If this E-Mail does not display or print correctly click here

Home  |  Why Us?  |  Services  |  Resources  |  News  |  Alliances  |  Client Area  |  Games  |  Contact Us

Welcome… To July’s Tax Tips & MYOB News, our newsletter designed to bring you tax tips and news to keep you one step ahead of the taxman. Please contact us for advice in your own specific circumstances. We’re here to help!   July 2013 · Expenses and Benefits Reporting · Research and Development Claims · RTI Relaxation Extended · MYOB Tricks of the Trade · July Question and Answer Section · July Key Tax Dates Expenses and Benefits Reporting top The deadline for submitting the annual returns of expenses and benefits (forms P11D and P9D) to HMRC is 6 July 2013. The form P11D (P9D for those paid less than £8,500), is used to report the provision of benefits such as company cars or health cover to your employees, and to you where you are a director of your own company. Other benefits which may have to be reported include loans from the company to the employee/director, or the loan of assets such as a motorbike, boat or accommodation. In theory all expenses paid to employees also need to be reported on the forms P11D. To avoid being taxed on those expense payments as income, the employee (or you on their behalf) has to make a claim for the amount paid to be treated as a valid tax deduction using a form P28 or P810, or by letter. This paper-chase can be avoided by applying for a dispensation from HMRC. We can help you with that. Read More   Research and Development Claims top   RTI Relaxation Extended top Did you know there is a tax relief for companies which invent stuff? The process of inventing and solving the associated problems is called research and development (R&D). Companies can more than double the tax deduction given for the costs of R&D. The new ‘stuff’ could be a product, a material or a process which has been changed or improved. For example if you find a way of speeding up a production line, or changing the process to cope with a new type of material, the work to achieve that aim is R&D which should qualify for the tax relief. Read More For our Business Companion clients all issues relating to RTI and Payroll are handled by our sub-contractor, Tax Assist (York). If you are worried about RTI and payroll give us a ring on 01422 847500.  Meanwhile the temporary relaxation of the RTI reporting requirements for small employers has been extended to 5 April 2014. It was due to apply only until 5 October 2013. Under RTI you are supposed to send a full payment submission (FPS) report to HMRC every time you pay employees, on or before the date of payment. This could mean sending a FPS every week, or even every day if you pay some casuals daily. Read More   MYOB Tricks of the Trade top   July Question and Answer Section top Have you used our online manual, Tricks of the Trade? We have written this guide for small business users of MYOB and Acclivity or Mamut AccountEdge. It covers issues like stock, VAT, foreign exchange, dividends and expense claims. Have a look at the procedures for common accounting or taxation problems within MYOB. If you are looking for something that isn’t covered just let us know and we’ll see if we can help, or perhaps even write something specifically for you. See Tricks of the Trade Q. My company provides website hosting for businesses based in the UK and in other countries. For VAT purposes is this treated as a sale of goods or services? Answer Q. I run my own consulting company in the UK, which pays my Brazilian wife a small wage for answering the phone and preparing marketing materials. Can the company pay for her to complete an advanced English course at the local college? Answer Q. I bought a 200 acre farm last year, where I will be raising rare-breed animals for the high-end restaurant market. I’ve incurred a lot of costs on fencing and equipment. Can I claim back the VAT on those costs? I’ve not registered for VAT yet, as my sales have been low so far. I understand there is a simple flat rate scheme I could use. Answer   July Key Tax Dates top 5 – Deadline for PAYE settlement agreement for 2012/13 6 – Deadline for 2012/13 forms P11Db, P11D and P9D to be submitted and copies of P11D and P9D to be issued to relevant employees Deadline for employers to report share incentives for 2012/13 – form 42 14 – Return and Payment of CT61 tax due for quarter to 30 June 2013 19/22 – PAYE/NIC and CIS deductions due for month to 5/7/2013 or quarter 1 of 2013/14 for small employers Class 1A NIC due in respect of the tax year 2012/13 31 – Second self assessment payment on account due for 2012/13 Second 5% penalty surcharge on any 2011/12 outstanding tax due on 31 January 2013 still unpaid Deadline for Tax Credits to finalise claims for 2012/13 and renew claims for 2013/14 Half yearly Class 2 NIC payment due Penalty of 5% of tax due or £300, whichever is greater for 2011/12 personal tax returns still not filed   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, 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 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.

Unsubscribe  To unsubscribe from this email please click here Legal Disclaimer

Copyright © Simple Accounting All rights reserved.
95 Bridge Lanes, Hebden Bridge, Yorkshire, HX7 6AT
Simple Accounting is a trading name of Simple Accounting Limited
Company Reg No. 5164026 Registered in England and Wales
VAT No. 911341075