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Making Tax Digital for Income Tax

With the majority of small businesses now registered for MTD for VAT, it is now time to start preparing for the introduction of MTD for Income Tax.In light of the Covid pandemic the planned start date has been pushed back from 2023 to April 2024. This may seem some way away but 4.2 million taxpayers will need to sign up ahead of the deadline so it makes sense to start planning now. Under MTD for ITSA rules, self-employed people and landlords earning above £10,000 will need to submit quarterly u...

July 26, 2022

Xero Bank Feeds

Xero have just announced exciting changes to the 90 day reauthentication rule for bank feeds.Bank feeds automatically import transactions from your bank or financial institution directly into your Xero organisation, eliminating the need to import transactions manually. Once the bank feed has been connected, statement lines appear in your bank account in Xero ready for you to reconcile each day. Xero bank feeds streamline reconciliation and offer better visibility of cash flow. However it can be ...

June 27, 2022

Platinum Jubilee

As the nation prepares for a 4 day celebration of the Platinum Jubilee of Queen Elizabeth II, we would like to add our congratulations on this momentous occasion.  The Queen has ruled for longer than any other Monarch in British history, becoming a much loved and respected figure across the globe. Her extraordinary reign has seen her travel more widely than any other monarch, undertaking many historic overseas visits. The world has seen many social changes since the Queen first ascended the...

May 30, 2022

Xero Hour

The clock is ticking for Making Tax Digital but for many small businesses owners the prospect of changing their existing accounting system to to an MTD compatible one is a daunting one. However Xero makes the whole process so straightforward. Simply login to Xero, enter your organisations details and opt to either add a trial organisation or to purchase a Xero subscription. If you currently use Sage, and have purchased a Xero subscription then Xero will convert your data for free using Move...

May 3, 2022

Making Tax Digital

Since April 2019, VAT registered businesses with a taxable turnover above the VAT threshold (currently £85,000) have needed to keep VAT records digitally and send returns using Making Tax Digital (MTD) compatible software.From April 2022, these requirements will apply to all VAT registered businesses including those below the VAT threshold.For some businesses this may necessitate changing their accounting software but if you are already using Xero then all you ned to do is sign up for MTD for V...

April 4, 2022

Closure of the Statutory Sick Pay Rebate Scheme

HMRC have announced that the Statutory Sick Pay Rebate Scheme will close on 17‌‌‌ ‌March‌‌‌ ‌2022. You have until 24‌‌‌ ‌March‌‌‌ ‌2022 to submit any new claims for absence periods up to 17‌‌‌ ‌March‌‌‌ ‌2022, or to amend claims you have already submitted.  You will no longer be able to claim back Statutory Sick Pay (SSP) for your employees’ coronavirus-related absences or self-isolation that occur after‌‌‌ ‌17‌‌‌ ‌March‌...

February 28, 2022

Health and Social Care Levy

An increase in National Insurance contributions is set to come into effect from April this year. Under the plans, employers, employees and the self employed will all pay 1.25p more in the pound. From April 2023 the extra tax will be collected as a new Health & Social Care levy and the National Insurance contributions will revert to their existing levels.  The revenue from the levy will be "hypothecated in law to health and social care" meaning that the estimated £12bn a year raised by...

January 31, 2022

Strictly Inspirational

With Christmas just days away it can seem hard to find reasons to be merry and bright this year. With the headlines full of fears of another lockdown, rising interest rates and declining confidence in the government you could be forgiven for thinking there are just too many obstacles to overcome to succeed.However on Saturday night 11 million people watched the inspirational Rose Ayling-Ellis become the first deaf person to win Strictly Come Dancing. In an emotionally charged evening, Rose and h...

December 20, 2021

Shift to a Low Carbon Economy

As the world turns its attention to the 26th UN Climate Change Conference of the Parties (COP26) small businesses should consider what they can do in their business to take positive action to combat climate change.  At The Accounts Place we are passionate about helping the environment and strive to adhere to the motto  'Be Green and Keep it on the Screen'  We are also delighted that our partner, Xero is  committed to evolving every function of their business to consider short...

November 8, 2021

Xero Bank Reconciliations

Bank reconciliation has always been a core bookkeeping task. Comparing two sets of records to make sure the figures are correct was a time consuming but essential process of inputting bills and invoices into an accounting system then cross checking these against the bank statement. Xero totally rethought that process and essentially created a matching game, with Xero transactions (bills and invoices) on one side and statement lines on the other. Xero then did the match for you - something t...

August 26, 2021

Making Tax Digital Phase 2

Next month HMRC will begin writing to all VAT registered companies not yet registered for MTD to advise that with effect from April 2022 all VAT registered companies regardless of turnover must be compliant with MTD.  Public notice 700 /22:  https://www.gov.uk/government/... gives detailed information regarding the regulations; specifically which digital records need to be kept and return requirements for MTD. It also details the conditions and procedures to claim for exempti...

August 2, 2021

Changes to the Coronavirus Job Retention Scheme .

This month sees changes to the Coronavirus Job Retention Scheme (CJRS) The Government will now pay 70% of employees' usual wage for the hours not worked, up to a cap of £2,187.50. In August and September, this will reduce to 60% of employees' usual wages up to a cap of £1,875.Employers will need to pay the 10% difference in July and 20% in August and September so that they continue to pay furloughed employees at least 80% of their usual wage for the hours they do not work during this time, up ...

July 6, 2021

New Sauce of Investment

Kraft Heinz have announced that they will be investing $199m (£140m) in a UK food manufacturing facility over the next four years.In the firms biggest expansion  of a manufacturing site outside the US in more than 20 years the plans for the plant in north west England would see ketchup, mayonnaise and salad cream made in this country. In what the company say will be one of the largest investments in UK manufacturing since Brexit, the plan will create up to 50 new full time jobs.The Kitt Gr...

June 1, 2021

Work Smarter, not Harder

Even in normal circumstances, this time of year can be incredibly stressful for people working in accounts. We can't always avoid working long hours or deadlines but we can change the way we approach these things.Maintaining good physical, emotional and mental health is key to productivity. It might be counterintuitive or difficult to justify self care during busy times, but you will be more effective at work when you can bring your body and mind back to a state of wellbeing. It you aren't takin...

February 15, 2021

New Year - No Big Deal?

As we start the first full working week of 2021, businesses who buy or sell within the UK have to comply with the new Brexit regulations. The UK and the EU have agreed that there will be no taxes on each other's goods when they cross borders and no limits on the amount of things that can be traded. So what affect will the regulations have on business? In a word - paperwork. Traders in England, Wales and Scotland will need to make customs declarations as if they were dealing with countries elsewh...

January 4, 2021

Virtually Christmas

HMRC have confirmed that the annual parties' exemption (s264 ITEPA03) will apply to the costs associated with virtual parties in the same way that it would for traditionally held parties. Subject to the normal conditions of the exemption being met, the expenses of hosting a virtual event, including providing entertainment, equipment and refreshments principally for enjoyment or consumption by employees during the event, will be exempt. For annual parties or similar annual events, no liabili...

December 14, 2020

Hamilton Races to the Record Books

Lewis Hamilton made Formula 1 history following his incredible 92nd career win in Sunday's Portuguese Grand Prix. His 7th world championship title seems certain to follow this season. A much less certain result is the race to the White House in the upcoming US elections. Voters will decide on November 3rd whether Donald Trump remains in power for another 4 years. Joe Biden is currently  leading national presidential polls but as Hillary Clinton found in 2016, with the electoral college syst...

October 26, 2020

Furlough For Now

The Coronavirus Job Retention Scheme (CJRS) is changing from 1st October 2020. From that date HMRC will pay 60% of usual wages up to a cap of £1875 per month for the hours furloughed employees do not work.  Employers must continue to pay furloughed employees at least 80% of their usual wages for the hours they do not work, up to a cap of £2500 per month. Employers will need to fund the difference between this and the CJRS themselves. The caps are proportional to the hours not worked so if...

September 28, 2020

VAT Returns to Normal

The VAT payments deferral scheme ended on 30 June 2020.  If you are a UK VAT registered business that deferred payments between 20 March and 30 June 2020 you should pay in full all payments that fall due after 30 June. Make sure you have set up cancelled direct debits in enough time for HMRC to take payment.  Any VAT payments you deferred between 20 March and 30 June must be paid in full before 31 March 2021 to avoid potential penalty. You can pay or make payments towards your deferred...

September 8, 2020

Hair Offensive

The use of any language or behaviour designed to cause offence is never acceptable and anyone indulging in such should rightly be condoned. However it does seem that the most unlikely things can sometimes be a surprising cause of controversy.Case in point is the moustache of US ambassador to South Korea, Harry Harris (think Bert Reynolds, Tom Selleck)  Earlier this year South Korean commentators and politicians said the moustache evoked painful memories of Japanese colonial rule - 1910 to 1...

July 27, 2020

Common Senseless.

July 4th will see further easing of the lock down restrictions with social distancing now at 1 metre plus rather than 2 metres and indoor gatherings of 2 households allowed. July 4th will also see the welcome reopening of many facilities such as places of worship, cafes, museums and hair salons. Boris Johnson has said that "as we give people back more control over their lives, we will be asking them to follow guidance on limiting their social contact, rather than forcing them to do so through le...

June 29, 2020

On the Right Track?

Today sees the introduction of the new track and trace system which aims to lift the blanket lock down restrictions and move towards more localised, targeted measures.In keeping with the existing rules, anyone who develops symptoms of coronavirus must continue to isolate for seven days and the rest of their household for 14 days.  But from now on, everyone with systems should ask for a test online or phone to arrange a test by calling 119.If the test comes back negative, everyone in the hou...

May 28, 2020

Brave New World

The Accounts Place celebrated it's 5th birthday last week and we are rightly proud of what we have achieved during those 5 years. When we founded The Accounts Place we could never have anticipated the extraordinary circumstances in which we find ourselves today but as accountants and bookkeepers our role has never been so crucial. Our clients rely on us to provide the financial information they need when applying for loans etc and it is incumbent on us to be on top of all new regulations and be ...

April 27, 2020

Along for the Ride.

It is a common fallacy that small business need a bookkeeper merely to process paperwork in order to meet legal obligations and to enable the accountant to prepare the year end accounts. So why pay for a premium bookkeeping service when the mum at the school gates can probably do the job at a cheaper cost? After all every penny counts especially in these unprecedented times. It is precisely because these times are so unprecedented that it is more important than ever that business owners invest i...

March 30, 2020

Here to help.

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