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February 2014

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As Members of the MYOB User Group we thought you would be interested in this monthly newsletter from Simple Accounting Ltd.

As well as tax tips we include the latest news about MYOB and its alternatives, such as Acclivity AccountEdge.

Please contact us for advice for your own specific circumstances. We’re here to help!

February 2014
· Love MYOB? Now is finally the Time to move on
· Model Consultancy Contract
· VAT Penalties
· CGT on Home Developments
· February Question and Answer Section
· February Key Tax Dates
Love MYOB? Now is the finally the time to move on top

Our Offer to ex-MYOB Users
Simple Accounting Ltd has always concentrated on support for MYOB users. MYOB remains excellent software… destroyed in the UK by the poor marketing and leadership of MYOB and now Mamut.  But now UK users can transfer to a version of the software that will work indefinitely and is up-to-date with the latest operating systems.  We can perform this using your current MYOB datafile.

We are really pleased to be able to offer this conversion.  We will therefore make the conversion, for free, for any new client engaging Simple Accounting as a ‘Business Companion‘ for a minimum of two years. 

Acclivity AccountEdge
This now means that any past MYOB User can use the software they love in an up-to-date format. The software is the American Acclivity AccountEdge (AE).  You pay for the software (typically $300), but we perform the upgrade for free.  MYOB users are no longer trapped to old operating systems and old licences.  Neither are you limited to a licence for which the local distributor, Mamut, requires an ongoing rental. You will no longer need to reconfirm your datafile.  

Mac Mavericks (Mac OS 10.9) will not install MYOB from a raw program. Windows System 8 is awkward.  But there is no problem with the new software. Peace of mind is a good reason to move.  But with the launch of AE 2014 Canada in a few months time, there is every incentive on members to upgrade. 

See the New Functions.

See the You Tube Video

Join us

Model Consultancy Contract
VAT Penalties top
We try to keep a series of basic legal and employment documents available for our Business Companion clients to use.  These are for most usual situations, and are mainly designed to prevent the more obvious HMRC questions about the tax status of payments to the self employed.  We do not want the HMRC deciding that your firm’s payments should have been made after deduction of PAYE and NI.  Our latest has just been amended for a particular client.  

Therefore we have revised our standard model contract for our other Business Companion clients to use.  You will find the link in our MYOB Resources section.

If you pay your VAT late to HMRC, even one day late, your card will be marked for a VAT penalty called a “default surcharge”. The first late payment doesn’t attract a monetary penalty, but the second occasion on which you are late within 12 months triggers a penalty of 2% of the VAT due. The third, fourth, and fifth occasions of lateness increase the percentage of the penalty to 5%, 10% then 15% of the VAT due (ouch!).

This penalty regime is substantially slowed if you convert to annual VAT accounting. See our Tricks of the Trade Chapter on ‘VAT Schemes

You may not notice the first two penalties set at 2% and 5% of the VAT due as HMRC will only demand payment from a small business if the total penalty amounts to over £400. However, you will receive a warning letter, and you should appeal against the penalty if you had a reasonable excuse for paying late.Read More
CGT on Home Developments top
February Question and Answer Section top
Your main home is exempt from capital gains tax when you sell it, but only if you bought the property with the intention of living in it on a permanent basis, not as a project to renovate and sell. People who are required to live in job related accommodation, such as prison warders and church ministers, can have a separate tax-exempt home without having to live in it.

Some taxpayers who have taken on renovation projects have found the gain on their property doesn’t qualify for the tax exemption, because they can’t prove they occupied the property on a permanent basis while it was being renovated before the sale. Read More
Q. I work through my own personal service company. When I go abroad on business my customer normally pays for the cost of hotels and meals. Can I still claim the personal incidental expenses (PIE) from my own company?Answer

Q. My investment property was let as furnished holiday accommodation until 31 August 2013. As I was not getting enough income as holiday lets I have let it on rolling six month tenancies from September onwards. How do I report the income? Should I split the year at 31 August, with the first five months treated as holiday lettings and the remaining period as normal property let? Answer

Q. I’ve heard that I won’t be able to reclaim the sick pay I pay to my employees from April. Is this true?Answer
February Key Tax Dates top
2 -Last day for car change notifications in the quarter to 5 January – Use P46 Car

19/22 – PAYE/NIC and CIS deductions due for month to 5/2/2014

28 – Talk to us about year end and pre-budget planning

First 5% penalty surcharge on any 2012/13 outstanding tax due on 31 January 2014 still unpaid
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, Mamut, Acclivity, Solar Accounts, 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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95 Bridge Lanes, Hebden Bridge, Yorkshire, HX7 6AT
Simple Accounting is a trading name of Simple Accounting Limited
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