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September 2012

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

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 in your own specific circumstances. We’re here to help!
September 2012
· Acclivity – a good option for UK MYOB users
· Gifting Assets or Shares
· Let us do your Payroll and PAYE returns for you!
· Self-billing
· September Question and Answer Section
· September Key Tax Dates
Acclivity – a good option for UK MYOB users
As an MYOB user are you concerned about the uncertainty of reconfirming your datafile in the future?

The MYOB User Group (which we helped set up) has provided a short term stop gap, but still most of us would like a more permanent solution for the future. For many larger MYOB users we would recommend Acclivity. Acclivity is the North American version of MYOB – developed by the same software writers – an upgraded version of MYOB Accounting version 19. There is one important difference – the software doesn’t contain digital rights management – which means you never have to reconfirm the software. Once you buy it it is yours forever – no strings.

Acclivity AccountEdge (for PC) costs about £250 for a single user, with an extra five licenses for about £300. Other versions are available including Business Basics and AccountEdge for the Mac. You do have to buy it directly from the US.

Simple Accounting has already successfully installed Acclivity for eight clients – and they are all very happy. See our blog for more details of some of them and how to contact them for their experience. We would be happy to help your business convert to this excellent software. Just give us a ring on 01422 847500 or email us to find out more.  

Gifting Assets or Shares top
Let us do your Payroll and PAYE Returns for you! top
If you plan to gift assets or shares to your relatives, there are several taxes you need to consider:

Capital Gains Tax

You won’t make an actual profit or gain when you give away assets or shares, so you may not expect to pay capital gains tax. However, when the gift is made to a person connected to you, such as your son or daughter, UK tax law deems you to have made a transfer of the asset at its market value. This means you could well make a paper gain on the gift, which will be subject to capital gains tax. This does not apply to a gift to your spouse or civil partner.

You need to calculate this gain to see if it needs to be reported on your tax return. Where the gain from the gift, together with any other gains you make in the year, exceeds your annual exemption of £10,600, all those gains must be reported on your tax return.Read More
Let us take the strain away from you and let you get on with running and growing the business.

Payroll is complicated and has to be done on time and you as the employer are responsible for the mistakes. Next year PAYE will become even more difficult when the HMRC require Real Time Information.

We run payrolls on time and can provide a tailor made service for your business.You will never have to worry about calculating statutory sick pay or maternity pay and dealing with tax credits and student loan deductions ever again!

And at year end we will do all the necessary returns for you. And the related tax planning advice…

Payroll is provided free as part of our Business Companion service. Just a small part of our fully comprehensive accounting service. Give us a ring or email us to find out more.

Read More about our Payroll Service 
Self-billing top
September Question and Answer Section top
‘Self-billing’ is where the customer in the supplier/customer relationship raises the invoices to themselves for work done or goods provided by the supplier, instead of the supplier raising those invoices. Self-billing helps large organisations that need to pay out lots of small amounts to hundreds of suppliers. It allows their purchase invoices to be standardised which saves costs when processing, and payments to be made automatically at the time the invoice is raised.

However, there are significant disadvantages for the supplier who agrees to self-billing. The supplier losses control of when invoices are raised and may have no control over the amount billed and the amount of VAT shown on the invoice.Read More
Q. I run my own company from an office in a spare bedroom at home, and my wife runs a separate company from a downstairs office in the same house. Can we both claim £3 per week expenses for use of home from our companies? Would the situation be different if we both worked full time for the same company? Answer

Q. I own a number of rental properties but this year I’ve been sued over unpaid service charges. The dispute has been resolved, but I’ve been left with legal costs. Can I deduct those legal costs from the property rental income for the year? Answer

Q. My business recently bought an e-book reader from an online retailer. It will be used for business purposes but the retailer is refusing to provide me with a VAT invoice, saying their products are not provided for business purposes, so VAT invoices are not provided to VAT registered customers. How can I get the VAT invoice I need to claim back the VAT charged to my business? Answer
September Key Tax Dates top
19/22 – PAYE/NIC and CIS deductions due for month to 5/9/2012

30 – Closing date to claim Small Business Rate Relief for 2011/12 in England
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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