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October’s Tax Tips & MYOB News Please Note OUR EMAIL ACCOUNTS have Changed! Our main email account is now (not info@). Please use this for all queries and general correspondence with Simple Accounting. We now have a second email account – this is specifically for emails about preparation of your year end accounts (for our Business Companion Clients). If you need further assistance just let us know or you can send us a question for our Question and Answer Section. Please contact us for advice. We’re here to help!   October 2014 · Tax Credit for Entertainment · Understanding the CIS · VAT on International Services · Scottish Taxes · October Questions and Answers · October Key Tax Dates Tax Credit for Entertainment top While your business cannot claim tax relief on food and drink bought for customers, providing creative entertainment products is different, could your creative company benefit from a boost to its cash flow? If it produces computer games, films, high-end TV or animation programmes, it may qualify for a new payable tax credit. All of these products can qualify for extra tax relief if they can be certified as culturally British, and at least a quarter of the core production costs are incurred in the UK. There are some other conditions: – only businesses trading as companies can qualify for the tax relief, not individuals or partnerships; and – the product must be intended for release to, or to be broadcast to the general public, not produced for training or advertising purposes. Read More   Understanding the CIS top   VAT on International Services top If you are a contractor in the construction industry it is essential that you deduct the right amount of Construction Industry Scheme (CIS) tax from payments you make to subcontractors. A common misunderstanding about the CIS is that deductions of CIS tax only have to be made from labour costs. This is not the case, but it may work out like that in practice. HMRC’s instructions are clear, the contractor must deduct the following cost items as listed on the subcontractor’s invoice before applying the appropriate rate of CIS tax (20% or 30%) to the net amount. See our Helpsheet on the CIS (you will need to login to see this – initially set as your email addess and password, ‘accountant’)  Read More When you sell services to businesses in other countries, the sale will generally be outside the scope of UK VAT. You don’t charge VAT on your invoice, but you need to report the value of that sale as part of the total in box 6 on your VAT return. We have a comprehensive list of international AccountEdge/ MYOB VAT codes in our Tricks of the Trade guidance manual. If the sale is to a VAT registered business in another EU country the sale must also be reported on your EC Sales list. If your customer is not a business, or is not VAT registered, the sale should not be included on the EC sales list. Read More   Scottish Taxes top   October Questions and Answers top The Scottish people have spoken and the majority have decided they want Scotland to remain part of the UK. However, that doesn’t mean everything will remain the same. We already know there will be two new taxes in Scotland from 1 April 2015, and a variation to income tax rates for Scottish taxpayers from 6 April 2016. If you are planning to buy land or buildings in Scotland, you should be aware that the tax you will pay on top of the purchase price is currently uncertain for completion dates on or after 1 April 2015. This is because Stamp Duty Land Tax (SDLT) will be replaced by Land and Buildings Transaction Tax (LBTT) for sales of land and buildings in Scotland from that date. The LBTT will have different rules to the SDLT, which will continue to apply to land transactions in England, Wales and Northern Ireland. Read More Q. My consulting company holds a significant amount of cash and I would like it to buy a piece of artwork as an investment, what are the tax implications?Answer Q. I am currently aged 57 and while I have been out of the country, I have paid voluntary national insurance contributions to allow me to qualify for the state pension. I recently asked the Pensions Service whether I need to carry on paying voluntary NICs but I’m very confused about the answer. Do I need 10, 30 or 35 qualifying years, to get the full state pension? Answer   October Key Tax Dates top 14 – Return and payment of CT61 tax due for quarter to 30 September 2014 19 – Tax and Class 1B national insurance due on PAYE settlements for 2013/14 19/22 -PAYE/NIC, student loan and CIS deductions due for month to 5/10/2014 or quarter 2 of 2014/15 for small employers 31 – Deadline for 2013/14 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 2015/16 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, 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 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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