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Huysamen Westraad Incorporated August 2022
 
 
 
Top Ten Tips for Maintaining a Strong Cash Flow
 

Cash flow has been called the ‘lifeblood’ of a business, and all business owners can attest to the harsh reality that cash flow can make or break a company, particularly in the still-constrained financial circumstances of the post-pandemic business world, in which inflation and rising interest rates are creating further cash flow challenges.

Given the crucial importance of proactively managing the cash flow in your business – and the fact that it is one of the biggest challenges most business owners face - we share in this article ten top tips you can implement in your business immediately to maintain a positive cash flow and ensure adequate cash flow reserves are always available as the end of the year approaches.

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The Importance of a Good Credit Score  
 
 
Choosing Accounting Software for Your Small Business  
 
 
Is Your Trust Registered and Ready for Income Tax?  
 
 
 
 
 
 
 
 
 
 
 

Credit. If you own your own business, it's very likely you already understand the valuable role that having a good credit score can play in a person's private life, but it is just as valuable for your small enterprise.

Business credit is one of the most important tools in any entrepreneur’s toolkit. Building a good credit reputation helps the business qualify for credit facilities such as business credit cards and loans, and can open up many other funding opportunities. Your business’ credit begins when you register your new company and is likely to become an important aspect of your success.

So how can you build your credit score to ensure you have the best possible score when the time comes that you need it? 

 
 
 

When it comes to managing a small business, no tool will be as important as your accounting software. Accounting software allows entrepreneurs to track accounts receivable and accounts payable, have a clear understanding of their profitability, and be prepared for tax season, all of which are essential for keeping cash flows intact and fulfilling obligations.

There are, however, a myriad of accounting software solutions available on the market, most of which have features or services a small company may never use. Investing in the wrong accounting software can be like going to the dealership for a small runabout and coming home with a Ferrari. So where does a small business owner begin and just what should they be looking for when it comes time to buy this vital piece of software?

 
 
 

SARS recently issued a reminder that all trusts – whether dormant or active - need to be registered for income tax, and that the trust income tax return must be filed by the applicable 2022 tax season deadline dates. 

Many business owners and individuals have trusts, set up to manage and protect assets for nominated beneficiaries, for example, holding the shares of a business or the title to a property. 

In this article, we look at why trusts are used by business owners, how trusts are taxed, how the tax return for a trust must be completed and submitted, and why assistance from an accounting and tax practitioner is essential to avoid the many potential pitfalls, as well as the penalties and interest that will be levied for late returns, late payments, and non-compliance. 

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

  • 25 August - Value-Added Tax (VAT) manual submissions and payments

  • 30 August - Excise Duty payments

  • 31 August - Value-Added Tax (VAT) electronic submissions and payments & CIT Provisional payments where applicable.
 
 
 
 
  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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