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February 2020

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To February’s Tax Tips & MYOB News.

Personal Tax Due Today
If you are due to pay personal tax for 2018/19 the deadline is today
(Friday, 31st January)!

There are penalties for late payment of tax & late filing of tax returns.

If you need to discuss Time To Pay options with HMRC ring 0300 200 3820 (8am – 5pm weekdays, quieter first thing).  

They will not give you a penalty for late payment unless you are 30 days or more late (but may add interest).  To see what penalty would apply try this HMRC calculator

Paying Personal Tax: HMRC Bank account:
  • Sort Code: 08 32 10
  • Account number: 12001039
  • Account Name: HMRC Cumbernauld
  • Payment Reference: Use your 10 digit Self Assessment no. (UTR), followed by letter K, for example 1234567890K.
February 2020
·Fraudulent Texts about Tax Rebates
· VAT and Brexit
· Increased NMW rates from April 2020
· Our Clients are Making More Money!
· February questions and answers
· February key tax dates
Fraudulent Text Messages about Tax Rebates
The BBC recently reported a story about ‘John’, who believed he was due a tax refund after he received a text message from “InfoHM”.
“I was bleary-eyed from waking up early,” he says. “The excitement of what my tax refund would be overwhelmed my normally pretty rational brain.”
He followed online instructions, and unwittingly provided personal and bank account details to online fraudsters.
John, says he is now “cringing” over falling for it. But he says the page he was directed to was “the spitting image” of a site. After entering his national insurance number and date of birth, it informed him he was due a credible sounding rebate of £462.He ended up providing details including his bank details and even his mother’s maiden name.

One of our clients has received a similar text message – coincidentally arriving minutes after she paid her tax bill.  These scams are clearly being timed to arrive when tax returns are being submitted.  Be aware and do not reply or follow links in such messages.  Contact us if you are not sure if they are real.
VAT and Brexit
Increased NMW rates from April 2020 top
HMRC have not yet issued any guidance as to how imports and exports to the EU and out with the EU should be recorded for VAT return purposes after 31 January 2020, what happens with the reverse charge, and what should be recorded in boxes 8 & 9 of the VAT return. The last guidance given was in the case of a no deal Brexit and we are monitoring any new advice as it is issued.

HMRC have said:

– There will be NO requirement to complete an EC sales list for sales after 31 January 2020.
– Intrastat returns WILL continue to be required.

Read More
Some three million workers are set to benefit from increases to the National Living Wage (NLW) and minimum wage rates for younger workers from 1 April 2020.

The compulsory NLW is the national rate set for people aged 25 and over. The NLW is enforced by HMRC alongside the national minimum wage (NMW), which they have enforced since its introduction in 1999.
Read More
Our Clients are Making More Money! 
Our clients often ask us about our other clients and the nature of our practice.  Well, we are a specialist accountancy practice based in Yorkshire but with clients everywhere between Scotland and East Sussex, between North East England, North Wales and the West Country.  What makes us unusual is that we are focussed on businesses.  We mostly support firms using software that we have installed with them including MYOB and AccountEdge alongside others.  We also operate much more closely with the businesses than other accountants.

Our clients are doing well.  Our businesses have a combined annual turnover of £11 million and we run payrolls for 195 staff.  Five years ago we were only responsible for a combined annual turnover of £6 million and 120 staff.  

We have focussed our efforts on fewer larger businesses over recent years, and have helped our existing clients become more profitable, successful and faster growing.  We currently have just 35 firms compared to the 46 we had in 2015.  

We grow entirely by recommendation.  If you think that a new business could benefit from our methods we would be delighted to be asked to meet them.
February questions and answers top
February key tax dates top
Q. What items can be excluded from ‘taxable turnover’ for VAT registration purposes? Answer

Q. I bought a vehicle under a hire purchase (HP) agreement for use in my business. I did not make the final payment under the agreement, so did not take ownership of the vehicle. What happens regarding the capital allowance annual investment allowances which were claimed at the start of the contract? Answer

Q. I have recently sold my main residence and bought a smaller property. Unfortunately I sold the house for £30,000 less than I originally paid for it. Can I offset this loss against income from my business and reduce my income tax liability for this year? Answer
2 – Last day for car change notifications in the quarter to 5 January – Use P46 Car

19/22 – PAYE/NIC, student loan and CIS deductions due for month to 5/2/2020

28 – First 5% penalty surcharge on any 2018/19 outstanding tax due on 31 January 2020 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, Acclivity, Mamut, Solar Accounts, Quickbooks or Clearbooks.

‘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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