Category: Finance (page 2 of 2)

FINANCIAL ASSISTANCE AND THE COMPANIES ACT

BloksOne of the more significant changes that the “new” Companies Act, 71 of 2008, brought about was that a company may now provide financial assistance to prospective shareholders to subscribe for shares in that company. In other words, it may lend persons money to enable them to subscribe for shares in the lender (although other forms of financial assistance is also contemplated – see below). Previously, in terms of section 38 of the now repealed Companies Act, 61 of 1973, this was not allowed.

In terms of section 44 of the “new” Companies Act, financial assistance by a company would include extending a loan, guarantee or the providing of security to enable a person to obtain funding for purposes of acquiring shares in that company. Section 44 seeks to regularise such instances of financial assistance however, and this would extend beyond the mere granting of a loan to a would-be shareholder. The wide definition of “financial assistance” makes it clear that the section covers various scenarios and also specifically where financial assistance by a company is provided to anyone not only for the purpose of enabling him or her to subscribe for shares in that company, but also if the assistance is to enable shares to be acquired in a related company.

The purpose of the provision is quite clearly to protect existing shareholders. For example: if a company were to lend money to a prospective shareholder who is subsequently unable to repay the assisting company, that company would have effectively diluted the shareholding interests of the existing shareholders (who would have paid cash for their shares), whilst the new shareholder who is unable to repay the company still has an interest left in the company (and indirectly therefore to the cash subscription proceeds of the other shareholders).

Notwithstanding the potential negative effect of allowing shares to be subscribed for in a company on loan account, it is foreseeable that such financial assistance may be required from time to time for genuine commercial purposes and transactions that would otherwise not have been feasible. B-BBEE transactions are an excellent example of this.

For a company to give financial assistance to a would-be shareholder, the directors of the company must be satisfied that the financial assistance is fair and reasonable to the company, and further that the company will be solvent and liquid thereafter. They must also ensure that this is not in contravention of the company’s Memorandum of Incorporation. If in breach of any of these conditions, the directors may potentially be held personally liable. Typically, the shareholders of the company must also approve thereof by way of a special resolution.

This article is a general information sheet and should not be used or relied upon 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 your financial adviser for specific and detailed advice. (E&OE)

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SO WHAT IS THE FUTURE OF TRUSTS?

BloksOne of the questions that we are most confronted with by our clients is what the future of trusts are in South Africa. Some questions even point to the misconception that the trust instrument itself as legal form is on the verge of being scrapped in South Africa altogether!

The current debate raging is not at all that dramatic, although the consequences for taxpayers potentially may be. The “crystal ball” gazing exercise which we are so often requested to undertake stems from repeated warnings (some less subtle than other) by the Minister of Finance that the use of trusts as a tool to minimise tax exposure, be it in the form of income tax or estate duty, is being revisited by National Treasury to try and find a solution to the perceived abuse thereof. As recently as in the 2016 budget, the following statement is made:

“Some taxpayers use trusts to avoid paying estate duty and donations tax. For example, if the founder of a trust sells his or her assets to the trust, and grants the trust an interest-free loan as payment, donations tax is not triggered and the assets are not included in his or her estate at death. To limit taxpayers’ ability to transfer wealth without being taxed, government proposes to ensure that the assets transferred through a loan to a trust are included in the estate of the founder at death, and to categorise interest-free loans to trusts as donations. Further measures to limit the use of discretionary trusts for income-splitting and other tax benefits will also be considered.”

This alludes both to how trusts are commonly used to minimise tax obligations, as well as how Treasury intends to (what could be considered a more focused) approach to trusts in future, while also hinting at what may be expected going forward.

As a first comment, trusts are popular estate duty planning instruments. Without going into too much detail, typically an individual will sell his/her assets to a trust on interest free loan account. In the coming years, the value of the assets will increase in the trust, while the value of the loan account will remain the same in the hands of the individual.

Secondly, trusts are potentially useful for income tax planning purposes as they allow for income to be distributed to individuals that are subject to tax at rates more beneficial than that of the trust (which involves ‘income-splitting’ referred to by Treasury above). Typically these distributions often contains a fictitious element through distributions made on interest free loan account only (with no real intention that such distributions should vest in the beneficiaries).

It would appear as though Treasury is no longer considering an ‘out-and-out’ onslaught on the taxation of trusts (although this is only speculation). However, the recent budget perhaps betrays what may be expected and that anti-avoidance legislation is to be introduced that will focus only on abusive practices involving trusts. For both estate duty and income tax structures involving trusts, it is not farfetched to expect to see provisions introduced into tax legislation which will ensure that loan accounts with trusts all bear interest. The significance of this? Interest receipts are subject to income tax.

This article is a general information sheet and should not be used or relied upon 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 your financial adviser for specific and detailed advice. (E&OE)

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Korttermyn versekering: Gevolge van onder- of oorversekering

A4Sommige mense glo in korttermyn versekering, ander weer nie. Indien u wel daaraan glo om korttermyn versekering uit te neem, moet u seker maak dat u bates nie onder- of oorverseker is nie. Indien u bates oorverseker is, beteken dit u betaal onnodige premies vir dekking wat u nie sal kan eis nie. Indien u onderverseker is, dink u moontlik dat u vir ‘n sekere bedrag dekking het, terwyl u in der waarheid nie soveel dekking geniet as wat u gedink het nie.

Oorversekering

Kom ons kyk na Mary se geval:

Tien jaar gelede het Mary vir haar ‘n motor gekoop en dit verseker teen die destydse markwaarde van R50 000. Alhoewel die markwaarde van haar motor met verloop van tyd verlaag het, het sy nooit haar versekeringsmaatskappy daaroor ingelig nie.

Gister was sy in ‘n ongeluk waarin haar motor afgeskryf is. Sy dien ‘n eis by haar versekeringsmaatskappy in vir R50 000, aangesien dit die bedrag is waarvoor haar motor verseker was.

Aangesien die motor teen markwaarde verseker was, word die versekering se uitbetaling op die huidige markwaarde van die motor gebaseer. Ten tyde van die ongeluk was die motor se markwaarde slegs R10 000.

Mary is baie ongelukkig aangesien sy premies betaal het op ‘n markwaarde van R50 000 en nou slegs R10 000 van die versekeringsmaatskappy ontvang het.

Wat het hier gebeur?

Mary was oorverseker, want haar motor was verseker vir meer as sy markwaarde. Dit was haar verantwoordelikheid om haar versekeringsmaatskappy van tyd tot tyd te kontak sodat die versekerde waarde van haar motor afwaarts aangepas kan word, aangesien sy markwaarde met verloop van tyd verlaag het. Aangesien die motor se versekeringspremies op sy markwaarde gebaseer was, sou haar premie verlaag het elke keer as sy die versekeringsmaatskappy daaraan herinner het om die markwaarde van haar motor afwaarts aan te pas. Sy sou dan nie premies betaal het vir oormatige dekking waarteen sy in elk geval nie kon eis nie.

Onderversekering

Kom ons kyk nou na John se geval:

Hy het sy huis oorspronklik vir R50 000 gekoop en dit verseker teen die destydse markwaarde van R50 000. Tien jaar later tref ‘n ramp hom en sy huis brand af. Ten tyde van die brand was die huis se waarde R100 000. John het egter nooit die versekeringsmaatskappy in kennis gestel dat die markwaarde van sy huis oor die jare verhoog het nie.

John dien ‘n eis vir R100 000 by sy versekeringsmaatskappy in, maar die versekeringsmaatskappy betaal slegs R25 000 aan hom uit.

Wat het hier gebeur?

Die versekeringsmaatskappy het die ratio bereken tussen die waarde waarvoor John sy huis verseker het en wat dit werd was op die tydstip toe dit afgebrand het, en wel as volg:

Waarde verseker / Huidige markwaarde = R50 000/R100 000 = 50%

Die ratio van 50% beteken dat die huis slegs vir die helfte van sy markwaarde van R100 000 verseker was ten tyde van die brand.

Die versekeringsmaatskappy het hierna die pro rata ratio van 50% toegepas op die werklike versekerde bedrag om die bedrag van sy versekeringsuitbetaling soos volg te bereken:

Bedrag verseker x Ratio onderverseker = R50 000 x 50% = R25 000

Indien John van tyd tot tyd sy versekeringsmaatskappy gekontak het om die versekerde bedrag van sy huis te verhoog tot die werklike markwaarde, sou die versekeringsdekking op sy huis meer in lyn met sy werklike markwaarde van R100 000 gewees het toe sy huis afgebrand het. Sy premies sou van tyd tot tyd verhoog het om die toename in die versekerde bedrag te weerspieël.

Albei bogenoemde scenario’s illustreer dieselfde feit: dit is uiters noodsaaklik dat u versekeringsmaatskappy akkurate en opgedateerde inligting het waarvolgens hulle die bedrag van u versekeringsdekking en –premies kan bepaal. Aan die einde van die dag is dit u verantwoordelikheid om die markwaarde van u bates dop te hou en u versekeraar in kennis te stel van enige veranderings in die markwaarde wat ‘n aanpassing in die versekerde waarde van die bate mag vereis.

Hierdie artikel bevat slegs algemene inligting en moenie gebruik of beskou word as professionele advies nie. Geen aanspreeklikheid word aanvaar vir enige foute of weglatings of vir enige verlies of skade weens vertroue op hierdie inligting nie. Raadpleeg altyd u finansiële raadgewer vir spesifieke en gedetailleerde inligting.

Verwysingslys:

Toegang verkry op 18 September 2015

  •  SAIA Verbruikers Opvoedingspamflet geskryf deur Denis Beckitt (Titel direk vertaal uit Engels)
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Financial ratios: What do they mean? (Part 3)

A3_OctRatio analysis can be used when financial information needs to be simplified to make it possible to interpret and compare the information. Banks often do ratio analysis when they need to decide whether to lend money to a client or not. If a business wants to open an account with a supplier, the suppliers often use ratio analysis to determine the financial health of the business before deciding if they will sell to the business on credit.

In Part 1 and Part 2 of this series of articles on financial ratios, the limitations of using ratios have been mentioned. However, there are also certain advantages to making use of ratio analysis. Some of these advantages are:

  • Ratios simplify the relationships between different amounts in a way that is easy to understand.
  • Ratio analysis allows the user to get a bird’s-eye view of the changes that have taken place in the financial condition of a business.
  • Ratio analysis makes it easier to compare different businesses with each other.
  • Comparisons can be made in the same business, between different years or divisions, to monitor the efficiency and performance of business units.
  • Ratio analysis can be used in planning by using past ratios to forecast future financial situations e.g. when drawing up a budget.

Financial risk ratios

Financial risk ratios, also known as solvency ratios, are used to determine the long term financial health of a business by determining whether the business carries too much or too little debt.

  • Debt ratio (also known as gearing):

Formula: Liabilities/Assets

A business can finance its assets with capital from the owner(s) or money borrowed from a bank or similar institution. The debt ratio determines the proportion of the assets of a business that are financed through debt, e.g. a debt ratio of more than 0.5 means more than half of the business’s assets are financed through debt. A debt ratio of less than 0.5 means most of the business’s assets are financed through capital (equity).

  • Equity ratio:

Formula: Equity/Assets

The equity ratio is a variant of the debt ratio above. The equity ratio shows the proportion of the assets of a business that are financed through equity.

  • Times interest earned (Interest cover):

Formula: Profits before interest paid and income tax / Interest paid

This ratio indicates whether a business will be able to make the interest payments on its debts from its profits. For example, a ratio of 2.5:1 means that the business earns two and a half times the amount that is needed to cover its interest expense.

  • Free cash flow ratio:

Formula: Cash flow from operating activities – Capital expenditure

The free cash flow ratio gives the amount of cash from operations that is left after a business paid for its capital expenditure. This is the amount of cash that is available to repay loans to banks and loans from the owner(s) to the business, and to make investments.

  • Cash flow coverage ratio:

Formula: Operating cash flows / Total debt

Banks often look at this ratio when they have to decide if they will make a loan to a business as this ratio tells if a business will be able to make capital and interest payments on loans when they become due.

A ratio of 1:1 means the business is in a good liquidity position or in good financial health. A ratio of less than 1 implies that the business does not earn enough profits to be able to pay capital and interest out of its earnings. If a business has a ratio of less than 1, there is a good chance of bankruptcy within the next few years if the business does not do something to improve its financial position.

The above ratios are used to give an indication of the financial health of a business. It is important to remember that different industries have different norms and what is interpreted as a problematic ratio in one industry, can be perfectly acceptable in another industry.

For professional assistance and advice on this topic, please contact our offices.

Reference List:

This article is a general information sheet and 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 your financial adviser for specific and detailed advice. Errors and omissions excepted. (E&OE)

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‘n Paar finansiële terme gebruik in die media: Weet jy wat hierdie terme beteken?

Die media gebruik gereeld finansiële terme sonder om veel ag daarop te slaan dat gebruikers nie altyd presies weet wat hierdie terme beteken nie. Soms weet lesers en luisteraars wat die woorde beteken, maar in ander gevalle is hulle totaal in die donker gelaat rakende die werklike betekenis van die terme. Indien jy die betekenisse, soos hieronder weergegee, verstaan, kan jy jou vriende by ʼn braai beïndruk deur die terme te gebruik en selfs vir hulle verduidelik wat elkeen beteken.

Bruto wins versus netto wins

Bruto wins word as volg bereken:

      Omset (verkope) minus die direkte koste (koste van verkope) aangegaan in die produksieproses om die produk te vervaardig/die proses om die diens te lewer.

Netto wins is dit wat jy kan hou nadat alle uitgawes in berekening gebring is. Die formule om netto wins te bereken is:

    Bruto wins minus indirekte uitgawes (oorhoofse/nie-produksiekoste).

Winsmarge

Die winsmarge is ʼn aanduiding van die winsgewendheid van die besigheid in terme van ʼn persentasie.

ʼn Bruto winsmarge (%) kan as volg bereken word:

    Bruto wins/Verkope (ook genoem die omset) x 100

Om die netto winsmarge (%) te bereken kan die volgende formule gebruik word:

    Netto wins/Verkope x 100

Die ideale bruto- en netto winsmarges verskil tussen industrieë aangesien die direkte en indirekte kostes tussen industrieë nie dieselfde is nie.

Kontant-gaping (‘Cash gap’)

ʼn Kontant-gaping is die aantal dae wat verloop vandat die besigheid kontant betaal vir voorraad wat aangekoop is, totdat die besigheid kontant ontvang vanaf kliente wat dieselfde voorraad van die besigheid gekoop het.

Dit idee is om kontantbetalings en kontant-ontvangstes so te bestuur dat die kontant-gaping so kort as moontlik is sodat die besigheid so min as moontlik geld hoef uit te lê vir die kortste tydperk moontlik om die voorraad te finansier.

Nismark

ʼn Nismark is ʼn klein deel van ʼn groter mark wat oor die potensiaal beskik om winsgewend te wees indien dit reg ontgin word.

Hoe bepaal jy jou nismarkte? Mens “vind” nie sommer net ʼn nismark nie. ʼn Nismark word geskep deur leemtes in huidige markte te identifiseer waar verbruikers ʼn behoefte het wat nog nie aangespreek is deur iemand anders nie, en dan die produk of diens te lewer om die leemte te vul.

Passiewe inkomste

Passiewe inkomste is inkomste wat jy ontvang waarvoor jy nie tans aktief hoef te werk nie. Daar is egter ʼn vangplek – die bron van die passiewe inkomste moet eers geskep word alvorens jy die passiewe inkomste kan genereer, en die aanvanklike proses neem tyd, geld en harde werk.

Voorbeelde van passiewe inkomste sluit in huur ontvang uit ʼn vroeëre belegging in eiendomme en  tantieme wat ʼn outeur ontvang uit die verkope van ʼn boek wat in die verlede geskryf is. Salarisse en lone word nie as passiewe inkomste beskou nie, aangesien jy nou daarvoor moet werk om dit te verdien.

Inflasie

Daar bestaan verskeie “slim” definisies vir inflasie maar die begrip kan in ʼn neutedop soos volg verduidelik word: In 1999 kon jy ʼn brood koop vir R6. In 2009 kos dieselfde brood jou R10. Inflasie is wat met jou geld gebeur het. Dieselfde bedrag word met die verloop van tyd al hoe minder werd of, anders gestel, jy sal nou meer moet betaal vir dieselfde item as wat jy in die verlede daarvoor betaal het.

Die bogenoemde verduidelikings poog om lig te werp op die betekenis van sommige finansiële terme wat gereeld deur die media gebruik word. Indien jy enigsins meer inligting rakende enige van die bespreekte, of ander, finansiële terme nodig het, kontak asseblief jou finansiële adviseur.

Hierdie artikel is ʼn algemene inligtingsblad en moet nie as professionele advies beskou word nie. Geen verantwoordelikheid word aanvaar vir enige foute, verlies of skade wat ondervind word as gevolg van die gebruik van die artikel nie. Kontak altyd ʼn finansiële raadgewer vir spesifieke en gedetailleerde raad.

Bronnelys

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Maak jy gebruik van ‘n maandelikse finansiële kontrolelys? Indien nie, kan jy dalk belangrike inligting oorsien.

A4bDie primêre doel van ʼn besigheid is om ʼn positiewe kontantvloei te genereer sowel as om ʼn wins te toon. Daar is twee faktore wat beide die wins en die kontantvloei beïnvloed, naamlik geld wat invloei (inkomste) en geld wat uitvloei (uitgawes). Indien die inkomste meer as die uitgawes is, is die saak reg en die besigheid se toekoms lyk rooskleurig. Hierdie scenario verander egter aansienlik indien die uitgawes die inkomste oorskry.

Sal jy enigsins daarvan bewus wees indien jou besigheid nie ʼn wins toon nie, of nie genoeg kontant genereer om solvent te bly nie? Indien jy wel ʼn punt daarvan maak om die besigheidsyfers sporadies na te gaan, is dit moontlik dat jy mettertyd daarvan bewus sal word indien daar iets fout gaan met die besigheid se finansies, maar dit mag teen daardie tyd dalk reeds te laat wees om die fout reg te stel. Indien jy egter die besigheidsyfers getrou een of twee maal per maand nagaan, en vergelykings tussen die syfers van die onderskeie maande tref, sal jy probleme met die winsgewendheid en kontantvloei vinniger raaksien. Sodoende kan jy onmiddellik stappe neem om die probleem aan te spreek.

Deur maandeliks ondersoek na die stand van jou besigheid se finansies in te stel skep jy ʼn goeie besigheidspraktyk, wat jou as eienaar/bestuurder in staat sal stel om bewus te wees van wat in die besigheid aangaan. Dit is van uiterste belang om bewus te wees van wat in die besigheid gebeur, veral as jy nie self by die dag-tot-dag-bestuur van die besigheid betrokke is nie, of as jy take moet delegeer.

Die gebruik van ʼn kontrolelys, tesame met die akkurate interpretasie van die resultate daaruit, verskaf ʼn vinnige oorsig van die besigheid. Die belangrikste punte wat by die maandelikse finansiële kontrolelys ingesluit moet word is:

  • Verseker dat die rekenkundige sagteware opgedateer is
  • Maak seker dat finansiële data gereeld, en akkuraat, in die rekenkundige stelsel ingevoer word
  • Verseker dat voorraadopnames gereeld plaasvind, en dat die opnames ooreenstem met die rekenkundige voorraadsaldo. Dit is belangrik om ondersoek in te stel na verskille tussen getelde voorraad en die teoretiese voorraadsaldo soos dit op die rekenkundige stelsel voorkom. Wees veral op die uitkyk vir beskadigde en/of verouderde voorraad wat van die stelsel verwyder moet word.
  • Oorweeg dit om ʼn beleid in plek te stel wat verseker dat kliënte ʼn faktuur ontvang vir goedere en dienste gelewer sodra dit deur die kliënt ontvang is.
  • Gaan alle bank rekonsiliasies na (insluitend kleinkas en beleggings) en volg enige verskille of lank uitstaande items op die rekonsiliasiesop.
  • Gaan die debiteure rekonsiliasies na, en volg lank uitstaande bedrae op.
  • Gaan die krediteure rekonsiliasies na en vergelyk dit met die lys van goedgekeurde verskaffers. Volg ook lank uitstaande bedrae op.
  • Neem periodieke bate-opnames en vergelyk die resultate van die opnames met die vaste bate register.
  • Gaan salaris rekords na vir redelikheid van salarisaftrekkings, sowel as die tydige betaling van werknemersbelasting en WVF-bydraes, ens.

Stel ʼn begroting op vir ʼn vasgestelde toekomstige tydperk en vergelyk die werklike finansiële resultate met die begroting. Stel ondersoek in indien daar wesenlike verskille is tussen die begroting en werklike finansiële prestasie is maar hou ook ingedagte dat ‘n begroting ‘n vooruitskatting is en nooit 100% akkuraat kan wees nie. Indien daar veranderinge in die omstandighede van die besigheid is, behoort die begroting daarvoor aangepas te word.

Aanwysers van die finansiële welvaart van ‘n besigheid word bereken vanaf die besigheid se finansiële verslae en finansiële state. Indien jy weet hoe om hierdie aanwysers te interpreteer en dit maandeliks met mekaar vergelyk, sal jy neigings (“trends”) in die besigheid en bedryf kan begin identifiseer en vroegtydiggepaste stappe kan neem indien nodig.

Geen twee besighede se kontrolelyste sal presies dieselfde daar uitsien nie, aangesien elke besigheid uniek is. Wees bewus van die bostaande feit indien jy ʼn standaard kontrolelys gebruik wat nie vir jou spesifieke besigheid aangepas is nie. Laastens is dit belangrik dat jy weet hoe om die resultate te interpreteer wat jy uit die gebruik van die kontrolelys verkry. Sonder akkurate interpretasie van die resultate is die gebruik van die kontrolelys bloot ʼn mors van tyd.

Indien jy daarin sou belangstel om die gebruik van ʼn maandelikse finansiële kontrolelys in jou besigheid te implementeer, of om ʼn bestaande kontrolelys te verbeter en spesifiek vir jou besigheid aan te pas, kontak jou finansiële adviseur vir professionele bystand en raad wat spesifiek op jou besigheid van toepassing is.

Hierdie artikel is ʼn algemene inligtingsblad en moet nie as professionele advies beskou word nie. Geen verantwoordelikheid word aanvaar vir enige foute, verlies of skade wat ondervind word as gevolg van die gebruik van die artikel nie. Kontak altyd ʼn finansiële raadgewer vir spesifieke en gedetailleerde raad.

Bronnelys:
http://www.ehow.com
http://www.smallbusinessnotes.com
• “Good practice checklist for small business” by CPA Australia

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10 Financial tips for small business

A4bIn the current economic climate effective management of your business’s finances is more important than ever. The following tips will assist you in managing the finances of your business effectively:

  1. Keep a record of your transactions
    Be sure to always keep an accurate record of your transactions. Whether it’s for an annual tax payment or audit or just for the assessment of your balance sheet, it is extremely important to keep a record of your debits and credits for future reference.
  1. Keep business and personal accounts separate
    File your business accounts and personal records separately. This will protect your business and prevent confusion in case of a tax audit and make management of these accounts much easier.
  1. Protect your personal assets
    Entrepreneurs often offer all their assets as collateral, putting themselves at risk of losing it all. Protect your personal assets by forming a legal business entity, thus ensuring liability protection so that creditors cannot lay claim to personal assets like a car or house to settle debts.
  1. Know your financial situation
    Monitor the financial progress of your business on a weekly basis. Know exactly how much money you have in the bank, how sales are progressing and how much stock you have left. Review your financial position against the set targets in your business plan regularly.
  1. Plan your finances
    To determine how much money you have to reach your goals, you have to plan your finances very thoroughly. Make sure you have a reliable accountant, whether personal or online.
  1. Charge what you are worth
    Charge what you feel your products or services are worth; don’t settle for cheap to get more work.
  1. Find a reliable bank as business partner
    If you don’t have much capital, find a reliable bank which will provide you with the right financial help without charging high interest rates, and open a cheque account for business purposes.
  1. Meet tax deadlines
    Avoid the hefty fines and extra costs of late tax return submissions and other payments by planning in advance. Find a reputable tax adviser to assist you with good advice.
  1. Save as much as possible
    Save as much money as you can every month, whether in a bank or otherwise. Try investing in assets that will provide a return, e.g. property.
  1. Clear any unpaid debts
    If anyone owes you money, make work of collecting it as soon as possible, else your money is working for someone else. Send them reminders and demand letters, but if that does not have the desired outcome, use professionals to assist you.

This newsletter is a general information sheet and 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 your financial adviser for specific and detailed advice.

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