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January 2012

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To January’s Tax Tips & MYOB News, our newsletter designed to keep you one step ahead of the taxman and give you news about MYOB.

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

Please contact us for advice in your own specific circumstances. We’re here to help!
January 2012
· MYOB Reverse their Decision
· Online VAT Filing Compulsory
· Are You On The Taxman’s Target List?
· Tax Numbers for 2012/13
· January Question & Answer Section
· January Key Tax Dates
MYOB Reverse their Decision top
Last month MYOB (Australia) told its UK/Irish users that it will not stop reconfirming your datafiles as it had threatened for the past three years.  However we have also been told that they will turn off MYOB licence reconfirmation at an unspecified date in the future.  We have been told that they will give ‘reasonable notice’.  

Mamut hold the MYOB distribution rights in the UK and have again refused to offer a PC upgrade product.  They will only offer MYOB users a conversion to their own PC products. 

There are good alternatives to MYOB, but for many small-scale users the most straightforward option is to carry on using their existing software. This is software that they have bought outright, and have a perfect right to use. 

The MYOB user group has set up a system that allows them to generate reconfirmation codes so they can do just that. After a few teething problems the group is up and running and has issued codes for the first quarter of 2012, they will then be issued each quarter. These codes work for all MYOB versions and platforms.

The MYOB decision represents a victory for the MYOB User Group which has issued press releases in the UK and Australia and has been picked up by the Federation of Small Businesses and the technical / IT press.  The group will continue to issue confirmation codes, particularly for those users for whom the online process has broken down.

For remaining MYOB users this is, of course, great news.  However it is difficult to feel exuberant.  It now seems that MYOB were prepared to cause many of us massive stress, anguish and frustration over the last three years for no reason at all.

All Simple Accounting Ltd Business Companion Clients receive complimentary membership of the association.

See the announcement from MYOB Technology Pty Ltd.
Online VAT Filing Compulsory top
Are You On The Taxman’s Target List? top
Are you already filing your VAT returns online? If not, then you need to prepare to switch to online filing as this will be compulsory for all VAT registered businesses from 1 April 2012. Don’t leave this task until the last minute as it can take a few weeks to receive the unique user ID you need from the Tax Office. You will also have to create a password and set up a system to pay the VAT you owe.

You will no longer be able to pay the VAT due by cheque. You have to pay by electronic means. This includes using a direct debit, bank-transfer such as CHAPS or BACS, a personalised bank giro payment slip paid in at a bank (these need to be ordered in advance), or a debit card or credit card over the internet. Read More
The Taxman has formed a number of task forces to investigate certain business sectors, where he believes tax rules are being ignored.

A summary of the current work of these task forces is listed below, but bear in mind that each task force will move on to a new geographical area once the first area has been investigated.

London Properties

This task force is investigating commercial property deals in Greater London, where the VAT rules may not have been applied correctly. Where they find such a case, the tax officers will review the entire tax compliance of the property owner, across all taxes. Read More
Tax Numbers for 2012/13 top
January Question & Answer Section top
Tax rates and thresholds for 2012/13 have been announced as follows:

Income Tax Personal Allowances
Under 65: £8,105
65-75: £10,500
75 and over: £10,660
Minimum marriage allowance: £2,960
Maximum marriage allowance: £7,705
Blind person’s allowance: £2,100
Income limit for those aged 65 or more: £25,400
Income limit for under 65 personal allowance: £100,000 Read More
Q. I want to close down my consultancy company and pay the funds it holds to me as the only shareholder. Should I wait until the new tax year or start the process now? Answer

Q. My energy bills have soared since I started using a room in my home as the base for my company’s business, as I have to have the heating on all the time. I’ve heard that my company can pay up to 1/3 of my gas bills tax-free, is that true? Answer

Q. I received a letter yesterday addressed to my new company, asking for a payment of £320 to register the company on the ‘Intercom VAT Registry’. Should I pay this fee? Is it compulsory? Answer
January Key Tax Dates top
14 – Return and payment of CT61 tax due for quarter to 31 December 2011

19/22 – PAYE/NIC and CIS deductions due for month to 5/1/2012 or quarter 3 of 2011/12 for small employers

31 – Deadline for filing 2011 Self Assessment personal, partnership and trust Tax Returns – £100 first penalty for late filing even if no tax is due or tax due is paid on time.
Balancing self assessment payment due for 2010/11.
Capital gains tax payment due for 2010/11.
First self assessment payment on account due for 2011/12.
Interest accrues on all late payments.
Half yearly Class 2 NIC payment due.
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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