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August 2011

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To August’s Tax Tips & MYOB News, our newsletter designed to bring you tax tips and news to keep you one step ahead of the taxman.

If you need further assistance with MYOB just let us know or you can send us a question for our Question and Answer Section.

We’re here to help!
August 2011
· Two good options for MYOB Users
· VAT Initiative Starts
· New Workplace Pensions
· VISMA take over Mamut
· August Question and Answer Section
· August Key Tax Dates
Two good options for MYOB users: Acclivity & MYOB v11
Acclivity AccountEdge
We now have another option for users of MYOB users looking for an alternative. This is the Canadian version of AccountEdge for the PC, sold by Acclivity. You can see this software at  (note: this link may redirect to Mamut site – if so try accessing it from another computer). You pay $399 (about £250 – no VAT is payable) for a single user licence. This is suitable for the more complex PC environments. Multiuser versions are available. For example a further five licences are available for $499.

I now prefer this option to MYOB version 11, particularly for PC users. All the other functions that you know and love about MYOB are available within this Canadian software, except for Payroll. However it does operate slightly differently. While the interface is gorgeous, the location of the lists function is different. There are other small differences to learn. With a bit of wit and support you will find this software at least as straightforward as your current option. Read More

MYOB version 11
For smaller businesses with straightforward affairs MYOB version 11 is also a good option. We are offering the software for free to users who can show us they have an MYOB licence. In order to be able to use MYOB Version 11, you will need a datafile in which you put all your company data and your accounts data.  You cannot create this yourself because for Version 11 the datafile was licensed (rather than the software). If you have an old backup file (v11 or earlier) you could amend that. Alternatively we can provide you with a useable datafile for £100 + VAT. You would need to enter company details and set up accounts codes yourself (or we can do this for you at extra charge).
Read More 
VAT Initiative Starts top
New Workplace Pensions top
Last month we warned you the Taxman was planning a campaign to encourage businesses to register for VAT. The Taxman is calling this campaign the ‘VAT Initiative’.

To launch the VAT initiative the Taxman is writing to about 40,000 businesses whose turnover has apparently already exceeded the compulsory VAT registration threshold. Those businesses will be invited to register for VAT and pay over all the VAT owed since the date they should have registered, plus a low penalty of only 10% of the VAT outstanding. Those businesses that first exceeded the VAT threshold within the last 12 months may get away with a nil penalty, but it will be up to the Taxman to decide what level of penalty applies. Read More
Another set of regulations is set to fall on the shoulders of all employers. This time it’s a compulsory pension scheme for all employees.

This new pensions law is due to be introduced over four years from October 2012. The largest employers (120,000 or more employees) will be forced to sign up first. Those who employ less than 50 workers will be required to take part in the scheme from a date sometime in 2014 to 2016. The exact date will depend on your PAYE reference number.

Only one-man companies will be exempt, otherwise every employer who has workers in the UK will be required to enrol those workers in a pension scheme. There will be exceptions for workers aged under 22, over state retirement age or paid less than £7,475. Employees will have to take an active decision to opt out and sign a form to do so. The employer will not be permitted to induce employees to opt out, or to screen out potential employees who do not wish to opt out of the pension scheme

At Simple Accounting, we will be issuing our own Simple SSAS Scheme for those who want to run their own affairs. Contact us on 01422 847500 begin_of_the_skype_highlighting              01422 847500      end_of_the_skype_highlighting to find out more. 

. Read More
VISMA take over Mamut top
August Question and Answer Section top
On 5th July 2011 VISMA (another Norwegian software house) acquired Mamut asa under the Norway Stock Exchange. At 12 Norwegian Kronas per share, Mamut cost VISMA £80 million. This compares to the £1million paid by Mamut for the MYOB UK franchise. Mamut is about to be delisted from the Norwegian stock exchange.

We have contacted VISMA’s Chief Executive for a change in the way they have approached the distribution of Acclivity and MYOB software here in the UK. Unfortunately we have had as little interest from VISMA as from both Mamut asa and their UK subsidiary.
Q. I’ve heard I could reduce inheritance tax by leaving money to charities in my Will. How does this work? Do I have to leave a minimum amount? Answer

Q. I earn £30,000 p.a. taxed under PAYE, but also have a variable amount of rental income. I have read that 40% tax applies above £35,000 but I’ve also been told I can earn £42,475 before paying 40% tax. How much rental income can I receive before paying 40% tax? Answer

Q. My employees are occasionally required to work late in the evening. If I pay for taxis to take them home is that cost tax allowable for the business and will the employees be charged tax on the taxi fare? Answer
August Key Tax Dates top
 19/22 – PAYE/NIC and CIS deductions due for month to 5/8/2011
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 AccountEdge, Solar Accounts, Quickbooks or Clearbooks. We offer a range of accountancy services despite being specialists.

‘All clients using these software packages can benefit from our support. Visit our website for a look at the resource on offer.’

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