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July’s Tax Tips & MYOB News Welcome to our newsletter designed to help you use MYOB and AccountEdge to manage your taxes and profits. If you need further assistance why not have a look at these AccountEdge videos. Please contact us for advice. We’re here to help!   July 2014 · Credit Notes in AccountEdge · Companies House and Tax Calendar 2014/15 · PAYE Reconciliations · Scary Letters · July Questions and Answers · July Key Tax Dates Credit Notes in AccountEdge top How do I raise a credit note in Accountedge against an invoice that has had a payment made against it? First hit Setup from the top row, Preferences, Security, and tick ‘Transactions can’t be changed’. Then go to the sales register and pick up the sale that you want to credit. Then hit ‘Edit’ from the very top row of functions, and underneath it, ‘reverse sale’. This will open up a credit note that is a direct reversal of the initial sale. Record this on today’s date. Then hit Setup, Preferences, Security, and untick ‘Transactions can’t be changed’. Then go to the sales register and hit the credit note tab. Pick up the credit note that you have created. Amend it to reflect the nature of the credit. Send. After the procedure below you need to apply the credit note to the sale. Go to sales register credit notes. Then hit apply to sale.  If necessary tick include closed sales, and reduce the sale by the value of the credit. Hit record. You should now be able to see a credit balance at the bottom of your revised sales invoice. If you highlight this in the sales register you should be able to see an option to pay refund – which allows you to make a payment to clear any balance due.  Alternatively you can use the net credit against any other invoice that the customer also owes. Alternatively, rather than entering a credit note and so reducing the invoice correctly, you could just to amend the sale to get the sale value right.  Just amend the coding within the sales invoice, record and send. This may put the sale into credit. Then you can make the refund as above.    Companies House & Tax Calendar 2014/15 top   PAYE Reconciliations top We have just revised our tax calendar for the current year 2014/15.  The includes a comprehensive list of PAYE, Self Assessment and CIS deadlines and tax planning deadlines. Unfortunately the Government has still not replaced the sophisticated deadlines calculator that use to be on the Businesslink.uk website. At Simple Accounting we keep a log of VAT, PAYE, CT and Companies House deadlines for each of our clients. You can find details at www.businesscompanion.biz Those companies that are on the Business Companion service receive the support they need to meet their Companies House and HMRC deadlines.  We track these deadlines for every member company.    If most of your income is taxed under PAYE (Pay As You Earn) you may soon receive a reconciliation of the income tax you have paid compared to the amount that was due to be paid for 2013/14. This calculation arrives on a form P800, which should be checked very carefully for errors and omissions. If mistakes are missed they can be carried forward for several years, resulting in escalating amounts of tax over or under-paid. For example the High Income Child Benefit Charge (HICBC) may be due where you earn over £50,000 and your family receives child benefit. But the HICBC will not be reflected in the P800 calculation, as HMRC can’t accurately match child benefit claimants with the high earners in those families. If you believe you are due to pay the HICBC to claw-back the child benefit received, you need to register for a self-assessment and complete a tax return. We can help you with that. Read More   Scary Letters top   July Questions and Answers top Have you received a scary letter from HMRC lately? Perhaps all HMRC letters are scary, but this latest nudge-letter really takes the biscuit. In it HMRC says the taxpayer’s effective rate of income tax is lower than the average for taxpayers with similar levels of income. It goes on to suggest that there could be something wrong with the self-assessment tax return for 2011/12 and the taxpayer should check what they submitted for that year. Penalties and interest are mentioned, which would worry anyone – even those with nothing to hide. Bear in mind the period in which the 2011/12 tax return can be investigated closed for most taxpayers on 31st January 2014. This means HMRC can’t open an enquiry into your tax return for that year unless it discovers new information which was previously not disclosed. Read More Q. Our company’s board has decided it needs some expert input to help with the next stage of expansion. We have approached an individual to act as a non-executive director. He wants to invoice us from his personal service company for that work, but I would rather pay him via our company’s payroll. Which is the correct approach?Answer Q. I am thinking of selling a flat that has been let since I acquired it in 2012. I do not own another property. My tenant is moving out soon, after which I will either stay in it myself or sell it. Will I get lettings relief to reduce the capital gains tax (CGT) payable? Answer Q. I do some educational consultancy work in Africa for a business based in Ireland. My UK-based company will issue the invoice for that work, but it’s in the flat rate scheme for VAT. Should that invoice be included in the turnover I apply the flat rate to?Answer   July Key Tax Dates top 5 – Deadline for PAYE settlement agreement for 2013/14 6 – Deadline for 2013/14 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 2013/14 – form 42 14 – Return and Payment of CT61 tax due for quarter to 30 June 2014 19/22 – PAYE/NIC, student loan and CIS deductions due for month to 5/7/2014 or quarter 1 of 2014/15 for small employers 31 – Second self-assessment payment on account due for 2013/14 Second 5% penalty surcharge on any 2012/13 outstanding tax due on 31 January 2014 still unpaid Deadline for Tax Credits to finalise claims for 2013/14 and renew claims for 2014/15 Half yearly Class 2 NIC payment due Penalty of 5% of tax due or £300, whichever is greater for 2012/13 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, Acclivity, 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.

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