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Welcome… To August’s Tax Tips & MYOB News. This month we focus on some of the problems that may arise when you upgrade to the latest PC or Mac operating systems. Please contact us for advice on your own specific circumstances. We’re here to help!   August 2016 · Upgrading to Windows 10 · How to Make More Profit · Latest Mac Operating System & Acclivity AccountEdge · Casual Employees · August Questions and Answers · August Key Tax Dates Upgrading to Windows 10 top   How to Make more Profit top Acclivity AccountEdge users Some of our readers are using Acclivity AccountEdge 2013 (or later versions) on PCs.  If you would like to upgrade to Windows 10 you will find it easier if you first deregister the AE licence.  You can do this by hitting the ‘registered’ link on the initial program welcome screen.  The reason is that the installation of Windows 10 alters the ‘machine id’, which effectively deregisters your AE licence.  So do not directly upgrade a PC machine to Windows 10.  First deregister the AE product, then install Windows 10 and then reregister the AE software.  If you are one of our Business Companion clients then you can ask us to upgrade your Windows operating system for you. MYOB Users Some of our PC users are also being faced with the decision whether to upgrade to Windows 10.  Our advice is not to upgrade an existing machine which is operating UK MYOB versions 13 to 18.  It can cause complete chaos, unless you are sure what you are doing.  In particular you can end up losing track of the application and even losing the datafile.  The better solution is to wait until you need to buy a new Windows 10 PC and then install the MYOB software afresh on the new laptop.  For this you will need your original software CD. If you have installed Windows 10 and need support to rectify the situation – then we can help you.  Please get in touch with us via Myobusergroup.co.uk, and join if you aren’t already a member.  The group can supply replacement software, and help recover your datafile.  If you are a larger user then the longer term answer may be to move to Accountedge which is much more reliable (see above). Triggered by the country’s vote to leave the EU, the value of sterling has been falling on the markets.  The sterling rate was arguably overvalued against the US dollar.  The rate has recently increased from 69p to 75p now.  This is a record high price for a dollar. Meanwhile sterling has had a variable history against the Euro (would you believe that a Euro cost as much as 98p in late 2008!).  The rate has recently increased from 75p to 84p.  The nature of your business will determine how this effects you.  If you sell in the UK and your costs are based in the UK, there will probably only be a modest effect.  If you sell in EU or US and your prices are Dollar or Euro-based you should be able to grow your sterling profits without any great effort.  If you don’t currently sell abroad …. why not start?  The sales you make abroad are now worth considerably more sterling than they would have been only two months ago. Meanwhile if you sell in the UK and you are importing from the EU or US then you face the opposite problem.  Your sterling costs will be higher.  However the costs faced by all your competitors will also be higher.  Therefore you should be able to increase your prices without loss of long term market share.  But you will have to increase your prices. We have a tool to allow you to consider the effects of either increasing your prices or increasing your turnover or reducing your overheads.  Why not have a go at using it?  More Profit Tool   Latest Mac Operating System and Acclivity Accountedge (AE) top Many of our readers, using AE 2013 on Macs, have upgraded to El Capitan, which has had a strange effect on the links to Mac Mail.  You suddenly cannot email direct from the AE software… instead you are forced to save a pdf to the disk and then attach that pdf to an individual email to the customer.  This is less convenient, so our advice is not to upgrade a Mac machine where you need to email invoices or statements to your clients.  The problem has been rectified in the 2016 version of the AE Mac software.  If you are one of our Business Companion clients then we have a plan to upgrade you to the latest version of AE. See the Support note from Acclivity riggered by the country’s vote to leave the EU, the value of sterling has been falling on the markets.  The sterling rate was arguably overvalued against the US dollar.  The rate has recently increased from 69p to 75p now.  This is a record high price for a dollar. Meanwhile sterling has had a variable history against the Euro (would you believe that a Euro cost as much as 98p in late 2008!).  The rate has recently increased from 75p to 84p.  The nature of your business will determine how this effects you.  If you sell in the UK and your costs are based in the UK, there will probably only be a modest effect.  If you sell in EU or US and your prices are Dollar or Euro-based you should be able to grow your sterling profits without any great effort.  If you don’t currently sell abroad …. why not start?  The sales you make abroad are now worth considerably more sterling than they would have been only two months ago. Meanwhile if you sell in the UK and you are importing from the EU or US then you face the opposite problem.  Your sterling costs will be higher.  However the costs faced by all your competitors will also be higher.  Therefore you should be able to increase your prices without loss of long term market share.  But you will have to increase your prices. We have a tool to allow you to consider the effects of either increasing your prices or increasing your turnover or reducing your overheads.  Why not have a go at using it?  More Profit Tool Any problems or questions that you have, please let us know.    Casual Employees top   August Questions and Answers top Some employers will be considering taking on extra staff on a ‘casual’ basis to cover the summer period. There are a few issues which employers should think about when taking on people on a temporary basis. Firstly, the employment status of the worker needs to be carefully considered. The term ‘casual worker’ is not precisely defined in statute. It is often used to refer to individuals who are engaged on an ‘as and when required’ basis, and often, the intention is that the individual will not have employment status and all the legal rights which permeant employees enjoy. Read More Q1. I have five employees who I recently took out for dinner to celebrate the success of the company. The total cost of the meal was £225. Do I have to report this as a benefit-in-kind to HMRC? Answer Q2. Is there any update on Finance Bill 2016 Progress? Answer Q3. How long do I need to keep VAT records for? Answer   August Key Tax Dates top 19/22 – PAYE/NIC, student loan and CIS deductions due for month to 5/8/2016   Need Help? top   New Clients Welcome top Please contact us if we can help you with these or any other tax or accounts matters. In addition, if there’s anyone else who you think would benefit from the newsletter, please forward the email to them or ask them to contact us to be added to the newsletter list. If you are not already a client and are interested in becoming one, we would love to discuss how we can help and provide you with a competitive quote for our services. See details of our Business Companion Service.   About Us top Simple Accounting Limited offers a cost effective Business Companion service to business owners who use MYOB, Acclivity, Mamut, Solar Accounts, Quickbooks or Clearbooks. ‘All clients using these software packages can benefit from our support. Visit our website http://www.simpleaccounting.co.uk for a look at the resource on offer.’   If the images do not show. If the images contained within this email do not show correctly please add this email to your safe senders list.

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