Latest News

August 13, 2016

We are now QuickBooks Online Certified!

We are pleased to announce that Steven Boyd is now a certified Quickbooks Online ProAdvisior What Is QuickBooks Online? QuickBooks Online is an online accounting system that can be accessed anywhere you have an internet connection. QuickBooks Online is NOT the same as QuickBooks Pro or Premier. It is a completely different product. What clients like best about QuickBooks Online is that you can have simultaneous access from multiple locations. You can access it on almost any device, even on a smart phone. And QuickBooks Online integrates with QuickBooks Payments and QuickBooks Online Payroll. Because QuickBooks Online is internet-based, there is no software to install on your desktop, no upgrades of the software to install and no files to pass back and forth. Your accounting file is stored on Intuit’s secure servers, and only those to whom you grant permission to do so can access your file to collaborate with you. Why We Have Become Certified in QuickBooks Online We are very interested in supporting software that leverages technology. We believe that QuickBooks Online is a good solution for many small businesses. Intuit released the QuickBooks Online Certification test in October 2012. We are happy to offer this alternative to […]
July 7, 2016

Salary and Dividend Strategy 2014/15

As a director and shareholder of your own company you can decide how much salary to pay yourself each month in order to use your tax-free personal allowance in the most tax efficient way. Any further funds you need can be extracted as a dividend if the company is making a profit. If you are a director of your company and you don’t have a contract that sets out terms of employment with the company, you don’t have to pay yourself the national minimum wage. So how much should you pay yourself? For 2014/15 if you were born after 5 April 1948 you have a tax free personal allowance of £833 per month (£10,000 per year). You could take a salary at that level and pay no income tax, assuming you have no other taxable benefits from the company such as a car. However, you will pay national insurance (NICs) on that salary as the NICs threshold is only £663 per month. From a gross salary of £833 the company must deduct NI of £20.40 and set-aside employer’s NI of £23.46 on top. The company will have an employment allowance of £2,000 for the year to set against its employer’s NI […]
August 13, 2016

We are now QuickBooks Online Certified!

We are pleased to announce that Steven Boyd is now a certified Quickbooks Online ProAdvisior What Is QuickBooks Online? QuickBooks Online is an online accounting system that can be accessed anywhere you have an internet connection. QuickBooks Online is NOT the same as QuickBooks Pro or Premier. It is a completely different product. What clients like best about QuickBooks Online is that you can have simultaneous access from multiple locations. You can access it on almost any device, even on a smart phone. And QuickBooks Online integrates with QuickBooks Payments and QuickBooks Online Payroll. Because QuickBooks Online is internet-based, there is no software to install on your desktop, no upgrades of the software to install and no files to pass back and forth. Your accounting file is stored on Intuit’s secure servers, and only those to whom you grant permission to do so can access your file to collaborate with you. Why We Have Become Certified in QuickBooks Online We are very interested in supporting software that leverages technology. We believe that QuickBooks Online is a good solution for many small businesses. Intuit released the QuickBooks Online Certification test in October 2012. We are happy to offer this alternative to […]
July 7, 2016

Salary and Dividend Strategy 2014/15

As a director and shareholder of your own company you can decide how much salary to pay yourself each month in order to use your tax-free personal allowance in the most tax efficient way. Any further funds you need can be extracted as a dividend if the company is making a profit. If you are a director of your company and you don’t have a contract that sets out terms of employment with the company, you don’t have to pay yourself the national minimum wage. So how much should you pay yourself? For 2014/15 if you were born after 5 April 1948 you have a tax free personal allowance of £833 per month (£10,000 per year). You could take a salary at that level and pay no income tax, assuming you have no other taxable benefits from the company such as a car. However, you will pay national insurance (NICs) on that salary as the NICs threshold is only £663 per month. From a gross salary of £833 the company must deduct NI of £20.40 and set-aside employer’s NI of £23.46 on top. The company will have an employment allowance of £2,000 for the year to set against its employer’s NI […]
July 7, 2016

VAT Notes 1 Budget 2014 Supplement

This supplement gives details of the changes to VAT announced at Budget 2014. Information on each of the changes is available in HM Revenue & Customs’ document ‘Overview of Tax Legislation and Rates’ (Go to https://www.gov.uk/government/collections/budget-2014-hm-revenue-customs) Increased registration and deregistration thresholds The taxable turnover threshold, which determines whether a person must be registered for VAT, increased from £79,000 to £81,000 from 1 April 2014. The taxable turnover threshold which determines whether a person may apply for deregistration increased from £77,000 to £79,000 from 1 April 2014. The registration and deregistration limits for relevant acquisitions from other European Union (EU) Member States also increased from £79,000 to £81,000 from 1 April 2014. New reverse charge for gas and electricity The Government announced that it will legislate for a reverse charge on wholesale supplies of gas and electricity in order to prevent missing trader intra community fraud. Supplies for consumption will not be affected and sector representatives are being consulted on timing. Reform of the VAT zero rate on adapted motor vehicles for wheelchair users The Government will consult on options for reforming the VAT zero rate on the supply of motor vehicles that have been substantially and permanently adapted for the […]
July 6, 2016

Payroll Legislation Update-March 2015

PAYROLL LEGISLATION UPDATE EFFECTIVE 6 MARCH 2015 Penalties will be issued for late filing of payroll from 6 March 2015 You will get a penalty if: • your Full Payment Submission (FPS) is late • you don’t send the expected number of FPSs • you don’t send an Employer Payment Summary (EPS) when there are no payment to employees in a tax month. Penalties start at £100 per month! HMRC expects your Full Payment Submission (FPS) to be filed: • at the time the payment is made, or, if earlier • at the time the employee becomes entitled to payment For example Your usual payday is 25th of the month, and one month you pay your employees on 26th. • Your FPS must still be dated 25th and lodged on or before 25th. If you date it for 26th and send it in on 26th, it is considered late and will attract a penalty even if that’s the date you paid your employees. • Your usual payment is 25th of the month, and one month you pay on 24th. Your FPS must be dated 24th and lodged on or before 24th There is an easement of these rules if your […]
July 6, 2016

RTI late filing penalties extended to micro businesses

Small businesses are now eligible for fines applying to the late filing of PAYE submissions under the new Real Time Information (RTI) system. Since last autumn, SMEs with 50 or more staff have been subject to penalties for the late filing of PAYE information via the RTI system. Although HMRC initially intended employers with fewer than 50 employees to also face such fines, an extension to March 6 2015 was given to smaller businesses that required more time to adapt to the new arrangement. However, this extension has now elapsed; meaning smaller businesses and start-ups are now eligible for the penalties. HM Revenue and Customs (HMRC) has confirmed there will be a three-day grace period for all employers before any late filing penalties are imposed; which is a much-needed concession for all firms. The Chartered Institute of Taxation (CIOT) and the Low Incomes Tax Reform Group (LITRG) have both welcomed the three-day concession which mitigates a burden that would have hit the smallest firms hardest. Patrick Stevens, tax policy director, CIOT, said: “Although there is no change to the actual filing deadline, which for the vast majority of employers still means a Full Payment Submission (FPS) should be filed on […]