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November 2016

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

Are you struggling with untidy books?  Are your new staff unsure of MYOB or AccountEdge systems?  We can deliver targetted on or off-site training so you can get the best from your accounting software. See our training programme.

And of course our in depth training package is included for free within our comprehensive Business Companion Service.
November 2016
·AccountEdge System Requirements
·Changing Rate of Sterling
· Help-to-Save
· No interest Relief for Landlords
· November questions and answers
· November key tax dates
AccountEdge System Requirements top
Changing Rate of Sterling
Here are the system requirements for the new Acclivity AccountEdge 2016 software:
Older versions of MYOB and AE have compatibility problems.
  • Mac versions: Those written before 2015 have a clash with Apple Mail which make it tricky to email invoices direct from the software.  MYOB will not install on versions of Mac OS after Snow Leopard.
  • PC versions: MYOB versions are tricky to make compatible with Windows 10.  However the links can be restored. 
MYOB (Mac or PC) requires quarterly file reconfirmation. 
With the changing rate of sterling it is important to keep your currency up to date in Accountedge / MYOB.  Look at lists\ Currencies.  Pick the currency that you want to amend and enter the pence for each unit of the foreign currency you buy or sell in.

The new rates are currently
89.581p Euro
82.293p USD
61.360p Canada
0.781p Japan
1.231p India

You can get up to date currencies from and just enter the GBP code for sterling.  Please change your rates once a month.

Help-to-Save top
The Savings (Government Contributions) Bill is currently making its way through Parliament, having had its second reading in the House of Commons on 17 October 2016. Broadly, if enacted, the Bill will introduce two new schemes—the lifetime ISA and Help-to-Save – both of which are designed to support more people as they try to save for the future.

Help-to-Save will target working families on the lowest incomes to help them build up their savings. The scheme will be open to some 3.5 million adults in receipt of Universal Credit with minimum weekly household earnings equivalent to 16 hours at the National Living Wage, or those in receipt of Working Tax Credit. It will work by providing a 50% government bonus on up to £50 of monthly savings into a Help-to-Save account. The bonus will be paid after two years with an option to save for a further two years, meaning that people can save up to £2,400 and benefit from government bonuses worth up to £1,200. Savers will be able to use the funds in any way they wish. Read More
No interest Relief for Landlords top
November questions and answers top
New provisions which take affect from April 2017, which will see tax relief for finance costs on residential properties being gradually restricted over a period of three years, until, by 2020/21, all financing costs incurred by a landlord will be restricted to the basic rate of income tax.

Such finance costs include mortgage interest, interest on loans to buy furnishings and fees incurred when taking out or repaying mortgages or loans. No relief is available for capital repayments of a mortgage or loan. Landlords will no longer be able to deduct all of their finance costs from their property income to arrive at their property profits. They will instead receive a basic rate reduction from their income tax liability for their finance costs.. Read More
Q. I have recently set up my own business after having been employed for many years. Although I am hopeful that I will eventually make a profit, I anticipate that I am likely to make a small loss in each of my first three years of trading. What is the best way for me to utilise these losses for tax purposes? Answer

Q. My wife and I are both directors of a company and we are soon to relocate to another part of the country to set up a new branch. The existing branch will continue to be run by the two other company directors. Will be both be entitled to the £8,000 relocation expense exemption? Answer

Q. I use the Flat Rate Scheme for VAT purposes. Can I claim back the VAT I have recently paid on some new equipment I have bought for the business? Answer
November key tax dates top
2 – Last day for car change notifications in the quarter to 5 October – Use P46 Car

19/22 – PAYE/NIC, student loan and CIS deductions due for month to 5/11/2016

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 for a look at the resource on offer.’

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