Havenhill Tax School Zimbabwe

01/07/2026

Enrol with Havenhill Tax School for Short Practical Skills Courses. Upgrade your Skills & Increase Your Earning Power with our Short Courses. In Just 8 hrs, you can acquire a saleable skill. Call or App 077 362 5247

11/05/2026

11/05/2026

23/04/2026

Financial Management is the ACCA paper that separates accountants from finance professionals.

Accounting tells you what happened. FM teaches you what to do about it.

What FM covers:
-> Investment appraisal — is this project worth the money?
-> Business finance — debt, equity, and how companies fund themselves
-> Working capital — keeping enough cash moving without overextending
-> Risk and return — measuring financial risk before committing to a decision
-> Business valuation — what is this company actually worth?

FM sits at Applied Skills level. It is one of the papers that prepares you for senior finance roles — the kind where you are advising on decisions, not just recording them.

At Havenhill Academy, FM is taught face-to-face at Globe House, Harare CBD. Evening classes run 17:30 to 20:30.

June 2026 intake is open.
WhatsApp: +263 773 625247

16/04/2026

Your supplier skipped their tax clearance — and the law says you pay the price.

Tax. Article No. 5. Withholding Tax on Contracts can reverse your hard earned gains

Section 80 of the ITA obligates a registered taxpayer or a government entity to withhold 30% on payments to suppliers who do not possess a valid Tax Clearance Certificate (ITF 263).

The law empowers ZIMRA to recover the 30% WHT from taxpayers who fail to comply.

Why recovery of WHT on contracts might severely affect your business:

1. Recovery of WHT will severely affect your cashflows.
Imagine 30% of your total purchases value plus penalties demanded of you at once. This can cripple a business overnight.

2. WHT will erode your margins.
30% WHT levied on invoice values is far beyond the margins most businesses operate on. When recovery action hits, every gain you worked tirelessly to build is gone — leaving you in a loss position.

3. WHT might be a final tax.
WHT collected through a recovery action can become a final tax on you. Because it is collected through a reverse mechanism, it is very difficult to substantiate a credit claim. This severely increases your total tax obligations.

So what should you do to mitigate the risk of non-compliance?

-> Request a valid Tax Clearance Certificate from your suppliers and validate it before accepting it.

-> Educate your suppliers. Some suppliers may not be registered taxpayers due to the nature of their products or services. Making them aware of their statutory obligations protects your business relationship and your compliance record.

-> Screen your payments at the time of payment. ZIMRA is now issuing TCCs with shorter validity periods. You must check whether the ITF 263 is still valid at the exact time of payment. If the supplier does not hold a valid TCC, withhold 30%.

WHT on contracts is a key risk area — and a primary target in any ZIMRA tax audit or investigation.

Stay compliant, stay vigilant, exercise diligence.

Till next time, Goodbye.

11/04/2026

Tearing up a cancelled invoice and issuing a new one is one of the fastest ways to put your business on ZIMRA's high-risk list.

Tax Article No. 4: Common mistakes in Accounting for cancelled or amended Fiscal Tax Invoices

Section 21, VAT Act provides for mechanism for cancellation or amendment of Fiscal Tax Invoices.
Two statutory documents are used for amendments: A Debit Note and a Credit Note.
A Credit note is issued by a supplier where the amount of supply & VAT charge has to be reduced due to overcharge or a supply has been cancelled or some goods has been returned.
A Debit note is issued where the value of supply and tax charge has to be increased owing to circumstances such as undercharging, or the nature of supply has been amended.
In a nutshell, a debit note increases and a credit note decreases amounts on Invoices.
Here are the common mistakes in Accounting for cancellation or amendments of supply.

1. Not raising a credit or debit note on amendments
Some accountants think they can simply tear the cancelled invoice, issue another and move on.

Implication
With the FDMS in place, every invoice raised remains intact in your FDMS as "valid" — ignoring the invoice is disastrous as it creates mismatch between your FDMS data and your return submission.

2. Properly raising a credit note, or debit note but omit the cancelled invoice in your return

Implications
This again creates a mismatch between fiscal data in FDMS and your tax return submission. All cancelled Invoices should be declared in your return and should be part of your turnover. The credit notes issued will show in your Invoices management module available input Tax claim. So you declare cancelled Invoices and claim input Tax on credit notes.

3. Recipients of Credit notes not Accounting for credit notes received
Some accountants would simply omit cancelled Invoices in their input Tax claim.

Implications
Not accounting for cancelled invoices will result in data mismatch which may attract audits or investigations.
Cancelled Invoices should be claimed and credit notes received declared in output tax adjustments to ensure FDMS data matches with returns.

Conclusion
An issued Fiscal Tax Invoice remain legally valid, adjustments to the invoice should be made via debit and credit notes.

Raising fiscal invoices require diligence and care to avoid unnecessary cancellation and amendments which certainly complicates accounting and moreso put your account as high risk, triggering ZIMRA audits or investigations.

Till next time,
Havenhill Tax School Team
+263773 625 247

09/04/2026

Tearing up a cancelled invoice and issuing a new one is one of the fastest ways to put your business on ZIMRA's high-risk list.

Tax Article No. 4: Common mistakes in Accounting for cancelled or amended Fiscal Tax Invoices

Section 21, VAT Act provides for mechanism for cancellation or amendment of Fiscal Tax Invoices.
Two statutory documents are used for amendments: A Debit Note and a Credit Note.
A Credit note is issued by a supplier where the amount of supply & VAT charge has to be reduced due to overcharge or a supply has been cancelled or some goods has been returned.
A Debit note is issued where the value of supply and tax charge has to be increased owing to circumstances such as undercharging, or the nature of supply has been amended.
In a nutshell, a debit note increases and a credit note decreases amounts on Invoices.
Here are the common mistakes in Accounting for cancellation or amendments of supply.

1. Not raising a credit or debit note on amendments
Some accountants think they can simply tear the cancelled invoice, issue another and move on.

Implication
With the FDMS in place, every invoice raised remains intact in your FDMS as "valid" — ignoring the invoice is disastrous as it creates mismatch between your FDMS data and your return submission.

2. Properly raising a credit note, or debit note but omit the cancelled invoice in your return

Implications
This again creates a mismatch between fiscal data in FDMS and your tax return submission. All cancelled Invoices should be declared in your return and should be part of your turnover. The credit notes issued will show in your Invoices management module available input Tax claim. So you declare cancelled Invoices and claim input Tax on credit notes.

3. Recipients of Credit notes not Accounting for credit notes received
Some accountants would simply omit cancelled Invoices in their input Tax claim.

Implications
Not accounting for cancelled invoices will result in data mismatch which may attract audits or investigations.
Cancelled Invoices should be claimed and credit notes received declared in output tax adjustments to ensure FDMS data matches with returns.

Conclusion
An issued Fiscal Tax Invoice remain legally valid, adjustments to the invoice should be made via debit and credit notes.

Raising fiscal invoices require diligence and care to avoid unnecessary cancellation and amendments which certainly complicates accounting and moreso put your account as high risk, triggering ZIMRA audits or investigations.

Till next time,
Havenhill Tax School Team
+263773 625 247