GUIDE FOR THE SECOND STAGE OF THE GOVERNMENT GRANTS TO BUSINESSES

Following demonstrations and media coverage about the plight of business owners and the self employed, the Ministry of Finances has come up with new criteria for controlling shareholders who receive a salary and for the self employed. ELIGIBILITY CONDITIONS FOR THE SELF EMPLOYED The conditions of the second phase for the self-employed are the same as for the first phase with the following changes: ➢ Taxable income for tax year 2018 does not exceed NIS 1 million, compared with NIS 240,000 in the first phase. ➢ Minimum income from a business will be NIS 8,568 per year, compared with NIS...

STEP TO STEP GUIDE HOW TO CLAIM THE GRANT FOR SMALL BUSINESSES

In this article, I am going to address the small business grants that the government is offering. Following is the latest information regarding the NIS 6,000 grant. If you fall under these 5 categories, you are unfortunately currently not eligible: You were under 28 years of age in 2019 it has now been changed to the age of 20 You are a controlling shareholder in the business Your annual earnings in 2018 exceeded NIS 240,000 Your monthly earnings in 2018 were below NIS 2,000 You opened a business in 2019/2020; this means you will only be eligible to receive a...

THE BANKS IN THE CORONAVIRUS CRISIS

We currently face a threat – to our health and to our economic well being. To help us all come through this period as financially strong as possible, every day at 2pm I will appear on Facebook, live, to give you updated information and guidelines. In this article, I will address the banks. Last Thursday, the Union of Family Finanical Advisors, to which I am an active member, gave an excellent webinar on how to deal with banks in the coronavirus crisis. The first subject covered was how to contact your bank if you are restricted to the home. Banks...

Coronavirus crises – how to claim unemployment benefits

Bituach Leumi it just like National Insurance of Social Security.  This is when the Government looks after the citizens by providing an income, if you are unemployed, going on maternity leave, suffered an injury or one is sick, disabled, people who do miluim and of course people who have retired.  Bituach Leumi will process and sometimes decide on how much the allowance the individual is entitled to. Throughout our working lives, our employers pay Bituach Leumi on our behalf, you don’t have to pay it yourself and the amount is deducted from our payslips.  Being self-employed  I also pay Bituach...

To Throw Or Not To Throw? That Is The Question….

Many of my clients have files of financial papers and they are unsure whether they should throw them away or keep them.  So here is a guideline.   Bank and Credit Card Statements – one usually receives bank statements in the mail, you should keep your current account statements for 3 months.  Those who have internet can access their bank statements and credit cards for even longer.   With Credit Card statements remember to check your receipts against the debits to ensure that there was no credit card fraud. Cheque books – one can keep the cheque book stubs for up...

CAN YOU AFFORD TO SEND YOUR KIDS BACK TO SCHOOL?

It’s back to school again – a time when social pressure for kids is matched by financial pressures on parents. The visit to the school supplies shop is something most parents dread.    In addition to all the books and school uniforms that need to be purchased for school, there are all the necessary extras, which can be very expensive.  The pencil cases, diaries and bags can range in price from reasonable to high, and your kids may not agree with your choice.  So how do you find the balance between keeping your spending in check and allowing your kids some freedom...

Your Pessach Shopping Made Easy

Click on this link to download the Pessach Shopping List 2019. Pessach shopping list The key to dealing with Pesach is planning in advance: Make a list of expected expenses and include all the components: food, wine, disposable utensils, trips and family entertainment, etc. Add the final amount to your annual budget. The idea is to prepare ourselves during the year for the extraordinary expenses of Pessach, define the monthly amount of the cost of the expected expenditure on Pessach, divide it to 12 months, and save this amount each month – thus saving enough for Pessach. What happens if you...

THE 10 YEAR FINANCIAL CHALLENGE 2009-2019

CATEGORY / PRODUCT 2009 2019 Average wage NIS 7,836 NIS 10,139 VAT 15.50% 17.00% Interest – Bank of Israel 3.18% 0.25% Petrol – Benzin 95 NIS 4.75 NIS 6.04 Water (private consumption) NIS 4.10 NIS 6.89 Electricity NIS 0.54 NIS 0.55 Subsidized bread NIS 4.64 NIS 5.12 Milk in a carton (2011) NIS 6.22 NIS 5.75 Eggs – large 12 (2011) NIS 12.11 NIS 11.45 Mobile phone Charged p/call and internet NIS 40 Average rent NIS 3,300.00 NIS 5,600.00 The average price of a flat NIS 950,000.00 NIS 1,500,000.00 As you can see that within 10 years finances have drastically...

FEBRUARY – A MONTH OF NOTHING %$#%@

I suggest to all my clients, that they choose a month of nothing, a month where we curb spending and a chance to save. We used to choose November, however, Black Friday now dominates November. Therefore February is an excellent month, since there are no chagim for A MONTH OF NOTHING The majority of the population are, in fact in overdraft and the bank account needs balancing as quickly as possible. Sometimes we need to streamline expenses and the idea of a month without nothing came from Michelle McGagh, a financial journalist who lives in the UK. She tried this...

FINANCIAL GOALS THAT YOU CAN ACTUALLY KEEP!

2019 is looming over the horizon and together with the New Year comes our New Year’s resolution to improve our finances, as we promise ourselves that we’ll do better than in 2018.  However, most of us will set some grandiose financial goals that are almost impossible to attain like eradicating debt within 6 months! In this post, I will be giving you some financial guidelines that you can easily implement to help you set realistic goals with achievable targets.  So buckle up and let’s begin our journey into 2019. Mindful spending – make a conscious decision to spend less than you...