searches, shelf companies, submission of annual returns, minutes of meetings, changes of directors and company addresses.
• Legal
  Preparation of wills - both local and offshore, preparation of trust documents, agreements of sale on property transactions, lease agreements, company formation agreements, employment agreements.
• Emigration Services
  We have assisted a large number of clients with their applications to emigrate to other countries.

We feel sure that most clients require some of these services over time and we would be pleased to advise.

Conclusion

This has not been a conventional newsletter. Rather we have sought to guide our clients on a number of topics in order to avoid clashes with the authorities. We trust that this will help and look forward to your remaining with us for a long and happy relationship.

We are endeavoring to get e-mail addresses for all clients and your assistance would be appreciated in informing us of your e-mail. It is not possible for us to use the postal facilities at the current rates and it is therefore an advantage to be able to use e-mail to get our news and views to you, our valued client.

With best wishes   A W Mackintosh

Archived newsletters:
First newsletter of 2004

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