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Important year end reminders for business owners

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By Phillip Chichoni

Phillip Chichoni

Phillip Chichoni

As the year draws to an end, the rush of the festive holidays may distract some from important things that must be done before the year ends. Here are reminders of the most important items.

Don’t forget Zimra 4th QPD on 20 December

All business owners and those who receive income from business are required to pay the QPD on time to avoid penalties and interest, which may delay your request for tax clearance come January. QPD for the 4th quarter is calculated as 35% of your annual tax payable.

Apply for 2013 tax clearance

Zimra is already accepting applications for 2013 tax clearance. Ensure all your returns are in order before bothering to apply. (See the Article inside: Requirements for 2013 Tax Clearance)

Business License Renewal

Most local authorities have already issued notices for Business License Renewals. Every business is required to obtain this license at the beginning of the year, to avoid penalties and prosecution by local authorities

Prepare for financial statements production

If you are a serious entrepreneur you know the importance of accurate financial statements. They will be required by suppliers, big customers, the State Procurement Board, bankers, other lenders, Zimra etc. So ensure all records are in place, with a proper year-end cut-off, to make it easier for your accountant to produce the accounts.

Please email your feedback or advice to chichonip@smebusinesslink.com.

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