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What 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 ...

Pay 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...

The Spring Statement 2022 & Business - What It Means

Rishi Sunak delivered the Sprint Statement with a few gains for businesses. He stated that SMEs support 16.3 million jobs – 61% of total private sector employment* – and a strong economy relies on the entrepreneurship of small businesses across the United Kingdom. There were positive statistics for businesses with Rishi stating that the total number of payrolled employees now over 600,000 above pre-pandemic levels total number of payrolled employees in February 2022 2.3% above pre-pandemic l...

Making Tax Digital (MTD) For VAT - Deadline Approaching

All remaining VAT registered businesses must sign up for MTD, keep records digitally (for VAT purposes) and use compatible software for VAT return submission for their first return after 1st April, 2022. Businesses have been urged to sign up as soon as possible to ensure there are no delays to their returns.  MTD Rules Records must be kept digitally and should include: business name and address VAT registration number Any VAT accounting schemes usedcopies of all invoices you issue...

National Insurance Contributions - What Employers And Employees Need To Know

National insurance contributions (NICs) are essentially a tax on earned income. The NICs regime divides income into different classes: Class 1 contributions are payable on earnings from employment, while the profits of the self-employed are liable to Class 2 and 4 contributions and Class 3 are voluntary. National insurance is often overlooked yet it is the largest source of government revenue after income tax. We highlight below the areas you need to consider and identify some of the potential p...

Why Invoicing Correctly Is Vital To Your Business

An invoice is an often overlooked and fundamental part of business, it is a document issued by a business to show the goods and/or services provided to a customer. The main aim of the sales invoice is to request payment however there are other functions this serves which are essential to a business. If both the business and customer are VAT registered, then it is a legal requirement to provide an invoice with certain information. It is important to note that a business can’t reclaim VAT using ...

Tax Return Deadline Extended To 28th February - Interest Will STILL Accrue

HMRC has announced there won’t be: Late filing penalties for those who file online by 28‌‌th ‌February, 2022Late payment penalties for those who pay the tax due in full or set up a payment plan by 1‌‌ ‌April 2022.  BUT interest will still be charged on any outstanding amount from 1st February.The additional time will be good news for those still struggling through their tax return however HMRC is encouraging customers to file and pay on time if they can, we always recommend th...

Statutory Sick Pay – Fit Note Also Known As Dr Note Temporary Changes

Usually, your employer will ask for a fit note (Statement of Fitness for Work) if you are off of work sick for more than 7 days. However, for the purposes of Statutory Sick Pay (SSP), from 10th December 2021 your employer can only ask for proof of sickness, such as a fit note, after 28 days of sickness (including non-working days). Proof of sickness cannot be requested earlier than 28 days. Fit notes do not have to be provided for Department for Work and Pensions (DWP) benefit claims until 27 Ja...

Government Announces Financial Support For Businesses Impacted By Omicron (COVID-19 Variant)

The government have reacted to the growing numbers of Omicron infections which have caused cancellations in the hospitality industry at the busiest time of year and also to support businesses suffering with staff of sick. The Statutory Sick Pay Rebate Scheme (SSPRS) has been reintroduced for small and medium-sized employers (fewer than 250 employees) which reimburses businesses for the cost of SSP for COVID related absences. This is for Covid-related absences, for up to 2 weeks per employee. Bus...

Statutory Sick Pay (SSP) - What You Need To Know In The Season Of Over Indulgence!

The weekly rate for Statutory Sick Pay (SSP) is £96.35*, you can get this for up to 28 weeks. To be eligible for sick pay, the employee must: Be classed as an employee (all employees are workers, but an employee has extra employment rights and responsibilities that do not apply to workers who are not employees.) You are usually an employee if you:work regularly unless you are on leavecan’t send someone to do your hourscan join business’s pension schemeare required to work a minimum amount o...

Tax Return Scams Up 21% This Year - What You Need To know

With the tax return deadline fast approaching, criminals are targeting Self Assessment customers knowing HMRC may genuinely contact customers and try and steal money or personal information from unsuspecting individuals. In the last 12 months HMRC has: responded to 797,010 referrals of suspicious contact from the public - some 357,567 of these offered bogus tax rebatesworked with the telecoms industry and Ofcom to remove more than 1,282 phone numbers being used to commit HMRC-rela...

Global Bookkeeping Week: Why Businesses Fail Without A Bookkeeper

Global Bookkeeping Week has celebrated the bookkeeping profession, the vital work bookkeepers do to support micro and small businesses, how they benefit people, businesses, communities and our economy. As Global Bookkeeping Week draws to a close, we look at why businesses are missing out without a bookkeeper. Why use a bookkeeper? Businesses can do their own bookkeeping, why hire one that will cost the business money? Bookkeepers provide a vital service – ensuring compliance, often savin...

The Bookkeepers Summit: Keeping Cashtrak At The Top Of Their Game

Behind the scenes of a bookkeeper!  Many people don’t realise the work we do isn’t just client facing. Learning and researching is a big part of being a successful bookkeeping practice. Being part of the Institute of Certified Bookkeepers is a great community to belong to, they provide learning, help, support, guidance and empower us to be committed to professional excellence, have robust ethical and technical standards. They run events throughout the year to support us in doing th...

It's Global Bookkeeping Week: An Introduction To Celebrating Bookkeepers

Global Bookkeeping Week was started by the Institute of Certified Bookkeepers (ICB) in 2015 to celebrate bookkeepers and raise the profile of the profession; putting the spotlight on the dedication and support for small businesses. It celebrates the profession and vital work bookkeepers do to support micro and small businesses and how they benefit people, businesses, communities and our economy. There's is a week of special events bringing together everyone passionate about bookke...

Chancellor Announces Autumn Budget: Here's What It Means For Businesses October 2021

Following the much anticipated budget, we review the announcements related to business. Business Rates A discount of 50% on business rates for the retail, hospitality, and leisure sectors in England in 2022-23, up to a maximum of £110,000. Chancellor Rishi Sunak said the government will not be abolishing business rates, however they will "make the existing system fairer" Frequent revaluations every three years from 2023Relief for those adopting solar panels12-month rate holiday on property imp...

Suspicious Emails On The Up - What To Look Out For: Scam Emails

Cyber scams are on the increase again, we have been targeted twice in as many weeks with suspicious e mails and wanted to draw attention to these e mails. We want to raise awareness that these seemingly genuine looking e mails are should not be opened, they are phishing* e mails and should be deleted. *Phishing is a type of social engineering attack often used to steal user data, including login credentials and credit card numbers. It occurs when an attacker, masquerading as a trusted entit...

What Tax Relief Can Employees Claim For Employment Expenses?

You can claim tax relief on things like:Purchasing work uniform* and clothingCleaning work uniform and clothingToolsBusiness travelProfessional fees and subscriptionsRepairing or replacing equipment you need to do your jobTax relief is available on other things depending on your industry and occupation, check here for a table that shows what is allowable.If your employer pays towards your expense, you ned to deduct that from what you claim.Using your own vehicle for workYou’ll need to hav...

Making Tax Digital (MTD) For Income Tax Self Assessment (ITSA) Has Been Postponed For 12 Months

The Government has announced that MTD for Income Tax Self Assessment (ITSA) will be introduced a year later than planned, beginning April 2024. Recognising the challenges faced by many businesses as the country emerges from the pandemic. The later start allows more time for those required to join to prepare and for HMRC using the time for additional customer testing in the pilot.   MTD for Income Tax will now be mandated for businesses and landlords with a busi...

Preparing For The End of CJRS 'Furlough' - Employers FAQ

What should we do when the scheme closes? bring your employees back to work on their agreed terms and conditionsagree any changes to their terms and conditions with themconsider ending their employment. To note: When making decisions about how and when to end furlough arrangements, equality and discrimination laws will apply in the usual way. Can we claim CJRS for employees on notice periods? No, you can’t claim CJRS grants for any days an employee is serving a contractual or statutory noti...

HMRC Still Behind Processing 2020-21 Self Assessment Tax Returns Impacting SEISS Grants

HMRC Have announced there are still delays processing 2020/21 tax returns ahead of the 30th September deadline to claim the fifth and final Self-Employment Income Support Scheme (SEISS) grant. HMRC had already advised there was a delay processing some 2020-21 tax returns where SEISS grants have not been reported in the way they expected, they have now corrected all of the affected returns submitted before 19‌‌th ‌June and continue to correct the SEISS grant amounts included in 2020-21 Self...

Emergency Tax - What Is It?

Emergency tax codes are temporary and applied to your salary automatically by HMRC, they’re usually used when your income changes and there is not information about the tax you need to pay. It means you are only entitled to the basic personal allowance, not taking in to account any tax relief or allowances that you may be entitled to. This is commonly because: Your P45 from your previous employer has not been receivedYou have started your first jobYou have switched from self-employment to PAYE...

National Payroll Week: A Look At National Insurance Contributions

The government has announced that National Insurance is being raised by 1.25% for employers and employees, the levy will also apply to individuals above State Pension age with employment income or profits from self-employment above £9,568. The rate of income tax which is paid by people who receive dividend income from share will also increase by 1.25% from April 2022....

It's National Payroll Week 6th - 10th September - Join Us Celebrating Payroll Professionals

National Payroll Week was established in the UK by the Chartered Institute of Payroll Professionals (CIPP) in 1998 to celebrate the payroll profession and to give it the recognition it deserves. The week is designed to demonstrate the impact the payroll industry has in the UK through the collection of income tax and National Insurance; £249 billion* is paid to the government through income tax and national insurance contributions. The celebrations cover payroll bureaus such as Cashtra...

Tax Returns Not Being Processed Due To HMRC SEISS Software Error

HMRC are advising customers to check the pre-populated SEISS entry on their Income Tax Self-Assessment Return and where necessary, delete the pre-populated figure and manually enter the correct amount, a spokesperson advised “our system will not process a return if the SEISS grant entry does not match our record of the amount paid.” AccountingWeb reported that they’ve had several reports about a bug in HMRC’s Self-Assessment application programming interface (API) that is corrupting figu...

Fifth SEISS Grant Problems – HMRC Announce Delay In Some Tax Return and SA302 Evidence Of Earnings For Mortgage Providers As Well AS CIS Subcontractors Turnover Test

The claims service for the fifth SEISS grant opened in July with a deadline of 30th of‌‌ September‌‌, ‌2021 to submit claims. HMRC have advised the following updates for 2020-21 Self-Assessment tax returns:There is a delay in processing some 2020-21 Self-Assessment tax returns where SEISS grant payments have not been reported in the way they expected, for example if HMRC records show a different amount was paid than amount declared on the return.From 19‌‌th of ‌June, HMRC automat...