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March 2012

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Welcome…
To March’s Tax Tips & MYOB News, our newsletter designed to bring you tax tips and news to keep you one step ahead of the taxman.

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! 		 
March 2012
· Replacement Software
· Tax Efficient Investments
· Spreading Household Income
· Buy Mamut AccountEdge – without the Service Charge
· March Question & Answer Section
· March Key Tax Dates
Replacement Software
 top
Archive of Past MYOB Software

Do you need to use an older version of MYOB? Lost the CD or the download link? If so we have the answer.

Mamut have, very helpfully, added this page to their website.  They are providing software for many past versions of the MYOB software that MYOB and Mamut have issued over the years.  So now you can download replacement software for free. Mamut Download Site  

The Mac and PC software developed different numbering systems which can be a bit confusing. This table should help. 

 2010    Mamut AE Mac Only
 2009  v18 (PC)
  v9 (Mac)
 2008  v17 (PC)
  v8 (Mac)
 2007  v16 (PC)
  v7 (Mac)
 2006  v15 (PC and Mac)
  
 2005  v14 (PC and Mac)
  
 2004  v13 (PC and Mac)
 
 2002  v12 (PC and Mac)
 

 
Tax Efficient Investments top
 
Working from Home top
Most allowances for tax efficient investments are fixed for each tax year and cannot be carried over to the next year if not used. If you have money to invest you may want to use your allowance for 2011/12, or in some cases wait until 2012/13 when new rules and new limits apply.

Here is a brief summary of the 2011/12 and 2012/13 investment limits:

EIS
Investors who subscribe for shares under the Enterprise Investment Scheme (EIS) can currently receive income tax relief at 30% of up to £500,000 invested in one year. This annual cap will rise to £1 million from 6 April 2012. However, any amount can be invested in EIS shares to defer tax due on a capital gain made in the period up to three years before the EIS shares were acquired, or to up to one year later. Read More 		This is a good time to look forward to 2012/13 and assess who will be earning what in your family. The level of personal allowances (tax free income) have increased significantly over the last two years, and are expected to increase again in 2012/13 to at least £8,105 per person.

This allowance cannot be transferred between family members, so if some people in your family are earning less than this, their personal allowance is going to waste.

Strategies you may consider to avoid wastage of the personal allowance include:

– Employing your spouse or children in your business, perhaps on a part-time basis.
– Transferring an income-producing asset, such as a let property or savings account into the name of the lower earning spouse.
– Taking on a family member as a partner in your business, so they can share some of the profits.
– Ensuring the higher earner makes all the Gift Aid donations to charities from the family. Read More
 
Buy Mamut AccountEdge – without the Service Charge!
 top
 
March Question & Answer Section top
We are offering a few Mamut AccountEdge programs (single user) at a discounted price of £195 per box including VAT and postage.  Mamut AccountEdge is suitable for Macs – it is the upgraded version of MYOB AccountEdge.

They are from an installation where a slightly higher grade of program will be required.  They are new and fully functional.  Unlike buying through Mamut there is no compulsory service charge.  Twelve months’ support is included.  Continued Support after twelve months is optional.  If support is not taken after the initial twelve months the software will continue to work, but you will not be entitled to technical support or product upgrades.  This means that the payroll will cease to work.  Unfortunately there are no additional seat licences available for this option.

Email us if you would like a copy


If instead you buy Mamut AccountEdge through Mamut you have to pay the cost of the software as well as the compulsory service charge.  You can see the prices here.
 Q. I’ve received a £100 fine for not submitting my tax return, but I don’t remember receiving a form to complete. All my income is taxed under PAYE, so surely I don’t need to complete a tax form, do I? Answer

Q. I hold the lease of a property comprising of a shop on the ground floor and offices above. The shop is vacant and only one of the offices is let. I’ve received a good offer from a property developer to purchase the lease of the whole building. If I invest in another commercial let property can I rollover the gain and avoid paying tax on the sale of the lease? Answer

Q. My bakery shop is VAT registered, but I don’t add VAT to the bread and cakes I sell. I’m going to start selling take-away filled rolls, fizzy drinks and hot pies. Will I have to charge VAT on these items? Answer
 
March Key Tax Dates top
19/22 – PAYE/NIC and CIS deductions due for the month to 5/3/2012

31 – Last minute tax planning for the 2011/12 tax year. Ensure you use up all exemptions to which you are entitled.
 
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.’
 
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