Reminders and Xero Analytics: October Newsletter

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Hope everyone has a fun October with Halloween right on our doorstep.

Now, you all know how much we love and recommend cloud accounting packages, especially Xero 😁 and they are running a competition to find the ‘Rockstars of accounting’! 

So, if like us you think Xero is the best thing since self-toasting bread (no, sadly that’s not a thing) and Anlo have been instrumental in introducing you to Xero, we would really, really really appreciate your vote for us. Entries close on the 10th of December this year and you can nominate us right here

Reminders and Important Dates

  • Income tax deadline for individuals is the 23rd of November 2021. If you are a provisional taxpayer then it is the 31st of January 2022.

  • Don’t accept auto-assessment unless you have checked it and you are 100% happy with the tax liability

  • You can now request services from SARS by texting 47277 to SARS. The following services are offered to taxpayers through this service

    • Request an eBooking appointment – for individual taxpayers only

    • To confirm whether you are required to submit a tax return – for individual taxpayers only

    • Request the issue of the IT50 (Tax Registration Number – for individual taxpayers only

    • Request an account related query i.e. what you owe to SARS or request a statement of account – for individual taxpayers only

  • Make sure your personal data is updated at SARS by using e-filing or the SARS MobiApp

  • There are three ways to register for personal income tax. See SARS’s webpage for more information or contact us.

  • EMP501 bi-annual employer reconciliation closes on the 31st of October. This is for the period 1 March 2021-31 August 2021. If you haven’t heard from Simone at Anlo about this and you know you need to prepare this for your business, please contact us. We are all human 😊.

  • We noted on SARS website the following: ‘In a recent media statement SARS Commissioner Edward Kieswetter urged taxpayers to use only registered tax practitioners to assist them with their tax affairs. This was in response to the 48 year sentence handed down to convicted fraudster Khathutshelo Mashau who was found guilty of theft, fraud, swindling taxpayers and contravention of the Prevention of Organised Crime Act (POCA).’ We want to reassure everyone that we are registered tax practitioners and we are also registered with SAICA (the South African Institute for Chartered Accountants). We’ve got you 😊

Xero Analytics

There is a new feature in Xero called Xero Analytics.

We are trying it out, but it seems to be ideal for a 30-day projection now. It uses the expenses for the last year and generates an estimate for your business. Even expenses that you don’t record as a bill but which come straight from your bank statement can be added. You also have the freedom to include and exclude predictions to update the cash flow.

What we have found very handy is it includes suggested actions. When I looked at the suggested actions, I became aware of two very outstanding debtors that I followed up, and they have agreed to pay the outstanding amount. So, it worked for me 😊.

Things to remember that it does not include in the predictions:

  1. Upcoming VAT payments

  2. Upcoming PAYE payments

  3. Salary payments.

So don’t overlook these and remember to include them.

Xero Analytics Plus is free for the first 3 months, and then it comes at a cost. If you think you might benefit from this, let us know, and we can help you decide how it might help your business.

Travel and Which Expenses are Deductible for Business Travel

Written by – Matthew Armstrong

With life starting to return to normal due to the successful implementation of the covid-19 vaccine, this is the perfect opportunity to talk about travel and accommodation and what it means for you and your business. 

We want to take this time to discuss how you can go about claiming expenses associated with travel, what the deductions are, what are the allowance

guidelines set out by SARS, the impact they have on your VAT, what the implications are for your PAYE and company tax and lastly, how to determine if travel expenses can be allocated as a business expense or not. This will be discussed around flights, local travel (by car or train) and accommodation on business trips.

READ FULL BLOG

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