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Moore Accountancy June 2019 Newsletter
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Moore Accountancy Update


MEET THE TEAM

We are continuing to (re)introduce our core team to you.

This month's spotlight is on Katie Broom.


Katie focuses on 4 main areas:
  • Limited company accounts, CT600s and director returns
  • Sole trader accounts and self assessment returns
  • Training and systems improvements
  • Adhoc queries for clients
Her office hours are usually Monday to Thursday 09.00-14.00.

Out of work Katie enjoys jogging, pilates and playing league netball, as well as running around after her twin boys.
MAKING TAX DIGITAL IS NOW A REALITY

Making tax digital (MTD) is now law for all VAT registered businesses with turnover over £85,000.

This new law requiring Digital record keeping and filing of VAT returns via the MTD portal came into force on 01/04/19. This means change for many businesses but also a huge opportunity.    


Do you want to reduce your running costs and streamline your accounting?

There are significant advantages to going “Digital” and we’ve been working with a number of our clients to help them streamline the way they do their accounts. These include:
•    A system where your bank feeds receipts and payments directly into your accounts on a DAILY basis;
•    Taking a photo on your phone of a purchase or expense item invoice and after "tagging", it was posted automatically; and 
•    You could see your results* - who owes you money, who you owe and your business bank balance 24/7 from your smart phone! (*
as long as you regularly update the software)

The Moore Accountancy team are certified on QuickBooks and Xero, but also use Sage One, Kashflow and Clearbooks - all systems which can help business owners comply with the law and to give you:
•    A clear picture of your current financial position, in real-time
•    Automatic updates that mean you can spend more time doing what you enjoy
•    Your accounts are 100% online, so there’s no software to install and everything is backed up automatically.     
•    Upfront accounting software costs are eliminated – upgrades, maintenance, system administration costs and server failures are no longer an issue!

If you want to discuss any of this with us, then you know how to get in touch!

GRAB AN ICE CREAM...

.. and have a read of our June newsletter.

If you have missed previous ones, then our website has a backlog of them here.

Enjoy the sun this weekend!

 

HIGH INCOME CHILD BENEFIT CHARGE AND STATE PENSION

In the last newsletter we looked at how family owned businesses could remain at basic rate, which enabled husband and wife (or civil partners) looking after a child to keep below the £50,000 threshold. 

Where the income of one of the individuals exceeds £60,000 such that the whole of the child benefit is taxed they may be tempted not to claim child benefit at all.

This may however limit the amount of State pension and other benefits at a later date. Under current rules individuals must make National Insurance contributions for 35 years to receive a full State Pension.
Individuals may claim Child Benefit and choose not to receive the payments, which means they do not have to pay the charge, but still receive the associated National Insurance Credits for that year and protect their State Pension entitlement.

Note that grandparents who have ceased working and are looking after their grandchildren may also claim NIC credits for that year which would count towards their 35 year contribution history. 

You can check your State Pension online at any time for a forecast of how much you could get. The service will also confirm when you will reach State Pension age, under the law as it stands. Note that the Government proposes to increase the State Pension age to 68 from 2037 :(

 

KEY DATES

30/06/19 - Corporation tax payment for year to 30/09/18

30/06/19 - End of first quarter VAT period under MTDfVAT

06/07/19 - Deadline for froms P11D and P11D(b) to be filed

19/07/19 - PAYE & NIC deductions for month ended 05/07/19 (June payroll) 

31/07/19 - 2nd Payment On Account of 2019/20 tax liability 

07/08/19 - Final submission of VAT return under MTDfVAT for quarter ending 30/06/19

 
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Our mailing address is:
info@mooreaccountancy.co.uk

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Moore Accountancy · 1 Northway · Altrincham · Cheshire, WA14 1NN · United Kingdom

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