May Newsletter
/This is Anlo’s May Newsletter. If you would like to receive our newsletter, which has lots of great tips and updates, please add your email to the list! Simply subscribe by filling out the form.
I am sure everyone will agree that by now they are thoroughly confused by lock down. Which phase we are in? What does it mean? What comes next?! 😊 It does thankfully look like things are slowly starting to move in the right direction.
A few of our ladies will be going back to the office from the 1st of June so if anyone needs to drop off documents or speak to an actual ‘Anlo-human’ you are more than welcome to make an appointment and come around. Safety first however, so we ask that everyone please maintains their 2-metre distance and wears a mask. If you are feeling unwell, please do not come in until you are feeling better.
Like so many companies, we have been making full use of communication technologies like Zoom and Teams; we have also been having daily staff meetings and updating each other through a system called Trello. So, it is business as usual for us at Anlo and we can and will find a way to communicate that works for you!
Being moms, we know it can be hard to keep motivated and deal with distractions. Our top tip is to set clearly defined time aside to work and be honest if you are not getting to certain things or tasks.
Everyone is in the same situation and probably having the same struggles so they will understand. And if they do not, pretend the line is bad 😊😊 and hang up 😊. Just joking… I would never do that 😊!
During this difficult period, we have successfully moved a company from Pastel to Xero. Much use was made of Zoom and other technology; they received training and a bit of hand holding, but they are now flying free and happy. We feel that we have given them a great service in the comfort (so to speak) of our own homes. Anything is possible with a bit of lateral thinking.
If you know of anyone wanting to move their accounting online, please give them our details.
Surviving an Economic Downturn
The most important thing that can guide us is past events. Even though this is not an indicator of what the future may hold, we need to use tools we have gained from experience to help us bounce back quicker.
There are a few similarities between the 2008 recession and what is happening currently: the uncertainty in markets, including consumer markets, the dramatic fluctuations in stock exchanges, and the political reaction of ‘whatever it takes’ to survive and succeed makes economies unstable and worried. All around the world are indicators that we are in a recession.
It is true than many things are quite different, but this blog is about surviving and planning for the worst 😊
If this is a recession it is a good idea to try and do the following in your business earlier rather than later.
Build up an emergency fund if possible. There are a lot of people saying that they have a large cash balance in the bank now because they do not need to pay for so many expenses. Keep that money and if you are a director, consider not taking a big salary or dividend to allow the business bank account to grow.
Prepare a budget and stick to it. Hold yourself accountable and look at it regularly.
Try and pay off debt. This will ensure that when things turn around cash flow doesn’t need to be spent on old problems.
Diversify your income streams if possible.
Get rid of unnecessary expenses and try to make your business leaner and more agile. There are plenty of suggestions out there about how to do this, and of course, we will be happy to discuss this with you.
Send us your infoPersonal Tax Season Opening 1 September 2020
The Personal Tax Season is only opening on the 1st of September 2020. It was pushed out due to Covid-19.
The deadline will still be the end of November for individuals not registered for provisional tax, which means that we will only have 3 months to file all returns.
If you have received your IRP5, Medical aid certificate, Retirement annuity certificate and sole trader bank statements, kindly send these to us so that we can start preparing for your returns.
If you would like us to handle your tax affairs, please send us your tax documents and information and we will prepare your tax return as soon as possible. Alternatively feel free to contact us to discuss your requirements.
Pumeza Bless is our lovely and amazing personal tax lady and she is ready to help if you have any questions or if you would like to send your info to us
If you have a sole trader business, please send your information through as soon as possible so that we can start preparing accounts and send you financial reports in time to review and submit before the deadline.
Information we will need:
IRP5’s from all employersIT3s (a-c) for all sources of income
Interest certificates other that IT3s
Retirement annuity contribution certificate
Medical aid contribution certificate
Additional medical expenses paid that were not claimed through the medical aid. (This is currently a hot topic for SARS to audit so please ensure that additional expenses claimed were not already claimed through the medical aid and that you have proof of payment for these expenses.)
All medical expenses should be in the name of the taxpayer. If it is in the name of the dependant, SARS will disallow it because they say that the dependant can also claim these expenses (double deduction)
Schedule and supporting documentation of other income earned and expenses deductible relating to this income. As you know this is currently a hot topic for SARS to audit and we require your participation in ensuring all expenses can be supported and are a valid business expense
Capital gains or losses made on the sale or disposal of fixed assets and Dividend Tax paid certificate
Donation certificate with valid PBO number
Travel log – we cannot generate this for you. It is illegal, but we will gladly send you a travel log template that you can use to generate this logbook. SARS requires you to submit a logbook and might request this from us.
Any other document that might be relevant to your personal income situation i.e. out of country confirmation letter from employer, letter from school indicating disability
