With Compliments-July 2020

07 July 2020

Amidst all the negative news going around, this month we have something to celebrate, it’s our 11th birthday! We are very proud of our staff who have gone above and beyond during this difficult time, and we are so grateful to all our clients who have trusted in us to assist them over the last few months.

Taxpayer Victory
The High Court in Pretoria recently ruled that taxpayers have a right to be notified before the South African Revenue Service (SARS) appoints an agent to collect ‘outstanding tax debt’. This is a great victory for both taxpayer rights and the wider cause of administrative justice.

Recro’s staff are trained, vastly experienced with high success rates dealing with complicated SARS objections and disputes. Please get in contact with us to handle any issues with SARS that you are experiencing.

Budgeting for your future
Staying on track with a realistic budget and saving money away money will allow you to make progress towards your long-term financial goals. Budgeting is key to a sound financial plan and can help you identify areas where you are spending more than you realize. With so many changes this year already it may be time to reassess your budgeting needs.

Now is the time to squirrel away as much savings as you can. A detailed budget can also be set up to allow for the rare indulgence as well as unanticipated emergencies. Simple methods such as holding onto all receipts, creating a budget worksheet, creating categories and splitting expenses, and setting out a budget for each category can help you budget better.

There are other numerous ways that Recro can assist in putting your budget to work, get a handle on your debt and set out strategies for budgeting and save you money. Give Recro a call to discuss your budgets.

UIF Fraud and Money Laundering 
It was reported late June, that R5.7 million in UIF funds, which was intended for 200 workers impacted by the COVID-19 lockdown, was paid to a single person. The money was then quickly sent to friends and businesses over the course of five days. The AFU and the UIF are now investigating the matter, and 28 bank accounts have been frozen in connection with the fraudulent transactions.

It is being investigated whether there was complicity on the part of those working at the UIF. There is a suspicion that there may have been criminal activity between UIF officials and the end recipient of the money.

If you are experiencing any issues with your UIF or TERs applications, please give a ring to assist.

TERS Foreign National Support
The Democratic Alliance will be launching a platform in July to assist companies escalate foreign workers TERS applications directly to the Commissioner. If you have not heard back from your application or have been blocked to reapply, please keep an eye on the DA Facebook page for the launch of the platform.

Coffee with Claire
Look out on our social media pages for links to ‘Coffee with Claire’ each Wednesday morning at 10am. These hour long Zoom meetings feature guest speakers and will be interactive to ask any burning questions relating to the COVID-19 pandemic, and general business burning questions, answered from a chartered accountant’s perspective. With over 25 years of wide-ranging business advisory experience, Recro is well-placed to provide credible business and financial advice that clients truly value.

We’d love to hear from you
Subscribe to our new YouTube channel, and watch, like and share our videos. We discuss important COVID-19 topics and answer accounting and tax-related questions.

Please also visit and like our Facebook, Instagram and LinkedIn pages as we share valuable articles and trusted updates and news there daily – feel free to connect with us and share with your colleagues and friends.

Best regards,
Claire

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