http://www.helpaccountants.co.uk/ News events from Help Accountants en-us Tue, 06 Jul 2010 13:13:06 GMT Tue, 06 Jul 2010 13:13:06 GMT http://www.helpaccountants.co.uk/rss Weblog Editor 2.0 webmaster@helpaccountants.co.uk (Webmaster) webmaster@helpaccountants.co.uk (Webmaster) http://www.helpaccountants.co.uk/rss/rssarticle.php?article=1278421986 We have had a request from a subscriber. They are looking for a contract or letter of employment that has clauses inplace covering: 1. The poaching of the practice's clients 2. The handling of sensitive information about clients or the firm. 3. The removal of sensitive information when an employee leaves for there own use or another firm. We are able to find many documents, but would prefer to have a more practicle working document. Does anyone have such a document that they would be willing to share? Tue, 06 Jul 2010 13:13:06 GMT http://www.HelpAccountants.co.uk/rss/rssfeed113.htm http://www.helpaccountants.co.uk/rss/rssarticle.php?article=1278081440 One of our subscribers is thinking about developing a plug in for Quickbooks that is for the Construction Industry Scheme (CIS). If anyone would be interested in this sorted of addition to the Quickbooks portfolio, would you come back to us. Fri, 02 Jul 2010 14:37:20 GMT http://www.HelpAccountants.co.uk/rss/rssfeed112.htm http://www.helpaccountants.co.uk/rss/rssarticle.php?article=1278081434 One of our subscribers is thinking about developing a plug in for Quickbooks that is for the Construction Industry Scheme (CIS). If anyone would be interested in this sorted of addition to the Quickbooks portfolio, would you come back to us. Fri, 02 Jul 2010 14:37:14 GMT http://www.HelpAccountants.co.uk/rss/rssfeed111.htm http://www.helpaccountants.co.uk/rss/rssarticle.php?article=1277913719 We have had a newsletter subscriber coming back to us to warn about a new phishing problem related to Microsoft. In addition we have also experienced a new type of malware purporting to be spyware offering to clean up your computer (it flashes to say your computer is infected) if you pay for their software. It goes without saying that there are many scams trying to trip us all up, and its worth being suspicous of anything you have not asked for in advance. Below is an extract of the microsoft warning email "I've had about 8 telephone calls in the last couple of days from a person with a very strong accent purporting to be from Microsoft saying they they had received information from my ISP to say that I'd reported that our PCs were going slow amp offered to dial in to resolve it! This is obviously a phishing scam to plant a rogue dialer or other trojan software." Wed, 30 Jun 2010 16:01:59 GMT http://www.HelpAccountants.co.uk/rss/rssfeed110.htm http://www.helpaccountants.co.uk/rss/rssarticle.php?article=1277913060 We have a subscriber looking for part time work. Please see the message below: Are any helpaccountant members looking for part time help in Surrey/Hants? I am a fully qualified CIMA accountant with several years hands-on general practice experience with SMEs. IRIS, MYOB, Sage Line 50, Excel, Word. CV amp references available. Wed, 30 Jun 2010 15:51:00 GMT http://www.HelpAccountants.co.uk/rss/rssfeed109.htm http://www.helpaccountants.co.uk/rss/rssarticle.php?article=1277899149 Please find below a useful update from Saira Puffett at Roche Associates about Capital Allowances Post budget Capital Allowances - Changes afoot again but it could have been much, much worse! The much anticipated first coalition emergency budget was delivered on 22 June with all sectors feeling the 'country's pain'. The business community were also targeted with the very important, but probably underappreciated, capital allowances bearing the brunt of the changes. Whilst corporation tax was reduced, albeit at a far slower rate than large businesses would have liked, capital allowances will also be reduced to pay for that change. It is, however, a good example of expectation management, since most will be left thinking it could have been worse, with something potentially much more severe happening much sooner. Capital allowances are the only real relief available to businesses investing in capital assets - be that through investment in plant amp machinery or property. The rates for both the main and special rate (including integral features) allowances will be reduced by 2% for periods ending after April 2012, taking the rate down to 18% per annum for the main pool and 8% per annum for the special rate. Businesses will feel this drop in relief, and together with the complications of using hybrid rates during the transitional periods, it will increase their already considerable compliance burden. Furthermore, the annual investment allowance was reduced from £100,000 to £25,000, again from April 2012. The annual investment allowance is an important incentive, particularly for small businesses, which gives full relief for plant amp machinery expenditure incurred up to the set limit, so this is particularly harsh for them in what are still very challenging times. For further information on these and other capital allowances changes, please click the following link - http://www.rocheassociates.co.uk Wed, 30 Jun 2010 11:59:09 GMT http://www.HelpAccountants.co.uk/rss/rssfeed108.htm http://www.helpaccountants.co.uk/rss/rssarticle.php?article=1277308869 Please note the date The maximum amount of the Annual Investment Allowance will be reduced from £100,000 to £25,000 a year with effect from April 2012. We have been told that details of the transitional provisions will be published in good time before the reduction takes effect Wed, 23 Jun 2010 16:01:09 GMT http://www.HelpAccountants.co.uk/rss/rssfeed107.htm http://www.helpaccountants.co.uk/rss/rssarticle.php?article=1277308152 One of our subscribers is looking to be more mechanistic in the way they prepare quotes and invoices for clients and wondered what sorts of systems other accountants in practice used. If you are using a system to manage your quotes and would be able to share any information with us, that would much appreciated. We would not pass on any practice specific information, but would assign it to a region, as there maybe variations. If we get enough responses we will put together a fees summary to share with everyone. Wed, 23 Jun 2010 15:49:12 GMT http://www.HelpAccountants.co.uk/rss/rssfeed106.htm http://www.helpaccountants.co.uk/rss/rssarticle.php?article=1277297929 After the highs and lows of yesterday's budget we thought you might like a summary of how it could affect your clients, whether they are small businesses or individuals. Personal Tax (SA) The allowance is to rise from 6th April 2011 by £1000 to £7475 Personal allowance for under 65s will be increased to £7,475 from April 2011, worth £170 to basic rate taxpayers (lower than the £10,000 predicted) The basic rate limit will be reduced by £2,500 and the higher rate threshold by £1,650. The basic rate limit for income tax will be frozen in 2013-14. The national insurance upper earnings/profit limit will also be reduced to keep it in line with the income tax higher rate threshold The 1% rises in NIC will be retained and will take effect from 6th April 2011, but the entry point where an employee and employer is liable to payments is raised by £21 above indexation. The effect will be that employers with pay rates at the lower end will see the NIC payments fall. The basic state pension will be linked to earnings from April 2011 and will rise in line with earnings, prices or 2.5%, whatever is the greater. Capital Gains Tax (CGT) The annual exempt amount for capital gains tax will remain at £10,100 for 2010-11. Entrepreneur’s relief has been extended to the first £5m lifetime gains. From 23 June 2010 capital gains tax will rise from 18 to 28 per cent for higher and additional rate taxpayers. Business Tax (CT) The Corporation Tax rate of 28% (large companies) will be cut by 1% to 27% and thereafter to 24% year on year starting April 2011. The SME rate is due to fall to 20% from April 2011. The annual investment allowance (AIA) was increased in the March budget to £100,000, and this has now been scrapped and it will fall to £25,000 for SMEs. The main rate of Capital allowance will fall to 18% and the special rate will fall to 8% from April 2012. Value Added Tax (VAT) The VAT rate will rise from 17.5% to 20% from 4th January 2011. The Royal Mail will have to start charging VAT on some of its activities from 30th January 2011. The threshold at which a company has to leave the Flat Rate Scheme will be raised to £230,000 at the same time the new rates come in. The new flat rates have already been published and can be downloaded from http://www.hmrc.gov.uk/budget2010/bn45.pdf A useful summary of the budget can also been found at http://www.hmrc.gov.uk/budget2010/supplementary.htm This is where all the government documents published for the announcements are held. Wed, 23 Jun 2010 12:58:49 GMT http://www.HelpAccountants.co.uk/rss/rssfeed105.htm http://www.helpaccountants.co.uk/rss/rssarticle.php?article=1274688993 Good Morning, If you are applying for the Flat Rate Scheme for clients, HMRC have the pdf version of the form on most pages, but we have found a word document format which means the client/agent can complete on the computer and save a word version. http://customs.hmrc.gov.uk/channelsPortalWebApp/channelsPortalWebApp.portal?_nfpb=trueamp_pageLabel=pageVAT_FormsamppropertyType=documentampid=HMCE_CL_000057 Apologies for the extended link. Mon, 24 May 2010 08:16:33 GMT http://www.HelpAccountants.co.uk/rss/rssfeed104.htm http://www.helpaccountants.co.uk/rss/rssarticle.php?article=1274472273 Good Evening This is an unusual request, but one of our contributors has a client that needs a book keeper. Area:Clapham Common Work: Small group of companies, no accounting package yet in place, so spreadsheets. If there is anyone that is interested, or knows a book keeper that could be, please email me back and I will forward the details. Regards Fri, 21 May 2010 20:04:33 GMT http://www.HelpAccountants.co.uk/rss/rssfeed103.htm http://www.helpaccountants.co.uk/rss/rssarticle.php?article=1273134217 Just a quick reminder. If you haven't received your Agent copy of the Self Assessment Tax Returns Guide 2010 you will need to contact the orderline on 0845 9000404 We understand that there was a problem at the printers and some guides did not get sent to agents that have previously received them. When ordering you will need to quote your agent ID. Thu, 06 May 2010 09:23:37 GMT http://www.HelpAccountants.co.uk/rss/rssfeed102.htm http://www.helpaccountants.co.uk/rss/rssarticle.php?article=1272372764 Good Afternoon, We have had a fresh attack of phishing emails about a refund. The lucky recipient always has £988.50 which is a very generous amount. Sadly this is a scam, and we have been told of a new one asking self assessment clients to renew their HMRC online password as their security has been breached. We would be interested if anyone else has had this email. We will be passing it onto Working Together and HMRC. Tue, 27 Apr 2010 13:52:44 GMT http://www.HelpAccountants.co.uk/rss/rssfeed101.htm http://www.helpaccountants.co.uk/rss/rssarticle.php?article=1271802513 Good Evening, From 1st April HMRC has introduced a more systematic penalty regime, with a particularly difficult regime for non payment of PAYE A link to the new system is below, and the PAYE penalty regime comes in from 6th April, so for periods ended 5th May 2010. Previously clients that were slightly delayed in paying the PAYE due would possibly have received a payment reminder (which will no longer be issued) but a new penalty system for late payment will come into existence. Extract HMRC "PAYE late payment penalties: From 6th April 2010 new penalties will apply to all employers who do not pay PAYE, NICs, Construction Industry Scheme deductions and student loan deductions on time and in full. It replaces an existing penalty under the Mandatory Electronic Payment (MEP) scheme, which affected employers with 250 or more employees." A link to the new rules is below http://www.hmrc.gov.uk/paye/problems-inspections/late-payments.htm In addition it is worth noting the following - extract from HMRC "If a penalty is due, HMRC will send a late payment penalty letter telling how much is owed and when to pay it by. It will also detail what to do if the penalty is wrong, including how to appeal. For penalties relating to late payments that occurred in the 2010-11 tax year, HMRC will send notifications of late payment penalty charges after the end of the year. HMRC has up to two years after the late payment occurred to issue a penalty letter. It is your responsibility to make sure that you pay on time. HMRC does not issue reminder letters. Penalties will be charged on each PAYE scheme independently. Therefore, if you operate more than one PAYE scheme you need to make sure that amounts due for each individual PAYE scheme reference is paid in full on time. You will not be charged a penalty if only one PAYE amount is late in a tax year - unless that payment is over 6 months late. The amount of the penalty will depend on how much is late and how many times your payments are late in a tax year. So if you pay part of what is due on time then any penalty will only be charged on the part that is late. " The delay in issuing penalty notices with a two year window for HMRC to apply a fine will obviously have an impact on PAYE systems that close down and companies/businesses that cease to operate. Even more care needs to be taken to ensure that all the PAYE has been paid and the account settled to avoid additional work for the agent after the client has vanished. Tue, 20 Apr 2010 23:28:33 GMT http://www.HelpAccountants.co.uk/rss/rssfeed100.htm http://www.helpaccountants.co.uk/rss/rssarticle.php?article=1271801106 Good Evening, If you handle any company secretarial you may already have come across the new look payment system for Companies House, but if your clients handle their own company interface with Companies House it may be worth warning them that they have changed the payment screens. The new look screens can be found at http://www.companieshouse.gov.uk/about/miscellaneous/changesToPaymentScreens.shtml The system is still being operated by Netbank Tue, 20 Apr 2010 23:05:06 GMT http://www.HelpAccountants.co.uk/rss/rssfeed99.htm http://www.helpaccountants.co.uk/rss/rssarticle.php?article=1271777243 Good Afternoon, I have now had a number of clients who have received an email from "DHL" informing them of a parcel being sent. Despite not being aware of any deliveries, human nature means that they are opening the email and it downloads a virus into the registry of the computer and renders it useless. The police have taken the unusual step of warning people of this virus and DHL have a notice on their website. http://www.dhl.co.uk/publish/gb/en/new_virus.high.html It does not appear to be an urban myth like many of the emails that get sent around and in the case of one client of mine he spent the best part of 2 days trying to resolve it, £100 in computer doctor fees, and in the end bought a new laptop. Tue, 20 Apr 2010 16:27:23 GMT http://www.HelpAccountants.co.uk/rss/rssfeed98.htm http://www.helpaccountants.co.uk/rss/rssarticle.php?article=1269868127 We have a subscriber that has asked if we know of a good debt collection company. Does anyone have any positive experiences of debt collectors that we could pass on? Mon, 29 Mar 2010 14:08:47 GMT http://www.HelpAccountants.co.uk/rss/rssfeed97.htm http://www.helpaccountants.co.uk/rss/rssarticle.php?article=1269441592 The Budget has been and gone, with few surprises. With so many government departments issuing press releases before speeches there are rarely any announcements that are unexpected these days. As a summary, the items that may interest accountants and their clients are: Entrepreneuer's lifetime limits are to be raised to £2m (from £1m) on which they will pay just 10% capital gains tax, instead of the main rate of 18%. The government is to sign a new tax information exchange agreement with Belize,Dominica and Grenada. The Chancellor has vowed that over the next year RBS and Lloyds will provide £94bn in new business loans, with half going to SMEs. The time to pay scheme for business will be extended for the whole of the next parliament. Business rate taxes for SMEs will be reduced for one year starting from October 2010. This will impact on 345,000 small businesses who may get a business rate tax holiday. The inheritance tax threshold will be frozen for four years. The stamp duty limit is doubled to £250,000 for first time buyers (effective from midnight 24/03/2010) since this is a budget announced before a General Election, some of these changes may be overturned after the election, but they stand for the moment. Wed, 24 Mar 2010 14:39:52 GMT http://www.HelpAccountants.co.uk/rss/rssfeed96.htm http://www.helpaccountants.co.uk/rss/rssarticle.php?article=1268757480 From 1st April 2010 it will be compulsory for all new businesses registered after 1st April 2010, and for all businesses with a turnover of >£100,000 to file online VAT returns. Many of your clients will need to register themselves for online services. The link where this used to be available has moved in HMRC's website (very convenient) and so you now need to go to: http://www.hmrc.gov.uk/online/new.htm If they are existing VAT register businesses they will need to have the following data to hand as well •VAT number •Postcode of principle place of business •Date of VAT registration (if this is unknown, call the Online Helpline 0845 010 8500 and give bank account and sort code details) •Last VAT return where applicable (select N/A where no return has been filed) •Box 5 details where applicable (or 0.00 where no return has been filed) Tue, 16 Mar 2010 16:38:00 GMT http://www.HelpAccountants.co.uk/rss/rssfeed95.htm http://www.helpaccountants.co.uk/rss/rssarticle.php?article=1268130321 We have had a number of questions relating to the write off of goodwill in businesses and felt that is was worth going over the rules to confirm the information we have. The Finance Act 2002 changed the treatment of goodwill amortised by companies. It does not apply to goodwill acquired prior to 1 April 2002 (treatment within the capital gains regime)and does not apply to internally-generated goodwill. Where a sole trader or partnership transfers the business to a limited company of which they are a 'substantial shareholder'(40% or more), they are treated as 'related parties' and the transfer must be at: 1.Market value, 2. Subject to transfer pricing rules. HMRC has confirmed in August 2009 that the regime will only apply to goodwill created wholly after 31 March 2002. Example 1 Trader 1 started a business on 1st September 2002 and incorporated the same business on 1st April 2006. The goodwill on incorporation was £200,000. This can be amortised in accordance with accounting practice and the amortisation will be an allowable against the company's profits Example 2 Trader 2 started practising as an accountant in 1980. On 1st September 2002, they decided to incorporate and the market value of the goodwill was £300,000. This cannot be amortised under the new regime, as it was generated prior to 1st April 2002. Instead, it will remain within the capital gains regime. Example 3 Trader 3 purchased a business from a wholly unconnected party on 1st September 2002, paying £200,000 for the goodwill, which was the fair market value of the asset. On 30th September 2006, they transferred the business across to a limited company. The goodwill can be written off by the company over five years, so the deduction of £40,000 will be allowable against the company's profits. More detailed information can be found at the HMRC website at http://www.hmrc.gov.uk/manuals/cirdmanual/CIRD11070.htm Tue, 09 Mar 2010 10:25:21 GMT http://www.HelpAccountants.co.uk/rss/rssfeed94.htm http://www.helpaccountants.co.uk/rss/rssarticle.php?article=1267781978 We have a subscriber who wishes to expand their business and is looking to buy a block of fees. The prefered geographical area is in the South East - West of London If anyone is looking to sell a block of fees, or knows of another accountant that is considering this, please come back to me for more information. Fri, 05 Mar 2010 09:39:38 GMT http://www.HelpAccountants.co.uk/rss/rssfeed93.htm http://www.helpaccountants.co.uk/rss/rssarticle.php?article=1267616524 Please note There is a new email from secure@hmrc.gov.uk which is stating that a tax refund is due to the client. We have had 3 questions from clients relating to this email already today. The exact wording is Tax Refund Notification After the last annual calculations of your fiscal activity, we have determined that you are eligible to receive a tax refund of 988.50 GBP. Please submit the tax refund request and allow us 2-3 days in order to process it. Click Here to submit you tax refund request Note : A refund can be delayed a variety of reasons, for example submitting invalid records or applying after deadline. Best Regards HM Revenue amp Customs They improve on the authenticity by including real links to the HMRC website at the bottom of the mail. HMRC will never send an email like this, and they certainly wouldn't say "Best Regards" Wed, 03 Mar 2010 11:42:04 GMT http://www.HelpAccountants.co.uk/rss/rssfeed92.htm http://www.helpaccountants.co.uk/rss/rssarticle.php?article=1265927133 Just a reminder that from 1 April 2010 VAT returns will have to be filed online if 1.The VAT registered business turns over more than £100K or 2.If the business becomes VAT registered after that date In addition many sites are saying that from 1 April 2010 if you are acting as a VAT Agent filing VAT returns for your clients you must set yourself up as an online agent for VAT. This is not strictly true, and HMRC are working to enable non registered agents to be able to file. Working Together has said that agents who are not VAT registered can still file VAT online for clients but will need to use the client's own user IDs and passwords with the necessary checks and measures in place to ensure that the client is approving the VAT return details prior to filing. We have attached an updated document relating to VAT online Thu, 11 Feb 2010 22:25:33 GMT http://www.HelpAccountants.co.uk/rss/rssfeed91.htm http://www.helpaccountants.co.uk/rss/rssarticle.php?article=1265839302 The budget in 2008 introduced new time limits for individual tax payers to be able to claim back tax. The period is to be shortened from 6 years to 4 years and this may have already affected clients who might have had tax to reclaim from 2003-4. The new deadlines are 2003-04 year 31 January 2010 2004-05 year 31 March 2010 2005-06 year 5 April 2010 2006-07 year 5 April 2011 2007-08 year 5 April 2012 2008-09 year 5 April 2013 More information can be found at http://www.hmrc.gov.uk/about/deadlines-taxpayers.htm Wed, 10 Feb 2010 22:01:42 GMT http://www.HelpAccountants.co.uk/rss/rssfeed90.htm http://www.helpaccountants.co.uk/rss/rssarticle.php?article=1265325649 In recent weeks most practitioners have been very busy with Self Assessments, but we are now into February and can move onto other areas. A useful link is the one below which is from the HMRC website and gives all the various ways an Agent should be able to contact them. It is useful to keep book marked for those moments when you draw a blank. http://www.hmrc.gov.uk/agents/contacting-effective.htm Thu, 04 Feb 2010 23:20:49 GMT http://www.HelpAccountants.co.uk/rss/rssfeed89.htm http://www.helpaccountants.co.uk/rss/rssarticle.php?article=1264010970 The filing deadline is approaching and many clients are still dragging their heels when it comes to sending in their information. The 30th and 31st of January are both weekend dates, and as such HMRC have informed Working Together accountants that it is likely if returns are filed on either of these days that penalty notices will be automatically raised as neither date is a "working" day. Please be aware of this and warn any clients who do leave it very late that this may occur. It goes without saying, retain all proof of filing documentation so that the penalty can be appealed against at a later date. Wed, 20 Jan 2010 18:09:30 GMT http://www.HelpAccountants.co.uk/rss/rssfeed88.htm http://www.helpaccountants.co.uk/rss/rssarticle.php?article=1263916914 There is a useful website that has alternatives to 0870 numbers. http://www.saynoto0870.com/search.php It is not exhaustive, but worth a try if you are looking for a direct dial number. In addition, in this busy period, it is better and more efficient to ring agent priority numbers. The latest updates to this growing list of contact numbers is at http://www.hmrc.gov.uk/workingtogether/priority-lines-list.htm Tue, 19 Jan 2010 16:01:54 GMT http://www.HelpAccountants.co.uk/rss/rssfeed87.htm http://www.helpaccountants.co.uk/rss/rssarticle.php?article=1263652303 One of our subscribers is currently registered as an auditor, which is quite an onerous and expensive additional qualification to hold, and they have been considering letting it go. Before they drop the ability to audit, they have asked if there is anyone amongst our subscribers and contributors that have clients that need an auditor and would consider changing? The audit practice is based in West London. Sat, 16 Jan 2010 14:31:43 GMT http://www.HelpAccountants.co.uk/rss/rssfeed86.htm http://www.helpaccountants.co.uk/rss/rssarticle.php?article=1263416171 Good Evening, Quite a few of our subscribers have been asking about courses, and we were reminded about the HMRC free courses by another subscriber who has managed to book themselves on 9 courses. If you want to get your CPD up to date and not pay for it, then go to: http://www.hmrc.gov.uk/bst/index.htm The courses are generally 2 hours long and start at a basic level and advance from there; they are a good way to meet local HMRC experts and are also a way of getting to understand what HMRC want your clients to know as well. Wed, 13 Jan 2010 20:56:11 GMT http://www.HelpAccountants.co.uk/rss/rssfeed85.htm http://www.helpaccountants.co.uk/rss/rssarticle.php?article=1263391497 Good Afternoon Clients will often give their bank details, sort code and account number, but fail to tell you which bank. Below is a list of the London clearing banks and their related sort codes. 01 National Westminster Bank 05 Clydesdale Bank for Yorkshire Bank 07-00 to 07-49 Nationwide Building Society 08 The Co-operative Bank 08-60-01 for Unity Trust Bank 08-60-64 for Northern Rock 08-60-81 for Norwich and Peterborough Building Society 09-00 to 09-19 Santander UK Formerly Abbey 16-57-10 for Cater Allen Bank 10-00 to 10-79 Bank of England includes National Savings and Investments 10-80 to 10-89 Barclays Bank formerly The Woolwich (2007) 11 Bank of Scotland for Halifax 12-00 to 12-69 12-60-00 to 12-69-99 for Sainsbury's Bank 13 Barclays Bank 14 formerly Martins Bank (1967) 15 RBS formerly Williams amp Glyn's Bank (1985), 16 formerly Williams amp Glyn's Bank (1985), 17 formerly Williams amp Glyn's Bank (1985), 18 for Coutts amp Co 20 to 29 Barclays Bank 30 to 39 Lloyds TSB Bank formerly Lloyds Bank (1995). 30 to 45 for Citibank 40 to 49 HSBC Bank formerly Midland Bank 40-47-60 to 40-47-89 for First Direct 49-99-79 to 49-99-99 for Deutsche Bank 50 to 59 National Westminster Bank formerly National Provincial Bank 60 to 66 formerly Westminster Bank (1968) 72 Alliance amp Leicester formerly Girobank (2003) 77-00 to 77-44 Lloyds TSB Bank formerly Trustee Savings Bank (1995) 77-46 to 77-99 Lloyds TSB Bank formerly Trustee Savings Bank (1995) Wed, 13 Jan 2010 14:04:57 GMT http://www.HelpAccountants.co.uk/rss/rssfeed84.htm http://www.helpaccountants.co.uk/rss/rssarticle.php?article=1263319470 Good Evening, One of our contributors regularly gets emails from Thames Valley Police, and they have passed this to us as it is about an email scam purporting to be from HMRC asking people to send their bank details via an email link, as they have a tax rebate. This has come to our attention before, but since it is that time of year when clients are thinking "tax" it would be useful to warn them that HMRC would never ask for bank details directly. By the way - this is NOT one of those spam emails that fills up people inboxes, but is geniunely from the Police. The email is below Subject: Thames Valley Police - Community Messaging - Amersham - G-01/019 [THAMES VALLEY COMMUNITY MESSAGING - Amersham - G-01/019] Emails are currently being circulated that purport to be from H M Revenue and Customs, informing people that they are eligible for a tax refund. In order to claim the refund, you are asked to fill in an electronic form with your bank details ("FORM SAT-19287"). The form appears genuine, but is actually a fraudulent means of acquiring your personal details for criminal purposes. If you receive a copy please forward it to the Inland Revenue at phishing@hmrc.gsi.gov.uk More information is available on their website via the following link: http://www.hmrc.gov.uk/security/index.htm Tue, 12 Jan 2010 18:04:30 GMT http://www.HelpAccountants.co.uk/rss/rssfeed83.htm http://www.helpaccountants.co.uk/rss/rssarticle.php?article=1262632223 Sorry to be sending out yet another newsletter but I have found this little nugget on HMRC's website and thought it was extremely useful. We have had ocassions when a Self Assessment UTR or an Accounts Office Reference has not been transcribed correctly. Initially we have no reason to believe its wrong, so can spend several days checking other things first. HMRC have a reference checker which can be found at http://www.hmrc.gov.uk/payinghmrc/referencechecker.htm which can check: PAYE and Class 1 NIC – current month or quarter PAYE, Class 1 and Class 1A NIC – previous year Corporation Tax Self Assessment Stamp Duty Land Tax Tax Credits Class 2 and Class 3 NIC Very Useful Mon, 04 Jan 2010 19:10:23 GMT http://www.HelpAccountants.co.uk/rss/rssfeed82.htm http://www.helpaccountants.co.uk/rss/rssarticle.php?article=1262612214 The VAT flat rates have changed again now that the VAT rate has been increased to 17.5%. The new rates apply from 1st Jan 2010, and form pages 6,7 and 8 of the attached document. Clients that have a VAT period that straddles this change will have to apply the flat rate apportioned to each month. It maybe worth forwarding the document to clients that are using flat rate as a reminder of the changes to the rate they should be applying. The link to HMRC's page detailing the new rates is http://www.hmrc.gov.uk/vat/start/schemes/flat-rate.htm#5a Mon, 04 Jan 2010 13:36:54 GMT http://www.HelpAccountants.co.uk/rss/rssfeed81.htm http://www.helpaccountants.co.uk/rss/rssarticle.php?article=1262558973 HMRC have a wonderful webpage explaining the many ways that self assessment taxes can be paid before 31st January. a link is below http://www.hmrc.gov.uk/payingHMRC/selfassessment.htm#5 A subscriber has asked about the possibility of calling HMRC and paying over the phone using a Debit Card. This option does not appear to be available anymore. Would any of our subscribers be able to help with a telephone number they have used recently? Sun, 03 Jan 2010 22:49:33 GMT http://www.HelpAccountants.co.uk/rss/rssfeed80.htm http://www.helpaccountants.co.uk/rss/rssarticle.php?article=1261675155 HelpAccountants would like to wish all its subscribers and contributors a good Christmas break and a very prosperous and successful 2010. Thu, 24 Dec 2009 17:19:15 GMT http://www.HelpAccountants.co.uk/rss/rssfeed79.htm http://www.helpaccountants.co.uk/rss/rssarticle.php?article=1260391313 After the media and political circus, we thought it would be a good idea to summarise the items that will most effect small businesses and those working in practice 1.National Insurance up by a further 0.5% from April 2011 (up by 1% on 2009/10) 2.1p rise in corporation tax for small firms scrapped, some reports say "deferred" 3.New 50p tax on landline phones to pay for superfast broadband 4.New 10% tax on income from patents to boost science development 5.New tax rebates for electric cars and wind turbines 6.State pension to rise by 2.5% next year 7.VAT to return to 17.5% from 15% from 1 January 2010. 8.No other changes to VAT 9.One-off 50% tax on bank bonuses of more than £25,000. 10.Stamp duty holiday on certain properties to end on 1 January 2010. 11.Child and disability benefit to rise by 1.5% in 2010 12.The Income tax personal allowances and tax thresholds are not increased. 13.The IHT threshold has been frozen at £325,000 for 2010/11. 14.The pensions anti forestalling measure will be amended with immediate effect to include employer pension contributions. 15.The Furnished Holiday tax regime is abolished from April 2010 (previously announced.) All c/f losses at that point will be treated as losses arising on a property business. No further capital allowance claims will be possible, but owners will be able to claim the 10% wear and tear allowance and the Landlord’s Energy Saving Allowance if they choose. 16. and for all those getting a "free" meal.... Salary sacrifice and flexible benefit schemes which provide tax free meals at works canteens are to be terminated from April 2011. Wed, 09 Dec 2009 20:41:53 GMT http://www.HelpAccountants.co.uk/rss/rssfeed78.htm http://www.helpaccountants.co.uk/rss/rssarticle.php?article=1259621576 We have recently been asked by a few subscribers for handy tips and promotional ideas to start building and developing their practices. I have attached a list below of ideas that we have come up with as a team, but would love to be able to compile a list of ideas that include your best solutions within your own experiences. Please come back to "contact us" with the things that have worked for you. Encourage your clients to recommend with a finder’s fee? Put adverts in local shop windows.... Get yourself in local skills directories and parish skills lists Go and talk to the local council about small contract work in schools and public buildings How about telling all your neighbours and friends as well Write down what you actually do, and have the capabilities of doing and make sure the leaflets you do make up reflect what you are able to do. If you are a member of any clubs/societies – ask them if you can give out leaflets Get some testimonials How about going to the local tech college and talking to the teachers there to see if you can some voluntary work with young students? Also accounting specific Try business link contacts Bank contacts Job clubs – everyone needs an accountant Offer yourself to do talks to small groups of people – i.e. completing self assessments, basic CGT, making a will Mon, 30 Nov 2009 22:52:56 GMT http://www.HelpAccountants.co.uk/rss/rssfeed77.htm http://www.helpaccountants.co.uk/rss/rssarticle.php?article=1257356583 HMRC have a very useful corner of their website devoted to a glossary of terms for Inheritance Tax. It is particulary useful as it also contains multiple links to other areas of the HMRC website that go into further detail about each subject. It is incredibly detailed and well worth keeping as a link for those times when a client asked you about their Commorientes. http://www.hmrc.gov.uk/cto/glossary.htm Wed, 04 Nov 2009 17:43:03 GMT http://www.HelpAccountants.co.uk/rss/rssfeed76.htm http://www.helpaccountants.co.uk/rss/rssarticle.php?article=1257332098 We have had quite a few requests for information about companies ceasing to trade and the impact on directors. I have attached a link to a pdf about director responsibilities that is extremely useful - if a little long winded. http://www.insolvency.gov.uk/pdfs/guidanceleafletspdf/guidefordirectors.pdf Wed, 04 Nov 2009 10:54:58 GMT http://www.HelpAccountants.co.uk/rss/rssfeed75.htm http://www.helpaccountants.co.uk/rss/rssarticle.php?article=1256208946 Have you ever been trying to work out if a client is over a certain age level and started to get your fingers worn out in the process? It's important to know the age of a client for the tax free allowance, but also for payrolls and minimum wage levels There is a great age calculator at http://www-users.med.cornell.edu/~spon/picu/calc/agecalc.htm which has the added advantage of not being surrounded in flashing adverts and incentives to save or borrow money. It's just saved me a couple of minutes of head scratching. Thu, 22 Oct 2009 11:55:46 GMT http://www.HelpAccountants.co.uk/rss/rssfeed74.htm http://www.helpaccountants.co.uk/rss/rssarticle.php?article=1255435869 There is often very little (if any) direction on VAT forms as to where to send them once they have been completed. HMRC have issued the following guidelines, and in addition please remember that all 64-8 VAT only forms must go to Grimsby and NOT Longbenton as the form says. For all general VAT registration and deregistration applications and any notification of changes in details, send application forms and any supporting documents to Wolverhampton. For all VAT 68 applications (request to retain VAT registration number of previous owner of the business), VAT Group applications, Flat Rate Scheme applications, Annual Accounting requests, VAT 66s (Certificate of Status) and Agricultural Flat Rate Scheme applications, send all relevant forms and supporting documents, including VAT 1 (where appropriate) to Grimsby. Office addresses and telephone numbers Grimsby HM Revenue amp Customs Imperial House 77 Victoria Street Grimsby DN31 1DB Tel 0845 039 0279 Wolverhampton HM Revenue amp Customs Deansgate 62-70 Tettenhall Road Wolverhampton WV1 4TZ Tel 0845 039 0129 Tue, 13 Oct 2009 13:11:09 GMT http://www.HelpAccountants.co.uk/rss/rssfeed72.htm http://www.helpaccountants.co.uk/rss/rssarticle.php?article=1255360853 we have had three clients telling us about an email they have received today about fraud, pertaining to be from HMRC The following notice has appeared on the HMRC website Notice of Unreported Income – 12 October 2009-10-12 An email from no-reply@hmrc.gov.uk entitled Notice of Unreported Income is currently being cirulcated. The email links to a fake HMRC website entitled ‘Fraud Application’ and asks that you download and review a tax statement document. The website then opens an executable file on your machine. The email is not from HMRC. You should be aware that opening executable files (.exe) over the internet can potentially compromise the security on your machine. HMRC do not issue emails asking for personal details. Do not visit the website contained within the email or disclose any personal or payment information. Please remind your clients that HMRC does not email them directly and would never ask for their information, they would always write to a tax payer and agent. Mon, 12 Oct 2009 16:20:53 GMT http://www.HelpAccountants.co.uk/rss/rssfeed69.htm http://www.helpaccountants.co.uk/rss/rssarticle.php?article=1254671136 There have been some changes to Data Protection Registration, from 1st October 2009. Changes to the notification fee structure came into effect from 1st October 2009. All new notifications received from data controllers on or after 1st October 2009 are subject to new regulations and data controllers are required to assess which tier they fall within and the fee they are required to pay for notification. The notification helpline on 01625 545740 can provide further guidance. Most small accountancy practices will still fall within the £35 fee structure. Sun, 04 Oct 2009 16:45:36 GMT http://www.HelpAccountants.co.uk/rss/rssfeed67.htm http://www.helpaccountants.co.uk/rss/rssarticle.php?article=1254474075 HMRC are launching a new application for PAYE and coding and they have issued this note through working together. I would suggest that if you handle payrolls that you have a look at this application as it is an excellent tool. "We have now finished our testing and we are pleased to tell you that PDV is going live on 5 October. You can download the installer for the latest version at www.hmrc.gov.uk/paye/tools/PDV. The PDV is a software application that you can install on you local hard drive to help you manage the codes and notices that you receive online from us. PDV lets you: • See the codes and notices received for each client • See which codes and notices are ‘unactioned’ and mark them as ‘actioned’ • Create lists of items based on name, form, client and date using improved search functions • Send some or all of your codes and notices to another PDV user in your organisation • Add comments to codes and notices Who should use it? PDV is aimed at those who: • Use the DPS Portal Viewer but need the improved features • Do not currently use 3rd party software to access codes and notices • Currently receive PAYE codes and notices on paper." Fri, 02 Oct 2009 10:01:15 GMT http://www.HelpAccountants.co.uk/rss/rssfeed63.htm http://www.helpaccountants.co.uk/rss/rssarticle.php?article=1253964469 HMRC have been changing the Banking details for payment of both PAYE and VAT. As you may already be aware the PAYE Bank account details have changed to: AO Shipley Account Number 12001020 Sort code 08-32-10 AO Cumbernauld Acct Number 12001039 Sort Code 08-32-10 I additon the VAT payment will need to be changed to Account HMRC VAT Account Number 11963155 Sort Code 08-32-00 Many of our clients pay using Bacs or CHAPS and they will need to alter the payment details to ensure that the payments are allocated to their accounts. This is paricularly important with the new penalty regime that has been put in place, as correct payment to the correct bank account will avoid unnecessary penalty notices being issued and therefore a reduction in time spent chasing the payments and writing appeal letters. More information on paying HMRC can be found at http://www.hmrc.gov.uk/payinghmrc/ Sat, 26 Sep 2009 12:27:49 GMT http://www.HelpAccountants.co.uk/rss/rssfeed61.htm http://www.helpaccountants.co.uk/rss/rssarticle.php?article=1250864700 Sorry for two updates on the same day, but there are additonal changes being made to the Companies House web-filing and forms that will come into effect from 1st October, which is fast approaching. I have attached a summary of the main changes. Click on the filename to open the attachment Companies_House_Companies_Act_2006_CoH028.pdf Fri, 21 Aug 2009 15:25:00 GMT http://www.HelpAccountants.co.uk/rss/rssfeed1.htm http://www.helpaccountants.co.uk/rss/rssarticle.php?article=1250855940 We have been asked by a number of clients and subscribers for information about employee disputes, grievances and dismissals. In response to this we have updated our document in this area and have also highlighted the ACAS website for more detailed information. As an accountant in practice, clients are asking us for this information more frequently, and although we would recommend an arm's length approach to this area, it is worth knowing and understanding the latest rules, so that you are able to understand the requirements of a client. It is always better to know when additonal expert opinion and advice is required rather than letting cl ients wander into danger areas within employment law. Businesslink have launched a new tool for this area http://www.businesslink.gov.uk/bdotg/action/layer?topicId=1075122891 and ACAS information can be found at http://www.acas.gov.uk/ Fri, 21 Aug 2009 12:59:00 GMT http://www.HelpAccountants.co.uk/rss/rssfeed2.htm http://www.helpaccountants.co.uk/rss/rssarticle.php?article=1250806020 Good Evening,HMRC have asked all accountants that sit on the working together regional groups to circulate the following website link which contains some important information for agents and practioners. With this in mind we are forwarding the website link below: Please note that HMRC has produced further guidance on this subject available at the following link http://www.hmrc.gov.uk/news/non-uk-res-inv.htm Would you please as a matter of urgency forward this email and link on to all your WT agents for their information thank you. Thu, 20 Aug 2009 23:07:00 GMT http://www.HelpAccountants.co.uk/rss/rssfeed3.htm http://www.helpaccountants.co.uk/rss/rssarticle.php?article=1247173800 Good Evening The next round of payments on account are due at the end of this month. Many of you may have noticed that HMRC are no longer sending Agents copies of the client statements that have been sent requesting payment. This started in December 2008 and is part of a cost cutting initiative. The statement is still available to see if you use online services, but there is no payment slip when the statement is printed off. The payment slips that are sent to clients have a magnet ink system in the bottom strip of the slip for the banking system to be able to process them. If a client is asking you for a payment slip there is no longer a back up copy sent to the agent, and the only copy is what has been sent to them. The only 2 options open to them now if they have mislaid their own slip is 1. Use bankpayment online 2. Send the payment off as a cheque to HMRC to their tax office with a covering letter, allowing at least 5 working days for clearance and making sure that they have clearly referenced their UTR on the face and back of the cheque. If you have clients that require a reduction in the payment on account there is an option to be able to reduced them by using the online SA303 This is currently operating, but we would strongly recommend that you check that the online services do not have a fault before filing as happened in Jan 2009. You can access this information through http://www.hmrc.gov.uk/online/index.htm#2 and check for service availability. Alternatively you can just ring the dedicated Agent phone line and do it over the phone with HMRC Agents numbers can be found at http://www.hmrc.gov.uk/agents/contacting-priority.htm You will need to know your client tax office to select the correct phone line and be aware that they will ask you for details on your client, so have their file open in front of you. Finally, we have had a few issues with PayPal taking renewal subscriptions automatically. This is the current system that is available to us. Please contact PayPal if you do not want the subscription to renew automatically as we currently do not have an option to be able to stop this. Please be assured that we are trying to resolve this as it is understandably annoying for subscribers and embarrassing for us. Thu, 09 Jul 2009 22:10:00 GMT http://www.HelpAccountants.co.uk/rss/rssfeed4.htm http://www.helpaccountants.co.uk/rss/rssarticle.php?article=1242598020 If you have been filing PAYE end of year documents and have been told by HMRC that the filing was successful you may want to apply for the £75 tax credit as a direct payment. This can be done as an individual employer. Or as an agent – where you can apply for up to 10 employers on one email. If the client owes any outstanding tax that amount will be deducted from the £75 and a covering letter will be sent explaining the deduction Alternatively the £75 can be offset against PAYE for payments Sun, 17 May 2009 23:07:00 GMT http://www.HelpAccountants.co.uk/rss/rssfeed5.htm http://www.helpaccountants.co.uk/rss/rssarticle.php?article=1240417200 Good Evening Now that the dust has settled on this lunchtime’s activity and we have allowed the pundits and experts to read through the full budget and digest its contents I thought it would be useful to get a summary about the budget in terms of what it means to those working in practice and consultancy. Hopefully you will find this interesting and I have included some links to relevant pages on the HMRC website where some of the data already exists. The BBC website has the entire Budget transcript and many other additional documents which can be found at http://news.bbc.co.uk/1/hi/business/8012222.stm Personal Taxation As we were already aware there will be a reduction in the tax personal allowance to those with incomes over £100,000 from April 2010. At present levels, this means someone will have no personal allowance once their income has hit about £113,000. but in addition they announced a new income tax rate of 50 per cent will apply to people earning over £150,000. Pensions and savings Basic state pension will increase by at least 2.5% A rise of £100 to over-80s households and £50 to over-60s households in 2009/10, via the Winter Fuel Payment Tax relief on pensions contributions will be restricted to those earning £150,000 and over AND The annual investment limit for ISAs rises from £7,200 to £10,200 of which £5,100 can be saved in cash. These higher limits will be available to over-50s from 6 October 2009 and to everyone from 6 April 2010. Penalties and Fines The government will 'revise the penalty regime to introduce tougher sanctions for the non compliant', and begin discussions about how the taxman can spot tax avoidance schemes at an earlier stage. Under current disclosure rules, which were introduced in 2004, the fine for non disclosure is £5,000. A summary of the fines and penalties currently in place can be found at http://www.hmrc.gov.uk/agents/penalties.htm Payroll Statutory redundancy pay will go up from £350 to £380 a week, but I have ot ba able to find out when this would take effect Businesses The additional help for loss-making companies is to be extended and they will be able to reclaim more taxes paid in the last three years until November 2010 A businesses' main capital allowance rate doubled to 40% (from 20%) to encourage firms to bring forward investment There will be a new £750m strategic investment fund to help emerging technologies and regionally important sectors VAT The temporary rate of 15per cent will cease on 31 December 2009, and the standard rate of VAT will return to 17.5 per cent from 1 January 2010. Where I have tried and failed to get any information is in 2 areas as there are no updates on the HMRC website and nothing in any of the summaries 1. VAT registration thresholds 2. Capital Gains Tax Allowances Wed, 22 Apr 2009 17:20:00 GMT http://www.HelpAccountants.co.uk/rss/rssfeed6.htm http://www.helpaccountants.co.uk/rss/rssarticle.php?article=1236449100 Good Afternoon, We are starting to get a number of clients, who are finding the prospect of paying a large VAT bill or an impending Corporation Tax bill daunting. If this is the case I have been advised by one of our contributors that the Business Payment Support Service could be the solution. With this in mind I rang them yesterday for a client of ours and discussed the payment of their Corporation Tax bill, which they have agreed can be split into 6 much more manageable payments. The Business Payment Support Line deals with all values of debts that are becoming due, so it is important to ring as soon as you are aware that the client has a problem. In order to qualify the business/client will need to be: • in genuine difficulty • unable to pay their tax on time • likely to be able to pay if HM Revenue and Customs (HMRC) allowed them more time More details for agents can be found at http://www.hmrc.gov.uk/pbr2008/bus-payment-addinfo.htm Sat, 07 Mar 2009 18:05:00 GMT http://www.HelpAccountants.co.uk/rss/rssfeed7.htm http://www.helpaccountants.co.uk/rss/rssarticle.php?article=1236342120 There will be a whole raft of changes in compliance from 1st April 2009 The HMRC website has an area dedicated to the changes http://www.hmrc.gov.uk/about/new-compliance-checks.htm and a special area for agents. http://www.hmrc.gov.uk/agents/penalties.htm We will be updating our documents to reflect the new penalty regimes – but it may be useful as a tool to inform yourselves of the new system before it comes into place. Fri, 06 Mar 2009 12:22:00 GMT http://www.HelpAccountants.co.uk/rss/rssfeed8.htm http://www.helpaccountants.co.uk/rss/rssarticle.php?article=1234296720 Good Morning, It’s that time of year when HMRC are now reminding agents and employers about end of year filing and they will start to issue Yellow payment books. We have found this useful link which stops the payment books being issued – the links below are for Cumbernauld and Shipley, whilst the example of the what data is needed is for the Cumbernauld Accounts Office. http://www.hmrc.gov.uk/payinghmrc/stop-cumbernauld.htm http://www.hmrc.gov.uk/payinghmrc/stop-shipley.htm If you or your clients only use online bill payment methods then a yellow book is not required and only serves to clutter up the filing. This could be a quick and paperless option to stop the books. Unfortunately we have not found a website link the START the issue of a payslip booklet. Tue, 10 Feb 2009 20:12:00 GMT http://www.HelpAccountants.co.uk/rss/rssfeed9.htm http://www.helpaccountants.co.uk/rss/rssarticle.php?article=1233922620 Good Morning, It’s that time of year when HMRC are now reminding agents and employers about end of year filing and they will start to issue Yellow payment books. We have found this useful link which stops the payment books being issued – the links below are for Cumbernauld and Shipley, whilst the example of the what data is needed is for the Cumbernauld Accounts Office. http://www.hmrc.gov.uk/payinghmrc/stop-cumbernauld.htm http://www.hmrc.gov.uk/payinghmrc/stop-shipley.htm If you or your clients only use online bill payment methods then a yellow book is not required and only serves to clutter up the filing. This could be a quick and paperless option to stop the books. Unfortunately we have not found a website link the START the issue of a payslip booklet. Fri, 06 Feb 2009 12:17:00 GMT http://www.HelpAccountants.co.uk/rss/rssfeed10.htm http://www.helpaccountants.co.uk/rss/rssarticle.php?article=1232964780 Good Morning, IF you have, like me filed SA303 since Christmas using HMRC’s online form, then please revisit your client’s data as since 6th January none of the SA303s have been registered – despite the system spitting out a confirmation. They will accept a copy of the submission ID, but the best way to ensure that a reduction on payment on account is achieved before the 31st January will be to ring them direct. I have attached the link to the dedicated agent numbers below as this prevents you hanging in line for hours waiting to be answered. http://www.hmrc.gov.uk/workingtogether/priority-lines-list.htm To complete an SA303 over the phone you will need Client’s National Insurance number Client’s address and postcode Your practice details Mon, 26 Jan 2009 10:13:00 GMT http://www.HelpAccountants.co.uk/rss/rssfeed11.htm http://www.helpaccountants.co.uk/rss/rssarticle.php?article=1232118180 Good Afternoon, With the rush to try and get all the self assessments filed online, a client has just announced that they may have other accounts but have lost all the details. With this in mind we have been given the website as detailed in the clip below. I have also passed on this information to another client whose mother has recently died and had a habit of opening building society accounts. So far they have found 30 accounts, but are aware there may be many more. The link below may of significant use to you if the same situation arises within your practice. www.mylostaccount.org.uk Fri, 16 Jan 2009 15:03:00 GMT http://www.HelpAccountants.co.uk/rss/rssfeed12.htm http://www.helpaccountants.co.uk/rss/rssarticle.php?article=1228948800 Please find attached a summary of the current savings and banking information primarily in the UK sector. We have had quite a few clients asking us about the safety of their savings and have collated this document to answer some of their questions. Wed, 10 Dec 2008 22:40:00 GMT http://www.HelpAccountants.co.uk/rss/rssfeed13.htm http://www.helpaccountants.co.uk/rss/rssarticle.php?article=1227635040 Good afternoon, In all the flurry of activity over the change in the VAT rate, we have had a number of people that have asked us what has happened to the flat rate percentages. I have met with a VAT officer today and they have given me the following new flat rates which will apply to periods from 1st December, until the rates revert in January 2010. http://www.helpaccountants.co.uk/rss/FlatRateSchemeChanges25nov2008.pdf Regards Maria Tue, 25 Nov 2008 17:44:00 GMT http://www.HelpAccountants.co.uk/rss/rssfeed14.htm http://www.helpaccountants.co.uk/rss/rssarticle.php?article=1225735440 Please find attached the web link for a brilliant little holiday calculator. It enables you to work out the holiday entitlement across the change period of 1st October. I have had numerous request from payroll clients to calculate their staff holiday entitlement, and it has been invaluable, especially when staff work an hourly rate, or are part time. Regards Maria http://www.businesslink.gov.uk/bdotg/action/layer?topicId=1079427399 Mon, 03 Nov 2008 18:04:00 GMT http://www.HelpAccountants.co.uk/rss/rssfeed15.htm http://www.helpaccountants.co.uk/rss/rssarticle.php?article=1224764820 Please find below 3 (hopefully) useful pieces of information 1. If like myself you file your clients Abbreviated Accounts and DCAs online it would be wise to avoid filing them for a few days as Companies House computer has had a meltdown, and since Monday – anything filed will have gone missing. As a precaution keep all filing confirmations that are received by email as proof that the documents were sent. 2. The Working Together group have been sent some links to various useful pages and documents from HMRC, and they are below for your information too. Tax Agents and Advisers Web Pages - http://www.hmrc.gov.uk/agents/index.htm To register for online services - https://online.hmrc.gov.uk/login?GAREASONCODE=- Working Together pages - http://www.hmrc.gov.uk/agents/yoursay-wt.htm Latest News and Agent Update - http://www.hmrc.gov.uk/agents/news-agents.htm How to subscribe to an RSS feed and keep up to date with latest news - http://www.hmrc.gov.uk/rss/rss.htm And finally 3. HMRC have got a new agent dedicated line number 0845 366 7895 – which one of our contributors has passed onto us. Having tried it out, my first query was reasonably well handled and I was put through to a technical advisor. Regards Maria Thu, 23 Oct 2008 13:27:00 GMT http://www.HelpAccountants.co.uk/rss/rssfeed16.htm http://www.helpaccountants.co.uk/rss/rssarticle.php?article=1215034920 Please find attached the revised document relating to VAT errors and voluntary disclosure that comes into effect from 1st July 2008. The requirement to keep detailed notes of any changes to VAT returns are still in place and it is highly recommended that explanatory notes are made at the time of any adjustments. Regards Maria Wed, 02 Jul 2008 22:42:00 GMT http://www.HelpAccountants.co.uk/rss/rssfeed17.htm http://www.helpaccountants.co.uk/rss/rssarticle.php?article=1213475940 Good evening Whilst surfing the HMRC website for useful information on a topic I came across this area which could prove to be very useful Obviously one way of getting to documents in the HMRC website is to Google search them as Google have a much better search engine than HMRC, but this index is great for forms I think this link could prove to be very useful, and already I have found out new information just by reading through the index....... Regards Maria Sat, 14 Jun 2008 21:39:00 GMT http://www.HelpAccountants.co.uk/rss/rssfeed18.htm http://www.helpaccountants.co.uk/rss/rssarticle.php?article=1212875940 Good Evening, It has been drawn to our attention that there is a glitch in the software at HMRC that is rejecting Self Assessments filed online. The area affected is in self employment, when a client earns below £64,000 and a 3 line set of accounts can be filed. HMRC only ask for box 8 (turnover) and box 19 (total allowable expense) to be completed to get to the profit(loss) in box 20 or 21. The software cannot cope with that and it would be advisable to either 1. Complete box 10 (cost of goods) with the same figure as box 19 or 2. Complete the full details even if this is not required and split out the expenses. Where previous years have had detailed expenses, it would sensible to complete as option 2. This error may not be corrected until the next year, so is worth keeping in mind when filing as rejected self assessments then have to be amended and the date on when an investigation can be undertaken start afresh. Please also note that there is no white box to allow for comment on the shorter version of the Self employment return (SA103s), so any notes have to be added to the main return or the longer version of the Self Employment supplement (SA103) will have to be completed. Regards Maria Sat, 07 Jun 2008 22:59:00 GMT http://www.HelpAccountants.co.uk/rss/rssfeed21.htm http://www.helpaccountants.co.uk/rss/rssarticle.php?article=1212440460 Good Evening, If you are running payrolls and have filed online you will be aware if the £100 tax credit available. To save time and lots of letters you can apply for this online via the following link – as an agent you can apply for up to 10 tax credit repayments in a single application. It is quite temperamental, but we have been able to use it successfully and already have some client cheques. www.hmrc.gov.uk/efiling/help/claim-tax-free-pay.htm Regards Maria Mon, 02 Jun 2008 22:01:00 GMT http://www.HelpAccountants.co.uk/rss/rssfeed22.htm http://www.helpaccountants.co.uk/rss/rssarticle.php?article=1210583820 Hopefully the first piece of information will never be needed by yourselves, but in case there is a dispute between your practice/client and HMRC the Adjudicator’s Office has moved to 8th Floor Euston Tower 286 Euston Road London NW1 3US Tel: 0300 057 1111/020 7667 1832 The Adjudicator looks into complaints about: HMRC Tax Credit Office Valuation Office Agency Public Guardianship Office The Insolvency Service The service is free! In addition, the government offer help with pensions through a call centre, which maybe useful when clients ask questions about tax and their pensions. The Helpline is 01159 741 600 Mon, 12 May 2008 10:17:00 GMT http://www.HelpAccountants.co.uk/rss/rssfeed23.htm http://www.helpaccountants.co.uk/rss/rssarticle.php?article=1210064400 We are delighted to be able to offer subscribers a £50 discount on both TaxCalc Pro and TaxCalc ProSuite. TaxCalc can be purchased online at http://www.taxcalc.com/ Simply enter "HELPAC" in the media code box on the order page, the discount will be automatically applied. Regards Maria Tue, 06 May 2008 10:00:00 GMT http://www.HelpAccountants.co.uk/rss/rssfeed24.htm http://www.helpaccountants.co.uk/rss/rssarticle.php?article=1208898180 There has been a recent update to the amounts and expenses that are allowed to be claimed by employees and the evidence the employee is required to produce. There was an excellent article by Roland Gribben on Friday 19th in the Telegraph that also pointed out the double standards of HMRC with respect to its employees and other employees, and I have attached a link, it makes very interesting reading. http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2008/04/16/cntax116.xml HMRC has made changes to the Employment Income Manual and they accompany the publication of tables of benchmark scale rates that employers can use to reimburse accommodation and subsistence expenses incurred by employees who have to travel outside the UK A scale rate payment is a is tax free in the employee’s hands, and once a rate has been agreed by an employer, it may be paid to an employee as reimbursement of expenses without the need for ongoing receipts. The only employees who will need to provide receipts would be those involved in a sampling exercise used to determine the scale rate periodically. Employers may reimburse employees for incidental expenses when they stay overnight for work purposes , and they are • £5 per night for overnight stays in the UK • £10 per night for overnight stays outside the UK (but see new guidance below) http://www.hmrc.gov.uk/manuals/eimanual/EIM02730.htm If a payment is made that exceeds these limits, the whole of the payment becomes taxable and not just the excess. HMRC confirm that employers may pay (a generous!) £3 per week to employees who work from home, without the need for receipts. If an employee provides their own packed lunch prepared at home from items purchased as part of the employee’s ordinary domestic shopping arrangements, or other food brought from home it is NOT an allowable expense but the cost of sandwiches and snacks bought on the way to another place of work (ie whilst travelling) can be included. Tue, 22 Apr 2008 22:03:00 GMT http://www.HelpAccountants.co.uk/rss/rssfeed25.htm http://www.helpaccountants.co.uk/rss/rssarticle.php?article=1206467340 Good afternoon, The new self assessment guide for 2007-08 is now being issued. If you are interested in getting a copy and are not on their mailing list you need to contact them to order one. Extra stocks are always very low, so they ask that new/extra copies are ordered before 16th May 2008 To get a copy you will need your Self Assessment Agent Reference, which is issued by your local tax office. To get copies Fax: 0845 9000 604 Tel: 0845 9000 404 The new guide has the trust and partnership booklets combined. Regards Maria Tue, 25 Mar 2008 17:49:00 GMT http://www.HelpAccountants.co.uk/rss/rssfeed26.htm http://www.helpaccountants.co.uk/rss/rssarticle.php?article=1205518260 Good Morning, Just when you thought it was safe, we have been trawling though all the information that has been thrown around since Tuesday and have tried to summarise it. We hope that you find this document useful. If you have any further queries, please contact us as we have all the source documents and would be happy to forward the research. Regards Maria Fri, 14 Mar 2008 18:11:00 GMT http://www.HelpAccountants.co.uk/rss/rssfeed27.htm http://www.helpaccountants.co.uk/rss/rssarticle.php?article=1202303940 The Working Together team requested a listing of Agent Priority numbers for each tax Office and HMRC have obliged with an update to their website in December 2007 The idea is that this agent lines will be manned by staff that can help with more specialist queries. This has not be confirmed by HMRC, but it does mean that when the phone is answered that you are an agent which is a good start. All the numbers can be found at the link below http://www.hmrc.gov.uk/workingtogether/priority-lines-list.htm I have also attached an excel file with them in a printout format that enable you to be able to keep the numbers handy when out and about. I cannot guarantee that you’ll get better service, but at least someone will answer the phone Regards Maria Wed, 06 Feb 2008 13:19:00 GMT http://www.HelpAccountants.co.uk/rss/rssfeed28.htm http://www.helpaccountants.co.uk/rss/rssarticle.php?article=1202230800 Good Afternoon, If you are involved in payroll, or you have clients that want to employ workers from abroad, they are able to accelerate their application for a National Insurance number using the “Fastpath.” The worker needs to be holding 1. Business Work Permit 2. Commercial Work Permit 3. Or recruited to work as a NHS professional The employer or payroll agent can contact Fastpath on 0845 605 1080 Fatspath.pilot@dwp.gsi.gov.uk Regards Maria Tue, 05 Feb 2008 17:00:00 GMT http://www.HelpAccountants.co.uk/rss/rssfeed29.htm http://www.helpaccountants.co.uk/rss/rssarticle.php?article=1201971060 We have been very kindly sent some excellent updates documents for the three areas of tax that have been discussed in the PBR. They are easy to read and have excellent worked examples, so I have asked Matthew Smethurst if we can distribute them, which he was happy to agree to. If you do need specialist advice on tax matters beyond your scope as a practice accountant, the we can recommend Philip Binfield Ltd Sat, 02 Feb 2008 16:51:00 GMT http://www.HelpAccountants.co.uk/rss/rssfeed35.htm http://www.helpaccountants.co.uk/rss/rssarticle.php?article=1201969680 HMRC have now introduced a facility to email the accounts offices to ask for the £150 PAYE tax credit incentive. To access this please use the link below. If you have already offset the PAYE £150 payment or have sent a letter then this is not available to you. It goes without saying that the current back log for issuing the cheques is considerable, but it maybe that by filing online it could be quicker than by "snail" post. www.hmrc.gov.uk/efiling/help/claim-tax-free-pay.htm Sat, 02 Feb 2008 16:28:00 GMT http://www.HelpAccountants.co.uk/rss/rssfeed40.htm http://www.helpaccountants.co.uk/rss/rssarticle.php?article=1201728720 There are more changes to the way we handle companies. We have tried to summarize them, detailing what has already changed and what will occur from 6th April 2008. The Companies House website has a very good section (if a little hard to read!) on the changes which we have hopefully summarised into a more user friendly format. The document is still 4 pages in length. All the other pages on the website that refer to Companies House issues have also been updated where appropriate and will be online within the next 24 hours. Regards Maria Wed, 30 Jan 2008 21:32:00 GMT http://www.HelpAccountants.co.uk/rss/rssfeed30.htm http://www.helpaccountants.co.uk/rss/rssarticle.php?article=1201210260 Please find attached a flyer from Roche Associates that they have kindly forwarded to us. There are changes in the April 2008 budget in terms of CAs and I know that the Chancellor has announced amendments again today. We will keep you informed when information firms up Regards Maria Information supplied by: Saira Puffett Director Roche Associates Tel: 01923 428746 Fax: 01923 236115 Mob: 07984 298402 www.rocheassociates.co.uk Thu, 24 Jan 2008 21:31:00 GMT http://www.HelpAccountants.co.uk/rss/rssfeed31.htm http://www.helpaccountants.co.uk/rss/rssarticle.php?article=1201037400 Some information for you. One of our contributors has been informed that the tax office are now able to match the interest declared by an individual on their tax return with information supplied by the banks. Please see the comment below. “Did you know the IR are now matching self assessment returns against bank records (must be their latest IT investment!) and are picking up on people that don’t declare interest on bank accounts.” This is certainly been hard for HMRC to do in the past, but with the banks being more open about client’s accounts it may be useful information when asking clients about other income. Regards Maria Tue, 22 Jan 2008 21:30:00 GMT http://www.HelpAccountants.co.uk/rss/rssfeed32.htm http://www.helpaccountants.co.uk/rss/rssarticle.php?article=1200346140 The statutory holiday entitlement for 2008 increases from 24 days to 28 days during 2008. This has presented one of my employers with a headache concerning holiday entitlement so I have devised a ready reckoner to enable them to work out what each employee is entitled to. I have attached the spreadsheet which you may also find useful if any of your clients employ people on a part-time basis Regards Maria Mon, 14 Jan 2008 21:29:00 GMT http://www.HelpAccountants.co.uk/rss/rssfeed33.htm http://www.helpaccountants.co.uk/rss/rssarticle.php?article=1200230880 For all subscribers that file self assessments. This is a quick reminder that paper filing of self assessments for the tax year 2007-08 has a cut off date of 30th September 2008. If you are like ourselves and struggling to get the last few clients to come up with their paperwork, please remember that all assessments filed after 30th September will have to filed Online. Online filing can be done by an agent without a 64-8, but there would be no information about that filing available to the agent until authorisation had been obtained. For all those clients that are habitually late, it would be worth pointing out to them now that there will be restriction on your ability to file the next return, and that their co-operation will be required much earlier in the year.......you can blame Alistair Darling Regards and a prosperous 2008. Maria Sun, 13 Jan 2008 13:28:00 GMT http://www.HelpAccountants.co.uk/rss/rssfeed34.htm http://www.helpaccountants.co.uk/rss/rssarticle.php?article=1197842040 Good Evening, Please find attached two new documents relating to the Money Laundering Regulations 2007. The first is hopefully an easy to read condensed version of the main requirements of the regulations. The second has a risk assessment attached to help you comply with the regulations. It is not meant to be exhaustive, and I am sure that you will be able to add other risk areas that are relevant to your own business set ups, but I hope that you will find it useful as a starting point. Regards http://www.helpaccountants.co.uk/rss/Working_in_Practice_Money_Laundering_Regulations_2007_WIP059.pdf http://www.helpaccountants.co.uk/rss/Working_in_Practice_Money_Laundering_Regulations_Requirements_2007_WIP060.pdf Sun, 16 Dec 2007 21:54:00 GMT http://www.HelpAccountants.co.uk/rss/rssfeed19.htm http://www.helpaccountants.co.uk/rss/rssarticle.php?article=1196676360 When you are using VAT online filing, if the system crashes before you can print off an acknowledgement all is not lost (As I have discovered) You need to email to 'enquiries.estn@hmrc.gsi.gov.uk' Detailing the following Period end for the filing lost VAT Registration Name of entity They can then send you a copy of your documents. Please also note that if you need to ask a question please use the “contact” us link on the website for the next week rather than direct email addresses. Mon, 03 Dec 2007 10:06:00 GMT http://www.HelpAccountants.co.uk/rss/rssfeed20.htm http://www.helpaccountants.co.uk/rss/rssarticle.php?article=1192094820 We have been very kindly sent some excellent updates documents for the three areas of tax that have been discussed in the PBR. They are easy to read and have excellent worked examples, so I have asked Matthew Smethurst if we can distribute them, which he was happy to agree to. If you do need specialist advice on tax matters beyond your scope as a practice accountant, the we can recommend Philip Binfield Ltd Thu, 11 Oct 2007 10:27:00 GMT http://www.HelpAccountants.co.uk/rss/rssfeed36.htm http://www.helpaccountants.co.uk/rss/rssarticle.php?article=1192094820 We have been very kindly sent some excellent updates documents for the three areas of tax that have been discussed in the PBR. They are easy to read and have excellent worked examples, so I have asked Matthew Smethurst if we can distribute them, which he was happy to agree to. If you do need specialist advice on tax matters beyond your scope as a practice accountant, the we can recommend Philip Binfield Ltd Thu, 11 Oct 2007 10:27:00 GMT http://www.HelpAccountants.co.uk/rss/rssfeed37.htm http://www.helpaccountants.co.uk/rss/rssarticle.php?article=1191332340 One of our subscribers has e mailed me to ask about the new national minimum wage rates, which has prompted me to send out this email. Please find attached the source document. The new rates are £5.52 per hour for workers aged 22 years and older A development rate of £4.60 per hour for workers aged 18-21 inclusive £3.40 per hour for all workers under the age of 18, who are no longer of compulsory school age. And should be applied from 1st October In addition the minimum Holiday entitlement has also increased from 20 days a year to 24 days. From April 2009 this will increase to 28 days. We have had a few request for information on this area from employers, so I will prepare some notes for the website as well. Tue, 02 Oct 2007 14:39:00 GMT http://www.HelpAccountants.co.uk/rss/rssfeed38.htm http://www.helpaccountants.co.uk/rss/rssarticle.php?article=1191257280 A new act has come into force today, which may affect your dealing with some clients. Where clients are either no longer, or have never been able to act for themselves an Enduring Power of Attorney (EPA) would have been in place to handle their property and finances. These have been replaced with Lasting Power of Attorney (LPA) which has much more rigid guidelines and requirements. All EPAs made before 1st October remain valid, but any new requirements are governed by LPAs, and I have attached some extracts from the government website. For most people this will not be relevant, but becomes very relevant when you have elderly clients who become incapable of dealing with their own affairs, or clients who may have become injured and be unable to attend to their finances without assistance. Mon, 01 Oct 2007 17:48:00 GMT http://www.HelpAccountants.co.uk/rss/rssfeed39.htm