New Xero Analytics - Free Until January 2022
When COVID-19 first hit, Xero released short-term cash flow and business snapshot tools to all customers free of charge. These tools helped visually project your potential bank balance 7 or 30 days into the future and get insights on your business performance, so you can spot opportunities and mitigate risks ahead of time. Xero have now bundled these tools and renamed them Xero Analytics. If you’re on a Xero business plan, they’ll still be available free of charge, located under the ‘Busin...
July 21, 2021Government Announces Simplified Tax Reporting For Self-employed and Small Businesses
As part of the Government's draft legislation to be included in the Finance Bill 2021-22, announced changes mean that businesses will be taxed on profits arising in a tax year, rather than profits of accounts ending in the tax year. The government believe this will help them spend less time filing their taxes, aligning the way self-employed profits are taxed with other forms of income, such as property and investment income. These changes are due to come into force by 2023 and have been drawn-up...
July 21, 2021Government Publishes Draft Legislation To Be Included In The Finance Bill 2021-22 - Tax & Pension Highlights
Publishing draft legislation allows for technical consultation and provides taxpayers with predictability over future tax policy changes. Alongside this, the Government is making announcements in a number of areas of tax policy. The Government is also publishing a research report titled ‘Impact of Making Tax Digital for VAT’. This considers the impact of Making Tax Digital (MTD) across those taxpayers that have been required to operate it. Since April 2019 all VAT registered businesses with ...
July 21, 2021Self-Employment Income Support Scheme (SEISS) Fifth Grant - Online Claims Open Late July 2021
A fifth grant covering May 2021 to September 2021 will be available to claim through the online service from late July 2021. The grant is taxable and will be paid out in a single instalment. If you’re eligible based on your tax returns, HMRC will contact you from mid-July to give you a date that the claims service will be available to you from. It will be given to you either by email, letter or within the online service. You must make your claim on or before 30 September 2021. Eligibility: You...
July 6, 2021What Is A P11D And Why Do I need One?
What Is A P11D? A P11D shows certain expenses and benefits that an employee is liable to pay tax on. Employers who must submit P11D forms every tax year to let HMRC know of any expenses payments, benefits and facilities given to each employee or director. Employees taxable benefits can be offset against your PAYE tax code which means employees may be more tax each month Why Do Employees Need One? The so called benefits-in-kind effectively increase you salary so the P11D ...
July 5, 2021Our New Complete, Payroll Solution – A Few Clicks & Payroll Is Done!
What Is It? An online solution that allows us to securely make payments on your behalf to employees while you retain control through a robust and simple approval process. The payments are processed directly from Modulr’s software, our payments technology partner Modulr is authorised and regulated by the FCA. Problems With The Old System Currently, you will receive a payment workflow spreadsheet or report from with payment details. You then have to manually upload and process these payments thr...
June 28, 2021How Tripcatcher Is Helping Our Team & Clients Capture Business Mileage Expenses
This week marked the last member of our practice making a business trip for the first time since the COVID-19 pandemic and she realised she hadn’t used Tripcatcher for a while so needed a refresher so we though it would be useful to share this.What is Tripcatcher? Skip to the refresher section if you already know! You can complete your mileage expenses anywhere, using our mileage tracker which is available on the web or phone app. It’s very easy to use, with lots of time-saving features incl...
June 16, 2021National Volunteer Week - Recognising The Invaluable Contributions Of Volunteers
Volunteers Week takes place between 1st and 7th June every year. It's a chance to recognise the fantastic contribution volunteers make to our communities and say thank you. It’s a time to say thanks. This is a time for us to come together and thank all volunteers for their invaluable contribution. As well as helping others, volunteering has been shown to improve volunteers' wellbeing too. It can also help you gain valuable new skills and experiences, and boost your confidence. We at Cashtrak a...
May 26, 2021HMRC Concludes Kickboxing Company Is NOT Exempt From VAT
A martial arts kickboxing company disputed paying VAT with HMRC, claiming they should be exempt from as they provide a form of tuition, has lost the dispute. The tribunal ruled that ‘kickboxing is not an activity which is commonly taught at schools or universities in the European Union.’ The dispute started in April 2017 after HMRC began a VAT enquiry into the company and HMRC claimed the company had a VAT liability of over £400,000 for output tax for it supplies of kickboxing classes betwe...
May 24, 2021Working From Home - Claiming Tax Relief On Home Expenses
The COVID-19 pandemic has seen a big shift in the working practices of many employees with the country slowly recovering and carefully loosening restrictions, many employees continue working from home for various reasons – saving the employer money on premises and work-life balance. Working from home is not for some with some employees having to be in an office or preferring to be office based but for the employees that are continuing to work from home, there are tax benefits available to most...
May 18, 2021Learning At Work Week 2021 - Highlighting The Benefits Of Learning & Development At Work
Co-ordinated by the Campaign for Learning since 1999, the primary goal of Learning at Work Week is to spotlight the benefits of learning and development at work and build learning cultures at work. Partners of the event are running free and low cost opportunities. Bookkeeping is a regulated profession, a fundamental part of our membership with The Institute of Certified Bookkeepers (ICB), is that we are committed to the continuing development of our professional skills, ensuring they maintain th...
May 17, 2021Making Tax Digital (MTD) For VAT| Businesses Still Not Aware Of Requirements| Is Your Business Compliant?
Making Tax Digital (MTD) is a key part of the government's plans to make it easier for individuals and businesses to get their tax right and keep on top of their affairs. Their plan is for HMRC to become one of the most digitally advanced tax administrations in the world and as such, changes in the way tax is managed has changed and will continue to change. HMRC state that the by transforming tax administration, it will be: more effectivemore efficienteasier for taxpayers to get their tax right ...
May 10, 2021Today Marks The Start Of The New Tax Year - What Businesses & Self-Employed People Need To Know
The 2021/22 new tax year starts today. We look at the grants, loans, changes and freezes you need to know about! Income Tax Self-Assessment Tax Return You can submit your 2020/21 tax return, now known as an ITSA (Income Tax Self Assessment) any time from now until 31st January 2022. There are numerous benefits of submitting your tax return early, your payment deadline remains as 31st January regardless of when you submit it. Click here for top tax return tips.Self-Employment Income Support ...
April 6, 2021IR35 Also Known As Off Payroll Working Rules Change From 6th April, 2021 - What You Need To Know
From 6th April 2021, the IR35 rules have changed which means all organisations that have workers providing services through an intermediary (more information on an intermediary below) to public sector clients and medium or large-sized private sector clients will be responsible for deciding worker’s employment status. This includes some charities and third sector organisations. Previously, the worker was responsible for deciding their employment status for tax purposes. IR35 rules have been cha...
April 6, 2021Recovery Loan Scheme (RLS) Launched 6th April, 2021 - Businesses Of Any Size Can Continue To Access Loans
This new scheme launched today (6th April) to help businesses of any size access loans and other finance options to support recovery after the COVID-19 pandemic. It replaces the government guaranteed schemes, including CBILS and BBLS, which closed at the end of March. Up to £10 million available per business (actual amount and terms at the discretion of participating lendersGovernment guarantees 80% of the finance to the lender (It should be noted the borrower is always liable to 100% of t...
April 6, 2021What Is Your P60?
If you’re working for an employer on 5th April, they must provide you with a P60. This must be given to you by 31st May, on paper or electronically. Your P60 shows the tax you’ve paid on your salary in the tax year (6th April to 5th April). It is a form showing all the money you’ve been paid in the tax year, along with all the tax and National Insurance Contributions (NICs) that have been taken out. You will get a separate P60 for each of your jobs. You should keep your P60 safe, it’s t...
March 31, 2021Why Payroll Matters
Ultimately, employees work to be paid. Payroll is therefore fundamental to the relationship with and motivation of an employee. An employee carries out their work and, rightly, expects to be paid correctly and on time. When this doesn’t happen, it damages the relationship and motivation.Poor payroll in an organisation can have a negative impact on employees. Payroll is a complex business, it can be easily processed incorrectly by the wrong person. Payroll errors can lead to poor mental wellbei...
March 29, 2021HMRC SEISS Email Communication Asking To Prove Trade By 22nd March Or Not Receive Any Further Grants May Be Missed By Many
Some self-employed workers were sent an email last month from HMRC asking them to prove they are still trading before they can claim any further SEISS grants before 22nd March, if HMRC do not receive a response then then they state the tax payer will not be able to receive any further SEISS grants. Even if you have responded, they advise that future SEISS claims may be delayed whilst HMRC check the information you provide. The SEISS grant is only available if work was stopped due to ...
March 19, 2021Budget: Extensions to Furlough, Self-employed Support, Business Grants, Loans & VAT Cuts: Total Support Over £407 Billion.
The Chancellor has announced his 3 point plan to protect jobs and strengthen public finances: Billions to support businesses and families through the pandemicInvestment-led recovery as UK emerges from lockdownFuture changes to strengthen public finances We look at the schemes, grants announcements and anything else related to businesses and self-employed people. Furlough Scheme: Coronavirus Job Retention Scheme (CJRS) The CJRS will be extended until end of September as follows: Now to end...
March 3, 2021Changes To The BrightPay Payroll Portal Coming This Month
UpdateThe portal that we supply for our payroll will be introducing extra security measures, Two Factor Authentication can soon be enabled as a feature for users of BrightPay Connect. Two Factor Authentication is a second layer of protection to re-confirm the identity for users logging into Connect through an internet browser or through BrightPay. This improves security, protects against fraud and lowers the risk of data breaches as users can access sensitive employer and employee data...
February 15, 2021HMRC Statutory Payment Increases, Self-Assessment Tax Return Payment Update And Kickstart Scheme Round Up
Allowance Changes As there was no Autumn Statement, the financial secretary to the Treasury announced a written ministerial statement in the House of Commons with details of the increase of the National Insurance thresholds. The 2020 Autumn Spending Review confirmed that the personal tax allowance and tax basic rate threshold would increase by 0.5%. This is based on the consumer price index. This would mean that the personal tax allowance for 2021-22 would increase by £70 from £12,500 to...
February 15, 2021Restaurant Director Fined And Banned From Running Any Company For Hiding Takings To Avoid Paying VAT and Corporation Tax
A restaurant director from Kenilworth in Warwickshire has been fined and banned from owning or managing a company for 5 years for not submitting the correct sales figures for VAT returns and avoiding paying Corporation Tax. The director of Simla Restaurant, entered into liquidation in August 2019, this triggered an investigation by the Insolvency Service into the his conduct. Investigators uncovered that the business had traded between 2002 and mid 2008 without issue. However, in June 2008...
February 11, 2021Employers May Need To Recalculate Furlough Claims For January Following An Error Discovered In The HMRC Furlough Calculator
Accounting Web has reported that an error embedded in HMRC’s Coronavirus Job Retention Scheme (CJRS) calculator means employers may need to recalculate furlough claims for January. HMRC announced it had uncovered a mistake in its CJRS calculator that could mean claims have been over or understated, they apologised, stating: “We’re afraid our CJRS calculator on GOV.UK contained a software error, which we have now corrected.” As a result, employers will need to recalculate their CJRS...
February 10, 202114.74% Of People Have Missed The Self-Assessment Tax Return Deadline And Are Being Charged Interest
The self-assessment tax return deadline of 31st January has passed and there are still 1.8 million people yet to file. Whilst the payment deadline has been postponed to 28th February, tax returns still had to be filed by 31st January. Interest will be charged on the tax liability until the tax return is filed. Any outstanding balances must be paid or a payment plan arranged before 3rd March otherwise HMRC will charge a 5% late payment penalty. Anyone not able to afford their tax bill are able to...
February 2, 2021Self-Assessment Tax Return Advice And Help
Earlier this month, HMRC have released some interesting tax return statistics: HMRC expects 12.1 million tax returns to be filed this yearAround 55% have already filed their returns by the beginning of January93% of these (6.2 million) were submitted onlineAlmost 18,000 filed their tax returns on 1 January5.4 million returns still to file, as at 4 January 2021450,000 returns filed on paper (7% of total filed) * These figures include a forecasted adjustment for create return charge and unsol...
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