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Welcome… To March’s Tax Tips & MYOB News. Coronavirus In case coronavirus (COVID-19) spreads more widely in the UK, employers should consider some simple steps to help protect  staff including: -make sure everyone’s emergency contact details are up to date -make you know how to spot symptoms of coronavirus and the procedures to follow if someone in the workplace develops the virus – encourage everyone to wash their hands regularly -give out hand sanitisers and tissues to staff – consider if any travel planned to affected areas is essential Firms may consider if they have the necessary technology and IT systems in place in case staff wish to work from home. If staff are asked to self-isolate they are entitled to take sick leave. Workers who are ill are entitled to statutory sick pay. But the law says that if you stay away from work but aren’t sick, you may not get paid. There is more useful information on the ACAS website. March 2020 · HMRC issue EA changes reminder · EC Sales Lists still Required but there are Technical Problems · 2020/21 NIC rates and thresholds confirmed · AccountEdge (Mac) will not be Catalina Compliant · March questions and answers · March key tax dates HMRC issue EA changes reminder top Most employers with a liability to pay employer (secondary) NIC are eligible to claim Employment Allowance (EA), including sole traders, partnerships, companies and charities. HMRC have been reminding employers to get ready for changes to EA that take effect from the start of the new tax year on 1 April 2020. The HMRC letter is a resume of the crazy reasons that they might find to exclude you from this scheme.  Exotic Group structures, State Aid deminimis levels and NI bills of more than £100k, are all detailed by the HMRC as justifications why your small business might not be able to claim this allowance.  All very irrelevant.   Amazingly the letter doesn’t cover the more mundane reasons that the HMRC can exclude your PAYE scheme.  These are: 1 That you are the director and the only employee paid above the Secondary Threshold 2 You employ someone for personal, household or domestic work like a nanny or gardener – unless the employee is a care or support worker 3 You are a service company working under ‘IR35 rules’ and your only income is the earnings of the intermediary These exclusions are much more likely to apply to a small business.  So be careful.  Not for the reasons that the HMRC have given.  But for the reasons that the HMRC have not given. Read More   EC Sales Lists ARE still required but there are Technical Problems top 2020/21 NIC rates and thresholds confirmed top In February’s newsletter we reported that, in the absence of more up to date advice from HMRC, there will be no requirement to complete  EC sales lists for sales after 31 January 2020. We have now received clarification from the HMRC EC Sales Team. They have told us that EC Sales Lists will still be required for the time being. The UK left the EU in a legal sense at the end of January, but entered a transitional period ending on 31 December 2020, unless an extension is agreed. This means that UK businesses will need to comply with EU rules until at least 1 January 2021. The EC Sales team are aware that there is an issue regarding the EC Sales List online service and it is under investigation. If you are having problems submitting your EC Sales list we can help you with this, just call us on 01422 847500. You can find a copy of the EC Sales List Form on our HMRC Forms page. Alternatively you can email the EC Sales team. From April 2020 the National Insurance Contributions (NIC) threshold rises from £8,632 to £9,500 per year. The government’s long-term aim is to align the NIC threshold with the incoe tax personal allowance (£12,500pa). A typical employee will save around £104 in 2020/21, while self-employed people, who pay a lower rate, will have around £78 cut from their bill. Read More   AccountEdge (Mac) will not be Catalina Compliant top We are disappointed to share that Acclivity Software will not be offering AccountEdge  as a Catalina compliant product – now or in the future. This will effect both Mamut and Acclivity Accountdge for Macs. This only affects Mac users of Mamut and Acclivity Accountedge that want to upgrade to Catalina.  In the short term this is a minor part of the market.  However it does show that the software will divert to the PC market in the longer term.  The userbase of the software remains very substantial online and on the PC in its home markets of Australia and New Zealand.   The background to this is Apple’s decision to remove support for 32-bit applications, requiring that all software be upgraded to 64-bit with no backward compatibility, demanded that AccountEdge be similarly upgraded.  In spite of Acclivity’s multi-year 64-bit upgrade project, involving their full team of developers and analysts, it’s a project that has not been possible to complete.  In the end, AccountEdge’s 30-year-old codebase proved too outdated to establish compatibility with Apple’s newest operating system.   AccountEdge 2020 will be released later this year, as normal, with feature updates and AccountEdge will continue to receive updates in the future. We’ve outlined your options below for continuing to use AccountEdge on your Mac, including on macOS Catalina. AccountEdge Options 1. Don’t upgrade your Mac to Catalina You can continue to use AccountEdge on pre-Catalina computers, running up to macOS 10.14 Mojave.  AccountEdge will continue to receive payroll tax updates and upgrades in the future. 2. Use Parallels to run AccountEdge under Catalina You can run macOS Catalina and continue to use AccountEdge for Mac within a Parallels virtual machine environment.  And, again, AccountEdge will continue to receive payroll tax updates and upgrades in the future. 3. Use an older secondary computer If you have a secondary Mac computer that has yet to be updated to Catalina, you can continue to use AccountEdge on that machine.  AccountEdge will continue to receive payroll tax updates and upgrades in the future. Click here to view our system requirements and verify if your older Mac will work with your version of AccountEdge. 4. Downgrade your macOS On computers that have been upgraded from an earlier macOS, it is possible to roll back your Catalina installation and return to an earlier macOS.  This option may not be available if your computer came with macOS Catalina pre-installed. Ask us for advice on this. 5. Create a separate partition to install two different macOS versions on the same Mac It’s possible to partition your Mac to install Catalina alongside your current version of macOS.  This provides the option to ‘dual boot’ your computer, allowing you to select or another macOS when turning on your computer. Ask us for advice on this.   March questions and answers top March key tax dates top Q. If I sell a buy-to-let property in July 2020, when will I have to pay the capital gains tax (CGT) arising on the sale? Answer Q. I am thinking of transferring ownership of a rental property to my daughter to help reduce the value of my estate for inheritance tax (IHT) planning purpose. There will be no cash consideration given. What value is used for the gift and what are the CGT implications? Answer Q. I work part time and don’t earn enough to pay tax, but my husband earns £35,000 a year from his full time job. I have been told that I can transfer some of my personal allowances to my husband so he can save some income tax. Is this true? Answer 11 – 2020 Budget 19/22 – PAYE/NIC, student loan and CIS deductions due for month to 5/3/2020   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 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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