Brexit : Prepare your business for the UK leaving the EU

Brexit News : HMRC have released an online tool to help UK businesses find out what they need to do in preparation for the UK leaving the EU.  What is changing in their industry and information of specific rules and regulations.

Rather than look through pages and pages of information, answer 7 easy questions, and only information relevant to your business will be displayed.

You can access the free software tool here : Prepare your business for the UK leaving the EU.

HMRC making tax digital VAT (MTD)

HMRC Making Tax Digital VAT
Making Tax Digital for Income Tax

In April 2019 Making Tax Digital will become mandatory for nearly all VAT registered companies, there are a few exceptions, but H.M.R.C. should have already written to you if you are a deferred company.  Even deferred VAT registered companies will be part of the Making Tax Digital for VAT by October 2019.

The companies deferred from Making Tax Digital for VAT are : trusts, ‘not for profit’ organisations that are not set up as a company, VAT divisions, VAT groups, those public sector entities required to provide additional information on their VAT return (Government departments, NHS Trusts), local authorities, public corporations, traders based overseas, those required to make payments on account and annual accounting scheme users.

So what exactly is Making Tax Digital for VAT and how will it affect me?  Making Tax Digital for VAT is the phrase HMRC use to describe how they would like your VAT records entered and stored digitally using suitable and approved software.  You can either use a full VAT software package which complies to MTD, or so called “bridging software” to allow existing software (generally spreadsheets) to interface to the new HMRC VAT submission system.

Sole traders and Landlords:  As part of the Making Tax Digital pilot, self-employed businesses and landlords can voluntarily use software to keep their business records digitally and send Income Tax updates to HMRC, instead of filing a Self Assessment tax return.  This means you’ll see an estimate of how much tax you might owe as you go, rather than waiting until the end of the tax year.

For more information regarding MTD and how it affects your business

Click here to contact Us

5 REASONS WHY UP TO 90% OF SMALL BUSINESS FAIL

Even the best business idea in the world or the best product of its kind needs a good accounting strategy in place in order to be successful.

Here are some reasons why businesses fail when they don’t make enough time for crunching the numbers and balancing the books.

  1. They don’t keep proper accounting records. As a business, you are legally required to retain financial documents for 6 years. If you don’t, you can be fined by HMRC. With proper procedures in place, you should be using your accounting records as a tool to help you manage the business, not just something you have to keep for the taxman.
  2. They don’t monitor cash flow. Running out of cash is one of the quickest ways to go out of business. Setting up and following simple procedures will help you monitor and keep track of what money is owed to the business & of what the business owes.
  3. They don’t understand how profits work. It is important to take into account all costs that will affect you’re pricing when working out your business profit margins. If you’ve only looked at the gross profit margin, you’ll find your business making a lot less than expected.
  4. They waste money. Many businesses overspend on non essential items, wasting precious financial resources. Making use of management reports will monitor your spending & will help with decisions like cost cutting.
  5. They don’t seek professional help. While professional fees for bookkeepers, accountants, business consultants or tax advisers may seem high, the money they can save your business in the long run should make the initial outlay worthwhile. Every company can benefit from professional assistance with their business accounts, and those that think they’ll save money by doing it themselves may find it costs them dear.

EQUALITY AND DIVERSITY POLICY FOR EASY ACCOUNTING SERVICES LTD

The Company condemns all forms of discrimination and has developed this equality policy to promote our equality objectives. The aims of this policy are therefore, to:

– Eliminate any form of discrimination within the Company on the grounds set out in this policy;

– Create inclusive and sustainable communities in the area that are free from discrimination and harassment;

– Ensure all customers have equal access to high quality services that meet their needs.

Furthermore, it is recognised that if the above aims are to be successfully achieved the development of additional key equality and diversity policies is required.

Equality and Diversity Policy Statements

We are aware of, and value, the different groups of customers and possible future customers that we serve, and aim to deliver services that meet the needs of this diverse client group. All individuals can expect to receive equal access to the services we provide now, and in the future. Detailed below are the equality statements and commitments that, when implemented, will ensure our strategic aims and objectives are met:

Confidentiality of information is maintained at all times The Company will also endeavour to provide suitable interpreting services where appropriate, and will ensure that buildings are accessible to all wherever possible or that a suitable alternative is provided.

If you feel that you have been treated unfairly or suffered harassment because of your gender, marital status, race, religion, colour, age, disability or sexual orientation, you should report this without fail to the Company.

Any such complaints will be fully investigated as speedily as possible, and you will be kept advised of action taken.

If you are dissatisfied with any decision, you have the right to use the Company’s formal Complaints Procedure.

Law and Good Practice

In implementing this policy, we will endeavour to meet all legal obligations under the protected characteristics of Equality Act 2010

“We embrace diversity, promote equal opportunities for all and eliminate unlawful discrimination in all areas of our work.”

Name: Lisa Evans

EASY ACCOUNTING SERVICES LTD ENVIRONMENTAL POLICY

We take pride in delivering a quality service, and in adding value to the local community and the wider environment.  As such we are committed to proactively managing our environmental and sustainable development impacts.  We abide by all relevant legislation and codes of practice, and are committed to pollution prevention and the continual improvement of our environmental impacts.

Our key areas of improvement focus on site energy efficiency, our use of raw materials & packaging and waste management.  Specifically, we plan to:

  • Monitor & manage our utilities through the use of energy and water efficient fixtures, fittings and equipment
  • When upgrading, specify high energy and water efficient equipment
  • Ensure all employees understand the importance of good environmental stewardship, and deliver regular training to support this
  • Record electricity, water and gas consumption to identify wastage and gauge the effectiveness of improvements made
  • Minimise waste to landfill through implementing the waste hierarchy in all we do, providing segregated facilities for cardboard, plastics& stainless steel
  • Source a higher percentage of recycled content packaging
  • Monitor our effluent discharge, ensuring we stay with permitted parameters
  • Wherever possible support local trades and suppliers, reducing mileage and increasing our contribution to the local economy
  • Employ locally and invest in our workforce

We will regularly review our progress and take remedial action in the event of us falling short of our aims & objectives.  This document is a living policy, reviewed annually, and we welcome the input and comments of customers, suppliers and employees.

Lisa Evans

National Insurance number and how to apply for one.

National Insurance applying by phone for your number.

National Insurance number application line
Telephone: 0800 141 2075
Textphone: 0800 141 2438
Monday to Friday, 8am to 6pm

Welsh language: 0800 141 2349
Monday to Friday, 8:30am to 5pm
Find out about call charges

To apply for benefits without a N.I. number, contact Jobcentre Plus instead.

There’s a different process if you’ve lost your N.I. number.

If you’re moving to the UK

You may have a NI number printed on the back of your biometric residence permit (BRP). You don’t need to apply for a National Insurance number if you already have one, or one is printed on your BRP.

If you don’t have a National Insurance number, you must apply. You can only apply for it once you’re in the UK. You must have the right to work or study in the UK to get a N.I. number.

Working without a N.I. number

You can start work before your National Insurance number arrives if you can prove you can work in the UK. You should tell your employer that you’ve applied for one, and give it to them when you have it.

National Insurance number interview

Jobcentre Plus may write to you and ask you to come to an interview where you’ll be asked about your circumstances and why you need a National Insurance number.

The letter will also tell you which documents to bring to prove your identity, such as:

  • passport or identity card
  • residence permit
  • birth or adoption certificate
  • marriage or civil partnership certificate
  • driving licence

You’ll be told at the interview how long it’ll take to receive your National Insurance number.

If you change your address before you receive it, tell the Department for Work and Pensions by contacting the National Insurance number application line.

National Insurance number application line
Telephone: 0800 141 2075
Textphone: 0800 141 2438
Monday to Friday, 8am to 6pm

Welsh language: 0800 141 2349
Monday to Friday, 8:30am to 5pm
Find out about call charges

If you turned 16 and didn’t get a number

You will normally be sent a NI number automatically just before your 16th birthday if you live in the UK.

If you didn’t get one, call the N.I. number helpline if you’re under 20.

Call the National Insurance number application line if you’re 20 or over.

N.I. number application line
Telephone: 0800 141 2075 Textphone: 0800 141 2438 Monday to Friday, 8am to 6pm

Welsh language: 0800 141 2349
Monday to Friday, 8:30am to 5pm
Find out about call charges

(This information was supplied by the H.M.R.C. website and is assumed to be correct on the date of publication, however you should always check with H.M.R.C. directly)

Employer Tax Codes

Employer Tax code

Employer tax code is used by your employer or pension provider to work out how much Income Tax to take from your pay or pension.

HM Revenue and Customs (HMRC) will tell them which code to use to collect the right tax.

Check if your tax code is correct

You can check your Income Tax online to see:

  • what your tax code is
  • how your tax code is worked out
  • how much tax you’re likely to pay

What your employer tax code means

Your tax code will normally start with a number and end with a letter.

1185L is the tax code currently used for most people who have one job or pension.

How the numbers are worked out

The numbers in your tax code tell your employer or pension provider how much tax-free income you get in that tax year.

  1. HMRC works out your tax-free Personal Allowance.
  2. Income that you haven’t paid tax on (such as untaxed interest or part-time earnings) and the value of any benefits from your job (such as a company car) are added up.
  3. The income that you haven’t paid tax on is taken away from your Personal Allowance. What’s left is the tax-free income you’re allowed in a tax year.
  4. The last digit in the tax-free income amount is removed.

What the letters mean

Letters in your tax code refer to your situation and how it affects your Personal Allowance.

Letters What they mean
L You’re entitled to the standard tax-free Personal Allowance
M Marriage Allowance: you’ve received a transfer of 10% of your partner’s Personal Allowance
N Marriage Allowance: you’ve transferred 10% of your Personal Allowance to your partner
T Your tax code includes other calculations to work out your Personal Allowance, for example it’s been reduced because your estimated annual income is more than £100,000
0T Your Personal Allowance has been used up, or you’ve started a new job and your employer doesn’t have the details they need to give you a tax code
BR All your income from this job or pension is taxed at the basic rate (usually used if you’ve got more than one job or pension)
D0 All your income from this job or pension is taxed at the higher rate (usually used if you’ve got more than one job or pension)
D1 All your income from this job or pension is taxed at the additional rate (usually used if you’ve got more than one job or pension)
NT You’re not paying any tax on this income
S Your income or pension is taxed using the rates in Scotland
S0T Your Personal Allowance has been used up, or you’ve started a new job and your employer doesn’t have the details they need to give you a tax code
SBR All your income from this job or pension is taxed at the basic rate in Scotland (usually used if you’ve got more than one job or pension)
SD0 All your income from this job or pension is taxed at the intermediate rate in Scotland (usually used if you’ve got more than one job or pension)
SD1 All your income from this job or pension is taxed at the higher rate in Scotland (usually used if you’ve got more than one job or pension)
SD2 All your income from this job or pension is taxed at the top rate in Scotland (usually used if you’ve got more than one job or pension)

If your tax code has ‘W1’ or ‘M1’ at the end

These are emergency tax codes.

If your tax code has a ‘K’ at the beginning

Tax codes with ‘K’ at the beginning mean you have income that isn’t being taxed another way and it’s worth more than your tax-free allowance.

For most people, this happens when you’re:

  • paying tax you owe from a previous year through your wages or pension
  • getting benefits you need to pay tax on – these can be state benefits or company benefits

Your employer or pension provider takes the tax due on the income that hasn’t been taxed from your wages or pension – even if another organisation is paying the un-taxed income to you.

Employers and pension providers can’t take more than half your pre-tax wages or pension when using a K tax code.

(This information was supplied by the H.M.R.C. website and is assumed to be correct on the date of publication, however you should always check with H.M.R.C. directly)

Emergency tax codes

Emergency tax codes

If you’re on an emergency tax code your payslip will show:

1185 W1, or 1185 M1, or 1185 X

These mean you’ll pay tax on all your income above the basic Personal Allowance.

You may be put on an emergency tax code if you’ve started:

  • a new job
  • working for an employer after being self-employed
  • getting company benefits or the State Pension

Emergency tax codes are temporary. Your employer can help you update your tax code.

(This information was supplied by the H.M.R.C. website and is assumed to be correct on the date of publication, however you should always check with H.M.R.C. directly)

Workplace Pensions : Opt out of the stress

Workplace pensions : Opt out of the pressure of dealing with auto enrolment; We will assess your payroll, issue letters for your employees, set up and manage your pension scheme and file your Declaration of Compliance.

Under the pensions act 2008, every employer in the UK must put certain staff into a pension scheme.  This applies to all businesses or individuals in the UK who employ at least one person.

Many businesses chose to deal with this themselves, whilst others find it a hassle.

Don’t get caught up in the stress of dealing with the workplace pensions.  We can manage the whole process for you…Easily.

Our solution is to deal with this for you so that you can opt out of the hassle and save valuable time;

All you need to do is speak to one of our Specialist Advisers who will take some information about your employees to determine which duties apply to you and when.  They will explain the next steps that apply to you and will be able to answer any questions that you may have.

Please note that Easy Accounting Services provide a set up and administration service only, with and do not offer pension advice.

How to prepare for the Customs Declaration Service (CDS)

How to prepare for the Customs Declaration Service (CDS) replacing CHIEF from August 2018.

You’ll need to prepare for CDS if you or your agent make customs declarations for goods imported from and exported outside the EU through CHIEF or a software provider.

HMRC will introduce CDS in 3 stages:

  • a group of importers will start making declarations on CDS from August 2018
  • all importers will be able to use CDS from November 2018
  • exporters will be able to use CDS at a later date

HMRC will contact you if you’re in the group of importers who’ll be using CDSfrom August 2018. You do not need to do anything if HMRC does not contact you.

To start using CDS from November 2018 for imports, your software provider or in-house software team will need to have developed a CDS compatible package.

CHIEF will continue to run throughout this period. If you import and export, you may need to use both CHIEF and CDS for a short period of time.

Prepare for CDS

Your in-house software team or software provider should be developing a CDS compatible software package. If they have not told you how they’re preparing for CDS, check they’re in contact with HMRC. They can email declarationservices.customs@hmrc.gsi.gov.uk for information and support on CDS.

The Trade Tariff for imports will be available in August 2018. It will show the extra information you’ll need to provide to comply with the Union Customs Code. Your software provider will also tell you about changes to the way you make declarations.

The Trade Tariff for exports will be available at a later date.

Importers using CDS from August 2018

The first release of CDS will go live in August 2018, but live functionality will be limited to:

  • supplementary declarations submitted directly to HMRC:
    • into free circulation
    • out of customs warehousing into free circulation

If you move to CDS in August 2018 you:

  • will be using a limited range of customs procedures
  • can only pay outright liabilities through a single deferment account on a declaration
  • will not use immediate payments, securities, duty suspensions or quotas
  • can only use UK warehouses

For goods subject to licenses, you can only declare commodities that need Department for International Trade electronic licences.

Other functions that will be available soon are:

  • simplified declarations:
    • into free circulation
    • into customs warehousing
    • out of customs warehousing and into excise warehousing
    • out of customs warehousing and into free circulation with Onward Supply Relief
  • pre-lodged simplified declarations into free circulation

Remaining importers and exporters

You’ll be able to use CDS for imports from November 2018, once your software provider or in-house software team has developed a CDScompatible software package.

Exporters will be able to use CDS at a later date. HMRC will provide more information on when this is going to happen.

Self Assessment Tax Return Online and Limited Company Accounting Services

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