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September 2014

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September’s Tax Tips & MYOB News
Welcome to our September newsletter.

Tax and Company House deadlines
If you are a Business Companion client we track your deadlines for you.  If not… are you tracking your own filing deadlines?  We keep a summary list for you on the Simple Accounting website.

For more about the benefits of our
Business Companion service see our website.

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!
September 2014
· Late Filing Penalties
· Bookkeeping Issues
· Moving Datafiles
· Travel Question
· September Questions and Answers
· September Key Tax Dates
Late Filing Penalties top
Nearly all our clients operate through our combined payroll services.  We therefore take responsibility for avoiding the penalties that we talk about in the rest of this article.  However for those of you who run your own payrolls, or who are not yet clients of Simple Accounting……well this is a warning.  From 6 October 2014 the HMRC computer will automatically issue you with a penalty if you submit your full payment submission (FPS) under RTI “late”, or don’t submit it at all for a month in which you paid your employees.

So what makes the FPS “late”? HMRC say the FPS must be submitted on or before the day the employer pays the employees (the “payment date”). But is that the day the funds leave the employer’s bank account or the day the employee receives the money?

In fact the “payment date” for RTI purposes is neither of these dates. It is the date contractually agreed between the employer and the employee to be the date on which the employee is to be paid. If the funds happen to be passed to the employee on an earlier or later date, perhaps due to a bank holiday, that doesn’t change the “payment date”. This is explained in HMRC’s RTI guidance on non-banking days.

 Read More
Bookkeeping Issues top
Moving Datafiles top
So here is a typical bookkeeping issue that has come up from a client.

“One of our customers sent us a payment for £1300 by mistake (nice work if you can get it). They phoned me a few days later and I sent the payment back to them.
I entered the payment as RECEIVE MONEY (as no payments due for this customer). How do I enter the refund into Account edge? This is not a normal Credit.”

Well in our standard set up there is an error account for this sort of thing in the chart of accounts.  Go to lists (bottom of the main command centre frame/ top left of the command bar).  Look for accounts and look for 2-2300 Unknown / banking error.  Please use another similar account if this one isn’t available.  Enter the original receipt to 2-2300 using receive money.  Make sure the VAT is No Tax.

Then repay them.  Enter the equivalent payment to the customer 2-2300 using spend money.  Enter both transactions on the date they actually clear the bank account.

This sort of error is covered in more detail in our ‘Tricks of the Trade’ MYOB bookkeeping manual

We have several clients that move their datafiles between Simple Accounting and a local machine, or between Mac and PC.  There are a few points to bear in mind when this is done: 
Make sure that the datafile properties have the full read write delete control under security tabs.
Ensure that you know the location of the new datafile if you have moved it from an email or shared folder.
When you open the new datafile on a Mac be sure to set the filter to ‘All files’ (rather than just ‘myo’ files), so that the MYOB program recognizes the new datafile.

There are more details on the Acclivity Website.

Travel Question top
September Questions and Answers top
If you contract through your own personal service company (PSC), you will be an employee of that company and you have to obey the strict tax rules that apply to employees’ travel deductions when claiming expenses from your PSC.

The first rule is that the cost of ordinary commuting cannot be claimed. This is defined as travel to a permanent workplace, which is somewhere attended regularly to perform the duties of the employment. Travel costs to a temporary workplace can be claimed, but the conditions that make a workplace ‘temporary’ must be met.

A place is not a temporary workplace if the employee attends for a continuous period of more than 24 months, or the attendance is expected to last more than 24 months. Read More
Q. Private school fees are so expensive, can I get my company to pay the fees directly and save myself a bit of tax?Answer

Q. I was travelling abroad on business last month when I got terrible tooth ache. I sought emergency treatment at a local dentist and paid the bill using my company’s debit card. Will I be taxed on the dentist’s fee as a benefit in kind? Answer

Q. I own several properties which I let out unfurnished, but they do contain carpets, curtains and white goods. I’ve been told I can no longer claim the cost of replacing those items against my rental income. Is that true?Answer
September Key Tax Dates top
19/22 – PAYE/NIC and CIS deductions due for month to 5/09/2014

30 – Closing date to claim Small Business Rate Relief for 2013/14 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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