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Huysamen Westraad Incorporated June 2022
 
 
 
Estate Planning: Act Now to Protect Your Family and Business After You Are Gone
 

The legacy you would leave behind, if today turned out to be your last day, is detailed in your current estate plan and your will (“Last Will and Testament”) - quite possibly the most important document you will ever sign, because it is the only way to ensure those you care about are protected and properly looked after once you are gone.

If you are also a small business owner, you will need to include your business in this crucially important planning.

We share six key steps to take without delay to ensure your loved ones, partners and employees are taken care of and the business can survive after your passing, leaving a legacy that truly reflects your life’s work and intent. 

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How to Prepare for and Manage a Business Crisis  
 
 
Five Financial Reports for Informed Decision-Making  
 
 
Tax Freedom Day 2022: The Day We Stopped Working for Government  
 
 
 
 
 
 
 
 
 
 
 

Building your business has been hard, but right now it all seems to be working. You have dozens of clients and a history of good service and strong reviews. It may seem like it will be all smooth sailing from here, but this is almost certainly not the case. As the Covid-19 pandemic proved, a crisis can come out of nowhere and take a successful company to the very edge of bankruptcy or even close it down.

Pandemics are fortunately rare, but company closing crises are sadly not. Not all crises are as obvious as product defects, large accidents or a PR disaster. As former senior partner of McKinsey & Company, Doug Yakola says, “sometimes managers underestimated how critical their situation was - or they were looking at the wrong data.” Whatever crisis may befall your company, here are 6 things you can do to get out of it. 

 
 
 

Informed business decision-making - from effective daily financial management to strategic future planning - requires specific, timely information that allows business owners to understand where the business stands financially at a certain time, what is happening over a period, and where action is required to improve financial performance. 

This information can be found in a number of common financial reports. When regularly reviewed by small business owners and corporate companies alike, these reports provide a finger on the pulse of an organisation’s financial performance and enable owners and managers to make informed business decisions quickly. In this article, we find out what insights these reports reveal, and which five reports business owners should review regularly. 

 
 
 

“Taxpayer: One who doesn’t have to pass a civil service exam to work for the government” (Anonymous)

“Tax Freedom Day” is the first day of the year on which we South Africans (we’re talking about the “average” taxpayer here) have finally earned enough to pay off SARS and to start working for ourselves.

This year the predicted date was 12 May 2022. That’s three days later than last year, and a whole calendar month later than in 1994 when we first started recording this.

That’s a depressing trend, but it’s a worldwide one and we certainly aren’t the worst-off country – Belgians for example only get to celebrate on 6 August! Certainly food for thought for anyone thinking of emigrating. Have a look at Wikipedia here for some country-by-country comparisons.

 
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Your Tax Deadlines for June 2022
 
  • 7 June – Monthly Pay-As-You-Earn (PAYE) submissions and payments

  • 24 June - Value-Added Tax (VAT) manual submissions and payments

  • 29 June - Excise Duty payments

  • 30 June - Value-Added Tax (VAT) electronic submissions and payments & CIT Provisional payments where applicable

  • 30 June – End of the 1st Financial Quarter
 
 
 
  Physical Address:

Manor House, Farm 3
Vineyards Office Estate 
99 Jip de Jager Drive 
Bellville, 7530 
Postal Address:

P.O. Box 1950 Bellville



Contact Details:

Tel: 021 945 1009
Fax: 021 946 4086
Email: admin@dhw.co.za

 

Disclaimer

The information provided herein 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 professional adviser for specific and detailed advice.

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