MAKING TAX DIGITAL – SHOULD YOU BE WORRIED?

Making Tax Digital – should you be worried?

On the 13 July Ministers confirmed a new timetable for Making Tax Digital (MTD).

From April 2019 businesses with a turnover above the VAT threshold (currently £85,000) will need to keep Digital records for VAT purposes.

Businesses below the VAT threshold will now be exempt from requirements to quarterly reporting until the government can reassess the plans. This is likely to be after the current pilot and before 2020.

MTD will be available on a voluntary basis for the smallest businesses, and for other taxes. Businesses and landlords with a turnover below the VAT threshold will be able to opt to use the new digital reporting system but it will not be mandatory until ‘at least’ 2020.

The Treasury document states that under the new timetable:

• only businesses with a turnover above the VAT threshold (currently £85,000) will have to keep digital records and only for VAT purposes;
• they will only need to do so from 2019; and
• businesses will not be asked to keep digital records, or to update HMRC quarterly, for other taxes until at least 2020.

These changes will be legislated this Autumn as part of the Finance Bill 2017.

So, should you be worried about what this means for you and your business?  In short – No!

We are encouraging all our clients to use bookkeeping software.  If your records are up to date and have been entered into bookkeeping software, you will already have the required information under Making Tax Digital.  

If you want more information about bookkeeping software or have any questions about Making Tax Digital.  Please get in touch on 0113 2864486.

Once we have more details we will issue an update.

How often do you hear people say “it’s the little things that make a big difference”?  Here at Business Works, we absolutely believe this to be the case.

We are Accountants and attention to detail is important to us and our clients, but our attention goes beyond the numbers to create surprise and delight for visitors to our offices.

Our company colour is orange, which is a far cry from our original choice of blue.  We were told by a client that blue wasn’t representative of our company personality and that orange would be way more reflective of who we are and how we operate. Orange, we were told, represents prosperity, optimism, energy and creativity.  We changed our letterhead, business cards and signage to orange, but the real beauty came when we properly embraced the orange.

When you visit our offices, you will find orange glasses for your water, orange coasters, an orange cosy on the teapot, even the posters on the wall are orange.  We have an orange tree in a pot and even the towels and hand wash in the toilets are orange.  I now dress in something orange every work day.  I’m told it makes me very easy to pick out in a crowded room!

But the thing that really delights our clients is the chocolate.  We always have an abundance of orange chocolate.  We are probably one of the country’s biggest consumers of chocolate oranges and we add other popular chocolate orange goodies to keep it fresh and interesting.

We regularly get visitors tweeting about the chocolate orange bowl and joking that they are having one of their five a day.

So, what do you do to surprise and delight your clients?  The smallest things really can leave a lasting impression.

We are proud to be the UK finalist in the Intuit Global Firm of the Future Competition.  The next stage is a live vote and it would be amazing if you would vote for us.  Voting is open from 16^th October until 29^th October 2017.  Follow this link to check out our short promotional video.  bit.ly/FotFUK.  The video will show how orange is embedded in our culture too.

Jo Tomlinson MD Business Works UK

Click for the full job description:Job Description – Part time Practice Accountant

Please email your CV to helen.cooper@businessworksuk.co.uk with a covering letter. Please let us know what experience you have and how you can bring your knowledge to help you hit the ground running on this role, what hourly rate of pay you are looking for and your preferred hours.

Click for the full job description: Job Description – Event & Marketing Administrator

Please email your CV to helen.cooper@businessworksuk.co.uk with a covering letter. Please let us know what experience you have and how you can bring your knowledge to help you hit the ground running on this role, what hourly rate of pay you are looking for and your preferred hours.

PAYROLL OFFICER
Location – Garforth, LS25
Hours – Part Time or Full Time available

In early 2017 Tax-Free Childcare will be launched.  One of the points that jumped out at us and thought you might like to know is that self-employed parents will be able to get support with childcare costs in the Tax-Free Childcare, not like the current Employer-Supported Childcare scheme.

So, what is Tax-Free Childcare?

• Tax-Free Childcare will be available to around 2 million household to help with the cost of childcare with a registered provider, enabling more parents to go out to work.
• For every 80p you (or someone else) pays in, the government will put in an extra 20p. This is equivalent to the 20% tax that most people pay.  The government will top up the account with 20% of childcare costs up to a total of £10,000 – the equivalent of up to £2,000 support per child per year (or £4,000 for disabled children).
• You can pay money in when you like, giving you the flexibility to pay in more some months and less in others. This could enable you to build up a balance in your account to use at times when you need more childcare than normal.
• It’s not just parents who can pay in – grandparents, other family members and employers may also pay in.
• The scheme will be available for children up age 12, and up to the age of 17 for children with disabilities.

Do you qualify?

• Tax-Free Childcare doesn’t rely on employers offering the scheme, unlike the current Employer-Supported Childcare scheme.
• The scheme aims to be flexible for parents. To qualify parents will have to be in work and each earning around £115 a week, but no more than £100,000 each per year.
• You will be able to get support from this scheme if you are self-employed parents. To support newly self-employed parents, the government is introducing a ‘start-up’ period.  During this, self-employed parents won’t have to earn the minimum income level.

What will you need to do?

• You will open an online (National Savings & Investment) account in to which you can pay in to, to cover the cost of childcare with a registered provider. This will be done through the government website, GOV.UK.
• The scheme will be rolled out gradually to families, with parents of the youngest children been able to apply first. You will be able to apply for all your children at the same time as soon as your youngest is eligible.
• All parents will be able to join the scheme by the end of 2017.
• There will be a simple log in service for you to view your accounts for all your children at once and review your circumstances every 3 months.

Do I have to swap schemes?

• If you currently receive Employer-Supported Childcare then you may continue if you desire as the Employer- Supported Childcare scheme will continue to run. The current scheme will remain open to new entrants until April 2018 – parents already registered by this date will be able to continue using it for as long as their employer offers it.

Here at Business Works we have done various calculations to work out which scheme would be best for some of our clients, taking in to consideration earnings, childcare costs, taxable income and salary sacrifice.

If you would like us to look at your circumstances or would like more information please do not hesitate to get in touch with us.

Source: gov.uk

THE ROLE

You will be required to deliver work across a portfolio of clients, as part of a close knit team, ensuring the highest possible standards of client service at all times and taking an active role in the growth of the business.

• Preparing statutory and trading accounts
• Preparation and review of VAT returns
• Preparation and review of Corporation tax returns
• Preparation and review of Personal tax returns
• Maintaining records and management information
• Overseeing bookkeeping tasks of junior colleagues and trainees
• Attending client meetings

THE PERSON

The successful candidate will ideally be ACA / ACCA qualified, however candidates in the final stages of the qualifications or qualified by experience may also be considered for the role.

This position is suited to an accountant with experience of a working in an Accounting Practice.

THE PACKAGE

This is a part time position offering between 16 and 30 hrs per week.  It can be flexible with regards to hours/days worked.  However, for the right candidate full time may be considered.

The salary is negotiable depending on experience and qualifications. Free parking is available on site, and the practice is easily accessible by road.

If you’re looking to work in a friendly office for a fast growing company in a very hands on role, then please send your CV to us today.

Please email full CV to helen.cooper@businessworksuk.co.uk

The Finance Awards is a highly acclaimed awards programme established to celebrate the ever prosperous Finance Industry.

The Finance awards sponsored by UK Business Circle and presented by Corporate LiveWire champions the success of innovators and leaders across the global finance sector, with specialised category awards recognising achievements in Financial Services, Tax and Accountancy.

The Small Business, Enterprise and Employment Act received Royal Assent in March 2015.  You can view the full act and expected timescales on Companies House.

One of the measures, expected to be implemented in April 2016, is the abolishment of the annual return that is lodged at Companies House.  This is to be replaced with an annual requirement to ‘check and confirm’ the company information by filing a ‘confirmation statement’, and notify changes if necessary at least once every 12 months.

If you have any questions, please do not hesitate to contact us.

The government has promised HMRC a further £800m to pursue non-compliance and tax evasion, with £300m to be spent on targeting SMEs and wealthy individuals and £36m focused on trusts, pension schemes and non-domiciled individuals.  There is a common misconception held that HMRC do not have enough staff to deliver the compliance targets being demanded. The figures tell a different story.

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Our tax investigations package offers businesses and individuals protection to ensure that in the event of an HMRC enquiry all our accountancy fees in dealing with the enquiry are provided for.
Our tax investigation package offers:
– Up to £75,000 of accountancy fees
– Full representation to HMRC on your behalf including handling all correspondence and interaction, along with attending any HMRC meetings
– Comfort and peace of mind that we can provide a robust defence against HMRC

Call us on 0113 2864486 to find out more information about our package.