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March 2014

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To March’s Tax Tips & MYOB News, the monthly newsletter from Simple Accounting Ltd.

We always try to include a tip about using MYOB – this month we show you the Acclivity 2013 function that allows you to import transactions directly from your bank statement. See our website for our offer of a free upgrade from MYOB to Acclivity AccountEdge. 

Please contact us for advice in your own specific circumstances. We’re here to help!
March 2014
· Import from Bank Statements
· Business Journeys
· Let Property Campaign
· VAT on Books and Leaflets
· March Question and Answer Section
· March Key Tax Dates
Import from Bank Statements
Those people who attended our recent AccountEdge training courses were able to try out one of the most radical new features of the new software – the Bank Statement import. This allows the import of electronic bank statement transactions directly into Acclivity (or Mamut) AccountEdge datafiles.  No more methodical keying of bank transactions.  The use of transaction rules means that the keying is automatic. 

When we ran the training course we got the delegates to import an adapted client statement into a real datafile.  The resulting bank register had over four hundred extra transactions out of a statement of six hundred.  Moreover the transactions no longer required a bank reconciliation – because they had been imported direct from the bank.  Have a look at the following Youtube video to see how it works: Bank Statement Import.
Business Journeys top
Let Property Campaign top
A number of self-employed businesses have been waiting for a tax case to be decided which turned on the question of ‘what is a business journey?’ The test case concerned a doctor who was both employed by the NHS and self-employed as a private consultant.

The Upper Tax Tribunal decided that the doctor’s self-employed work started when he arrived at his private clinic, so the travel between his home and the clinic was not a business journey. This was in spite of the fact the doctor had an office at his home where he prepared his treatment plans.Read More
The taxman has launched another “confess your tax sins” campaign aimed at individuals who have failed to declare rental income they have received from residential properties. This let property campaign (LPC) can’t be used by companies that let property or by landlords who let commercial rather than residential properties.

Like other tax disclosure campaigns the taxman promises that you will pay a lower amount of penalties if you disclose under the LPC, but the tax due and interest on late paid tax will have to be paid in full.Read More
VAT on Books and Leaflets top
March Question and Answer Section top
There is no VAT on printed books, booklets, newspapers, and leaflets. Well there is, – its zero-rate VAT, so the customer pays no VAT, but the supplier can reclaim the VAT it pays on purchases.

Printing businesses have to be very clear about which of their products they treat as zero-rated for VAT and which are standard-rated so 20% VAT applies. The VATman likes to come round and check. If you have classified your printed products incorrectly, VAT on the earlier sales (up to four years ago) will have to be paid. It’s unlikely that you will be able to recover this extra VAT from your customers.

Have a look the list from our Tricks of the Trade showing the VAT treatment for different classes of expenses. 
Q. I’ve received a refund of the PPI premiums I paid on top of my mortgage. Do I need to declare this sum on my tax return?Answer

Q. I’m self-employed. How do I work out what to claim for motoring expenses in my accounts? Answer

Q. How do I go about claiming the £2,000 employment allowance?Answer
March Key Tax Dates top
19/22 – PAYE/NIC and CIS deductions due for month to 5/2/2014

28 – Last minute tax planning for the 2013/14 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, 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 for a look at the resource on offer.’

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