October Newsletter - We Are 10 Years Old!!
/This is Anlo’s October 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.
October Updates
Anlo’s values: Reliable, ethical, nurturing and respectful with a growth mindset
10 years and still growing strong!
It’s hard to believe that we started Anlo ten years ago here in South Africa, and yet here we are, a whole decade down the line, with more people and experience than we could have imagined and still growing. In the span of those years we have not only grown our original business, but spread our wings, almost literally, and established Anlo in the United Kingdom.
The goals that underpinned our first baby steps into building our own business all those years ago have been refined but are still fundamentally the same: we believe that accountants should not be there simply to audit and sign off year end reports, they should be part of your business life, helping you understand your finances, offering advice, making life easier when it’s difficult and nurturing your business to ever greater success.
Esmerelda and her team continue to be the heart of Anlo in South Africa. Esi has been with Anlo since 2015 and is the lynchpin of our South African business. Side by side with Annja, she is leading the constant changes and improvements that keep Anlo ahead of the game.
While we handle all aspects of accountancy and bookkeeping, we have specialist experience in the following areas:
The technological changes we have seen and had to get our heads around in this period are enormous. If you had told us when we started that it would be possible to input expenses in real time through our phones and have them properly assigned and categorised, we would have probably laughed. Had you then said that we would be able to help our clients monitor their finances in real-time, 24/7 from anywhere in the world, we might have thought you were slightly unhinged, and yet, that is exactly where we are.
We have embraced Cloud computing, in our own business and for our clients. It gives unparalleled insight and control over business finances making it easier than ever to make informed decisions about the direction of a business.
As we start our eleventh year in business we are constantly looking for new ways to meet the needs of our clients, whether that is through new technology or simply by being accountants who are not satisfied to lurk in the background!
We are always available to give advice and help – you don’t have to wait until your year-end to pick up the phone or drop us a line. We want to bring all the lessons we have learned and the skills we have acquired over the years to help you grow your business success.
Thank you for being a part of Anlo's success!
- Annja Louca and Esmerelda Doman
Bosses Day at Anlo
This month we celebrated Bosses Day and Annja and Esmerelda got the loveliest bunch of flowers in a cup 😊.
We are reminded what it means to be an effective leader and how important it is as a ‘boss’ to work on understanding and listening to your team and gaining their trust.
Thank you to all the amazing bosses out there and thank you to all the amazing businesses and teams out there doing their magic.
Financial Emigration Rules Change
For people who are thinking of financially emigrating and who have retirement annuities in South Africa, be aware of the change that is coming into effect from the 1st of March 2021.
The reason this is important is because from the 1st of March 2021, the Reserve Bank is limiting your Retirement annuity and Pensions savings so that you cannot move everything out of the country in one single transaction.
‘Treasury confirmed that it plans to change rules around financial emigration and the ability to withdraw one’s retirement funds, upon the conclusion thereof, replacing it with a new three-year lock-in period.’
Clearly South Africa has a problem with too many people emigrating and the Reserve Bank is trying to ensure that all their capital does not leave the country as soon as they do. I would suggest that if you have left South Africa and are not going to return to South Africa, that you consider formalising your emigration after careful consideration of your financial affairs and intentions.
PAYE – COVID-19 35% Relief now Repayable
For employers who have used the 35% relief on PAYE as part of the COVID-19 relief measures put in place by SARS, remember that this is now repayable over the next 6 months.
Any payments now due (not relating to the lockdown period) will incur penalties and interest as before. So, there is no more relief due on PAYE for late payments.
Employers making use of this tax relief must pay back the total deferred PAYE liability amount in six equal installments. These installments must be paid as follows:
September 2020 - payment due by 7 October 2020
October 2020 - payment is due by 6 November 2020 (last business day before the 7th)
November 2020 - payment is due by 7 December 2020
December 2020 - payment is due by 7 January 2021
January 2021 - payment is due by 5 February 2021
February 2021 – payment is due by 5 March 2021
If Anlo does your payroll, we will send your Statement of Account and payment plan with each month’s payroll. But if you don’t hear from us and would like to enquire about this, please get in touch 😊
The Top 5 Accounting Trends for 2020/2021
Over the last 2 years we have attended Accountex, Xerocon and many other accounting conferences, and we really feel that the industry has changed too much.
I feel sometimes like I am getting old 😊 because I cannot keep up with so many changes recently, but I don’t think I am alone.
We believe that the recent changes are a result of changes in market demands, regulatory changes, a different generational approach and changes in client demands. We also think that businesses are currently willing to make the investment necessary to keep up with changes in accounting.
On top of all that, we can add COVID-19 and the work-from-home generation that needs the accounting industry to be more mobile and flexible.
Here are the top 5 things we believe will change significantly going forward in the accounting industry.
1. Automated accounting processes
2. Importance of accounting software solutions
