Employers payroll update
April brings Spring, showers and new payroll rates…
From 1st April 2019, the following rates apply:
The tax free personal allowance will increase from £11,850 to £12,500.
Further details of changes to national insurance, statutory payments and student loan repayments can be found here.
If you have any queries regarding these payroll changes, please do not hesitate to contact us:
01373 229589 / 01380 830205
admin@busybookswestbury.co.uk
Your digital business tax account
Have you created your business tax account?
If Making Tax Digital applies to you, you need a business tax account ready for 1st April 2019. If your accountant handles your tax affairs, you may not have a business tax account and your accountant is unable to register you for one.
Setting up a business tax account
If you do not already have an account, its fairly easy to create one. First you’ll need a Government Gateway ID. Then visit HMRC online services page, answer a couple of questions about your business and follow the on screen prompts to complete your registration. To start this process click here.
Business tax accounts are compulsory
Every business within MTD is required to sign up for a business tax account and provide HMRC with an email address. Once this is set up you will also need to apply to use VAT services on your account and register for MTD before your next VAT return following 1st April.
Act now
We are happy to help with any queries regarding your business tax account, but unfortunately we are unable to complete this process for you.
If you have any queries, please do not hesitate to contact us:
01373 229589 / 01380 830205
admin@busybookswestbury.co.uk
Are you ready for Making Tax Digital?
From April 1st, all VAT registered businesses will be required to keep VAT records digital. Are you ready? Take a look at our latest newsletter.
Making Tax Digital
As some of you may be aware, from April 2019 there will be new legislation, which will require all businesses above the VAT threshold to file quarterly returns online, using a digital tax account. Preparations are starting now and the team at Busy Books are very excited about these changes, as they will make it easier for people to stay on top of their day to day accounts, enabling their businesses to operate far more efficiently.
Whilst April 2019 may seem like a world away right now, going digital is something that we recommend you start sooner rather than later as the benefits go far beyond simply being compliant with legislation. This initiative will not only save the business owner time (something that we could all use a little more of!) but it will also help them take ownership of their daily accounts by keeping track of their transactions and, in turn, reduce the stress that comes with preparing for tax return season!
If you haven’t yet started the transition to digital the first thing you will need to do is decide on an online accounting software. There are a number to choose from but we suggest that you look for one with an easy to use app so that you can manage your accounts wherever you are.
Our software of choice here at Busy Books is KashFlow and, as we are Gold Partners, if you sign up with us, we can offer you some great incentives to make your move to digital even more worthwhile. These include, FREE KashFlow software for the first year, affordable installments over 12 months for all accounting costs and unlimited software support. You can find out more about these offers here.
If the monthly payment plan is not for you and you would like to manage your own preparations for Making Tax Digital we can still offer in house software support if you sign up with us as well as offering you all the benefits of KashFlow for HALF PRICE (usually £15 plus VAT per month)
What we love about KashFlow is that it is focused on what a small business needs and is incredibly user friendly. You can enter information from anywhere using the KashFlow Go app (for IOS and Android) and easily create quotes and generate branded email invoices on the go. For regular customers it gives you the option to set up recurring invoices and simplifies credit control with automatic payment reminders, helping you get paid QUICKER.
If you would like more advice on Making Tax Digital or you would like us to set up your KashFlow account with us please contact us on 01373 229589 or admin@busybookswestbury.co.uk and let us help to make the switch easy for you.
Busy Books’ FREE KashFlow Offer
Don’t miss out on all the benefits of your monthly package!
- Spread all accounting costs over 12 months in affordable instalments
- Unlimited software support from our trained in-house team
- FREE KashFlow software for the first year
- No unexpected costs at your year end
- Tax saving tips throughout the year from us
- Never breach the VAT threshold unexpectedly and avoid backdated bills
- Monthly reports on your business – know your profit, VAT liability, debtors and creditors at any time!
- Be ready for the Making Tax Digital reform and fully compliant to your obligations under MTD
Please contact us on 01373 229589 or admin@busybookswestbury.co.uk for further information and your no obligation payment plan quote.
T&C’s apply – to be eligible for this offer you must sign up to our monthly payment plan to include a minimum of 1.5 hours bookkeeping per month, set up a standing order for your agreed monthly amount and provide paperwork on a monthly basis. Busy Books reserves the right to withdraw this offer to those who do not comply at any time.
HALF PRICE OFFER – LIMITED TIME ONLY
If the monthly payment plan is not for you and you would like to complete your own regular bookkeeping in preparation for your year end and Making Tax Digital, we can still offer our in house software support if you sign up with us. Plus for the first 12 months, you can enjoy all the benefits of KashFlow for half price! (Usually £15.00 + VAT per month)
If you would like to take up this amazing offer, please contact us on 01373 229589 or admin@busybookswestbury.co.uk