Income Tax Return Self Assessment - How HMRCs App Can Help You
Since HMRC launched their app, more than 50,000 self-assessment customers have paid their tax using the app since its release 11 months ago. The free app can be downloaded at the App Store or Google Play and is has a number of features to use and see:What You Can See· Find your Unique Tax Reference and National Insurance number (us bookkeepers need these to sign up as your agent with HMRC)· Your tax...
January 10, 2023Making Tax Digital For Self-Assessment Income Tax Delayed: How Adopting This Now Benefits You!
The government has announced that Making Tax Digital (MTD) for Income Tax Self Assessment (ITSA) is to be postponed by 2 years AND the income bracket has been raised so only those with an income of £50,000 (not the previous £10,000) will follow the rules in the first phase in 2 years. MTD for ITSA involves keeping digital records and providing quarterly updates on their income and expenditure to HMRC through MTD-compatible software quarterly filing of the figures using compliant software. The ...
December 23, 2022Income Tax Self-Assessment Submission Top Tips
With the tax return deadline fast approaching, HMRC are encouraging Self Assessment customers to put their tax return at the top of their to-do list. Last year, 2,800 customers filed their tax return on Christmas Day. The deadline of the 31st January 2023 is for filing and paying your tax return to avoid getting a penalty. HMRC focus penalties on those who persistently fail to complete their tax returns and deliberate tax evaders. The penalties for late tax returns are: initial £100...
December 20, 2022Raise A Cup For Bookkeepers! Celebrating Bookkeepers Everywhere
As part of #GlobalBookkeepingWeek we all raised a cup for bookkeepers, celebrating the profession and the work we all do....
November 9, 2022Global Bookkeeping Week: The Bookkeepers Summit
Being a successful, compliant bookkeeping practice means a lot of work happens behind the scenes. Most clients won’t be aware of the large amount of administration we have to do to adhere to regulations and legislations and ensure we keep up with the ever changing rules. We are helped and supported with this by The Institute of Certified Bookkeepers (ICB), not only are they a great community to belong to, they and our fellow members provide learning, help, support and guidance to empower us t...
November 4, 2022It Is The Start Of Global Bookkeeping Week 2022! Find Out More
Bookkeepers and businesses right across the world are coming together to celebrate Global Bookkeeping Week this week. We are celebrating the profession and the vital work bookkeepers do to support micro and small businesses on a global scale. We will be taking part in coffee mornings, meet-ups, webinars, and the Bookkeepers Summit, to celebrate. It was started by the Institute of Certified Bookkeepers (ICB) in 2015 to celebrate bookkeepers and raise the profile of the profession; putting th...
November 4, 2022Changes To VAT - Making Tax Digital (MTD) For VAT: Filing And Penalties
VAT-registered businesses will not be able to use their existing VAT online account to submit their VAT returns from Tuesday 1st November 2022 and penalty reforms kick in from 1st January, 2023. The changes being made are part of the government’s Making Tax Digital (MTD) plan which is meant to make it easier for individuals and businesses to get their tax right and keep on top of their affairs. HMRC’s states that its ambition is to: “become one of the most ...
October 19, 2022MTD For ITSA: Business Owners & Landlords Quarterly Summaries
Making Tax Digital for Income Tax Self-Assessment (MTD for ITSA) will apply to individuals from April 2024, if their total gross income from self-employment and property exceeds £10,000 in a tax year. We already have cost-effective software and tools ready to go as our clients have already switched to the new, compliant system as well as receiving a high number of new enquiries from clients looking to move over before to ensure any problems are dealt with and resolved before the deadline kicks ...
October 5, 2022HMRC's Reimbursement Of Electricity Costs To Electric Cars Guidance Doesn't Reflect The Law Claims ICAEW
The Institute of Chartered Accountants in England and Wales (ICAEW) Tax Faculty has highlighted that HMRC’s guidance on reimbursement of electricity costs for charging company-provided wholly electric cars conflicts with the law. HMRCs uses an online tool and guidance that both say reimbursements to employees by employers for the cost of electricity used to charge their company-owned vehicles that are wholly electric cars and are available for private use are subject to income tax and National...
September 21, 2022Employers Ongoing Re-Enrolment Pension Duties Explained As The Pension Regulator Fines Over 250 Employers In Six Months
We have taken on several clients in the last few months who were not aware of their automatic enrolment – workplace pension duties which are governed by The Pension Regulator and would have incurred fines had we not stepped in on their behalf so we thought we would outline employers responsibilities.What Is Automatic Enrolment - Workplace Pension DutiesIf you employ at least one person, you are an employer and have certain legal duties. Under the Pensions Act 2008, every employer in ...
September 20, 2022How Our Monthly Bookkeeping Service Benefits Self-Employed Professionals & It's Cheaper Thank You Think!
We recently shared how our client Kate Mills’ healing business has improved the lives of 2 people suffering with cancer and auto immune conditions. Click here for more information on Kate's healing business. We have been asked what we do to support Kate. Kate is self-employed, for a couple of years we just processed and submitted her tax returns once a year. Following a review of our work together, we realised that Kate would benefit with a more regular service so now we provide regular b...
September 20, 2022National Payroll Week - The Importance Of Payroll To Business & Staff
With payrolled employees on the rise, we look at the importance of payroll. Payroll impacts all areas of business. Employees are arguably the most important part of a business, the person the customer communicates with, the person who makes your products and if they are not paid correctly or on time, they are not going to be an unhappy employee and the relationship between employee and employer becomes damaged, employee motivation and mental well-being will suffer. Employer review websites easil...
September 8, 2022National Payroll Week: Statistics
Payrolled staff are increasing, the Office for National Statistics reported*: The number of payrolled employees rose by 2.9% in July 2022 compared with July 2021, a rise of 847,000 employees; up by 2.2% since February 2020, a rise of 649,000. Payrolled employment increased by 73,000 employees (0.2%) in July 2022 when compared with June 2022. Median monthly pay increased by 6.6% in July 2022 compared with July 2021, and increased by 13.4% when compared with February 2020. All age groups saw an in...
September 8, 2022National Payroll Week: Interview With Our Newest Payroll Star
As part of National Payroll Week, we interviewed our superstar bookkeeper and almost qualified payroll sensation, Jo Carro. Jo has been with us for 2 and a half years and decided to further her bookkeeping knowledge by studying the complexities of payroll.As a qualified and experienced bookkeeper, what made you decide to become qualified in payroll? To me, it seemed like the next logical step in my career and another string to my bow and I knew it would be beneficial to Cashtrak’s growth....
September 8, 2022National Payroll Week 2022
National Payroll Week was established in the UK by the CIPP (the Chartered Institute of Payroll professionals) in 1998 to celebrate the payroll profession and to give it the recognition it deserves. As payroll professionals for over 16 years, we love to get involved and offer an insight into why payroll is so much more than just pressing buttons on software! We need to not only have a knowledge of legislations and regulations but also the understanding of them which is where the industry crosses...
September 5, 2022Part-Time Workers Holiday Calculation Method Deemed Unlawful By The Supreme Court In Harpur Trust vs Brazel Case
The way employers calculate holiday pay for part time, variable hour employees has been ruled unlawful by the Supreme Court and demonstrates how payroll is a lot more complex than may seem. A long running case brought by a part time music teacher was finally concluded this week. Mrs Brazel worked for The Harpur Trust as a music teacher, she had variable hours each week depending on the demand for music lessons during the school term time. She had a permanent, zero hours contract and had to...
July 29, 2022Xero's CEO - Bank Feeds, Apps & Innovation| Xerocon 2022
Xerocon London kicked off with a welcome from @Xero CEO, Steve Vamos. He acknowledged the that the bank feed needs work and advised they are talking to banks to try to resolve the problems. There are more open API (Application Programming Interfaces) to get more connections set up. You can read more about bank feed problems here.Depending on your bank, we would recommend regularly checking your bank statement against your Xero bank feed until the issues have been fixed. Need help? Contact us her...
July 20, 2022New Making Tax Digital (MTD) Penalties Introduced To Encourage Compliance
HMRC have published details of how to avoid penalties for Making tax Digital for VAT (MTD for VAT). Accountingweb.co.uk reported that HMRC has resurrected two rarely used VAT penalty provisions from 1994/1995 to encourage compliance. The MTD for VAT rules state you must use compatible software, keep records digitally and use digital links to transfer or exchange data once you have signed up to MTD for VAT. The process is to ensure that there is no human intervention to change invoices and theref...
July 12, 2022Spot Check Inspections For Employers Not Carrying Out Workplace Pension Responsibilities
The Pension Regulator recently announced that they are inspecting employers suspected of failing to meet their workplace pensions duties, these employers include organisations that are believed to be non-compliant or that may be at risk of becoming non-compliant. Non-compliance is brought to The Pension Regulator through various ways: HMRC sharing payroll informationPension scheme alertsWhistleblowing from individuals Some of the responsibilities employers are failing to follow are:Correctly ass...
July 1, 2022More Healthcare Professionals Can Now Sign Fit Notes
From today (1st July, 2022), a number of healthcare professionals are now able to certify fit notes, also commonly referred to as sick notes. Now, the following can all legally certify fit notes.:NursesOccupational therapistsPharmacistsPhysiotherapists The change enables people to access the service without having to see already under pressure GPs. Fit notes provide evidence of an absence of more than 7 days. The changes apply across England, Scotland and Wales with Northern Ireland c...
July 1, 2022Workplace Pension – Employers Are Still Getting It Wrong
Workplace pensions have been around for some time now. Every employer in the UK must put certain staff into a workplace pension scheme and contribute towards it under the Pensions Act 2008. This is called 'automatic enrolment'. If you employ at least one person, you are classed as an employer and as such you have certain legal duties. A business with just a sole director (depending on the circumstances) may be eligible (more to follow below on ‘eligibility’.) However long your business...
June 15, 2022Claiming VAT Back On Fuel Costs
As VAT is charged on fuel, employees and business owners may be able to claim some or all of the VAT back. HMRC use their fuel advisory rate (we publish this on our social media platforms and our website every month, click here. Eligibility The business must be VAT registeredThis method can’t be used if you pay a fixed rate under the Flat Rate VAT scheme.If your vehicle is ONLY used for business, then you can reclaim all of the VAT Reclaiming: There are 2 ways to reclaim the VAT: Only rec...
June 6, 2022High Wycombe & Surrounding Areas History
May is the Local and Community History month across the UK! The Historical Association, which is a charity registered and incorporated by the Royal Charter, supports education, enjoyment and the learning of history at all levels of teaching and adulthood. Their mission is to “inspire, enable and encourage” people across all walks of life to get involved with history, and the Local and Community history month is one of their ways to do it. In this month, the Historical Association wants every...
May 4, 2022What Has Happened To The Reliability Of Xero Bank Feeds?
What Is Open Banking?Open Banking was introduced to encourage competition in banking — giving everyone more choice, and greater control of their data. As a result, businesses can share their bank transaction data securely and electronically with companies, including Xero. No more drudgery filling in forms manually and waiting weeks for a connection. Open banking allows the automatic bank feeds are the connections that allow your accounting software to download transactions from your ...
May 4, 2022Pay Business Bills Simply & Quickly With Pay Wise on Xero Accounting Software
An exciting offer for Xero users! Save time paying bills by using Pay Wise and get your first month free* What Is ItSecurely pay multiple bills at once through Xero without needing a payment file. You pay and manage bills through Xero allowing you a seamless process to pay multiple bills, regardless of your bank. Reconcile transactions easily allowing a more efficient way to manage the bill payment process.BenefitsSeamless process: standardised way to make UK bill payments, creating an...
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