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October 2013

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To the latest edition of Tax Tips & MYOB News. This is our monthly newsletter designed to bring you tax tips and give advice about MYOB and AccountEdge

If you need further assistance just let us know or you can send us a question for our Question and Answer Section.

MYOB Tip of the Month
Did you know that there is a simple way of changing the date on transactions.  Go into the date field.  Then hit the plus sign if you want to advance the date forward or the minus sign if you want the date to be further ago?

For other AccountEdge bookkeeping tips have a look at our training videos.  

October 2013
· Research for Specific Problems
· Mamut AccountEdge 2013
· Child Benefit if Your Child is 16 or Over
· VAT on Sale of Commercial Buildings
· October Question and Answer Section
· October Key Tax Dates
Research for Specific Problems top
Each client of our Business Companion service has the right to ask us to undertake research on key financial questions that affect their business.  These might well be outside the usual run of accounting and tax compliance issues which are an accountant’s normal bread and butter.  For example we have recently been asked our opinion about the key commercial points to remember when:
  • starting up in business,
  • buying a residential property in France,
  • selling a subsidiary and
  • relocating a subcontractor to Malta.
Now all these subjects are areas where we have to rely on advice and research services that we obtain from subcontractors, to reinforce our practice. Often very focussed briefings are provided by these services. 

Each Business Companion client will shortly receive a pdf copy of a report, which is a bit out of the norm.  This will be on a specialised subject that we feel should specifically be useful to you and your business.

Please have a look at the following link which shows one of the main sources of research that we use.  If any of the topics listed there are potentially interesting to you, please let us know. Research Topics

If you are receiving this newsletter simply as an enquirer or are not currently one of our Business Companion clients, we’re afraid that our research services are limited.

Mamut AccountEdge 2013 top
Child Benefit if Your Child is 16 or Over top
I’m quite impressed by Mamut’s latest offering for ex MYOB users.

There are still some key problems. Their software is limited by the use on the Mac (but there is an equivalent software available for the PC – but not from Mamut). It won’t work multi user unless you agree to pay the Mamut service charge. It is also compromised by the legal nature of the user licence. This is not the free licence that old MYOB users will be used to; licence issues.

But what is exciting is the new import facility for bank statements. This allows a whole month of bank entries to be imported in a relatively stress-free way. There are rules which allow transactions to be identified to cards each time they come up. You can then code these against each cost code/ nominal code and VAT code combination typical for this supplier. This facility is also available in Acclivity AccountEdge. 

It is perhaps surprising that Mamut and Acclivity have not integrated the statement import with either the cards, or the recurring transactions process. Instead the import is via the bank reconciliation routine.  It depends on specific codings and identifiers being set, rule by rule. There is also no facility to import or export rules. The new facility is also somewhat hidden away… under ‘reconcile accounts / bank statements’.

But despite these problems it is a huge improvement. The entry of banking transactions, and the related details come over without key bank details being lost (which used to happen with the older import facility). The bank reconciliation routine is therefore redundant. The actual bank balance can be more easily monitored in the bank register.

All this might tilt existing MYOB Mac users to upgrade their datafiles to the latest version of the UK software. Simple Accounting Ltd Business Companion Mac clients can ask for their software to be upgraded to Mamut Ae 2013, for free, as part of their accountancy service agreement. Simple Accounting PC clients may well wish to consider an upgrade to the latest software licence from Acclivity 2011 … which will cost about £250. Acclivity Test Drive

If you have a child aged 16, check whether you are still receiving all the child benefit and child tax credits you expect to.

Child benefit and child tax credit both stop automatically on 31st August on or after the child’s 16th birthday, but where the child is in approved education or training, the parent who claims the child benefit is entitled to extend that claim until the child reaches their 20th birthday. ‘Approved education’ means at least 12 hours of supervised study per week, and the training can include an apprenticeship.Read More
VAT on Sale of Commercial Buildings top
October Question and Answer Section top
The Government thinks that employees who own shares in their employing company feel more involved in that business and hence are happy and loyal employees. So it has introduced a new share scheme from 1st September 2013 which allows you, as an employer, to give your employees tax-free shares in your company, but in return the employees must give up some key employment rights.

How does this work?

The employee must sign a fresh employment contract called an ’employee shareholder’ contract, then they must be issued with shares worth at least £2,000 (and up to £50,000) in their employing company. When the individual sells those shares any gain arising on that disposal is completely exempt from capital gains tax. However, any gain up to £10,900 (for 2013/14) would be tax free anyway. Read More
Q. There is an offer in my area to lease an electric car for two years, to help test the electric charging infrastructure installed by the council. Can my company take advantage of the tax breaks if I lease the car?Answer

Q. My daughter is now studying at University, but she worked full-time after leaving school in June and had tax deducted from all of her wages. Can she claim that tax back now, or does she have to wait until the end of the tax year? Answer

Q. I’m going to represent my company on an official UK trade mission to Australia, organised by my trade body. It will involve meetings with Australian potential clients over four days in two cities. My wife will accompany me on the trip, but she will not take part in the meetings. We will stay on in Australia to enjoy a short holiday. How should I split the costs between business and personal?Answer
October Key Tax Dates top
19 – Tax and Class 1B NI due on PAYE settlements for 2012/13

19/22 – PAYE/NIC and CIS deductions due for month to 5/10/2013 or quarter 2 of 2013/14 for small employers

31 – Deadline for 2012/13 self assessment paper returns to be filed for HMRC to do the tax calculation. If a paper return is being filed also the deadline for tax underpaid to be collected by adjustment to your 2014/15 PAYE code (for underpayments of up to £3000 only)
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 for a look at the resource on offer.’

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