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Welcome… To May’s Tax Tips & MYOB News! Working from Sri Lanka We will be based in Kandy, Sri Lanka from 13th May to 22nd June.  Despite the saddening attacks there on Easter Sunday we have decided to stick with our plans and support their tourist industry. We will be working whilst away, so please as usual.  You can also ring us on our office number: 01422 847500 (not mobile) any time til 4pm each day.  This will be redirected at our expense.   May 2019 · Taxpayer wins IR35 challenge · More Pay or Staff Expenses? · Help using MYOB & AccountEdge · Rent-a-room tax break remains · May questions and answers · May key tax dates Taxpayer wins IR35 challenge top HMRC have recently lost another high-profile IR35 case. Kaye Adams, the presenter of ITV’s Loose Women programme, has successfully challenged HMRC on her employment status, with a First Tier Tribunal (FTT) finding the terms of her personal services contract for BBC radio shows meant she was not an employee. In Atholl House Productions Ltd v HMRC [2019] UKFTT 0242, TC07088, the tribunal stated that the essential issue was whether, if the services supplied by the taxpayer to the BBC had been supplied under a contract directly between the presenter and the BBC, the taxpayer would have been regarded for income tax purposes as an employee of the BBC. Read More   More Pay or Staff Expenses? top   Help using MYOB & AccountEdge top Clients often ask us how much cheaper is it to pay a cost from your company than to pay it personally.  There is alot to factor in.  Employer NI of 13.8%, Employee NI of 12% , Student Loan (for some) of 9%, and PAYE 20%.  Workplace pensions act as a new employment tax.  The 8% eventual pension rate will act on top of existing taxes. The result is surprising.  Let us imagine that you could pay a £1000 cost personally.  What would it cost your company to pay you enough to cover this cost?  What would it cost the company itself to pay the cost, assuming that the cost is not a taxable benefit? If you ignore Student loans after all the deductions the employer will have to pay you the equivalent of £1502 for you to be able to pay the cost.  If the company pays the cost directly it will only end up with a cost of £810. Now let us imagine the cost is subject to VAT at 20%.  Now the employer will have to pay you the equivalent of £1802 – much higher than the £810. Video Training Have a look at the new features of the 2019 Acclivity AccountEdge software, We have gathered together a collection of MYOB and AccountEdge videos and tutorials to give you a step by step training guide for using the software’s simpler and some more advanced features. See Video Guidance on using MYOB and AccountEdge AccountEdge: Tricks of the Trade This comprehensive manual is intended to offer guidance on  key aspects of the use of MYOB and AccountEdge for small businesses accounts. It is written for UK small businesses with issues like stock, VAT, foreign exchange, dividends and expense claims to deal with. Have a look at this set of procedures for common accounting or taxation problems within MYOB. If you are looking for a procedure that isn’t covered please let us know and we’ll see if we can help, or perhaps even write you something specifically for you. See Tricks of the Trade   Rent-a-room tax break remains top HMRC’s rent-a-room scheme currently allows individuals to receive up to £7,500 of gross income from renting out spare rooms in their only or main home without a liability to tax arising. Broadly, as long as income is below the annual threshold, it does not need to be reported to HMRC. Read More   May questions and answers top   May key tax dates top Q. I have realised that I made a mistake on my most recent VAT return. What do I need to do to put things right? Answer Q. I intend to start my own business later this year but have yet to decide whether to trade through a limited company straight away. I will need to make a substantial initial investment in the business, so it is likely that I will make a loss in the first, and maybe even second, year of trading. Is loss relief the same for sole traders and limited companies? Answer Q. I would like to give my daughter a gift of £5,000 cash. What are the inheritance tax implications of this gift? Answer 2 – Last day for car change notifications in the quarter to 5 April – Use P46 Car 19/22 – PAYE/NIC, student loan and CIS deductions due for month to 5/5/2019 31 – Deadline for copies of P60 to be issued to employees for 2018/19   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 Wave. ‘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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