Newsletter - winter 2017
Christmas & New Year office closure dates
The office will close for the seasonal holiday:
Friday 22nd December at 2.00pm
re-open on Tuesday 2nd January 2018
We would like to take this opportunity
to wish all our clients a very
"Merry Christmas & a Happy & Healthy New Year"
Staff Christmas meal – office closure
The office will be closed between 11.45am – 2.30pm
Wednesday 20th December for our staff Christmas meal
Apologies for any inconvenience caused
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New data protection rules
New data protection rules are currently in the pipeline.
GDPR – General Data Protection Regulation is going to start from May 25th 2018
There will be an increase in obligation of all businesses to safeguard the personal information of individuals that is stored by the business – whether they are suppliers, customers or employees.
In a nutshell – if you are already subject to the Data Protection Act you are very likely to have to comply with the GDPR
Further information will follow in the coming months
Self-Assessment Tax Returns for the year ended 5th April 2017 MUST be submitted online to HM Revenue & Customs at the very latest by 31 January 2018.
Automatic £100 penalty fines are issued from HM Revenue & Customs for any Tax Return not filed by the deadline date. This is irrespective of there being any tax due. Additional penalties can also be charged, including daily penalties.
If you haven’t done so already then please do let us have the required information now to enable us to process your Return ahead of the 31 January deadline.
Please note that we carry out all work strictly in the order in which the office receives it, so leaving it to the last couple of weeks in January to get your information in to us may not be sufficient time for it to be processed ahead of the deadline date - so please act now to avoid the possibility of an automatic penalty!
If your information is not given to us until January we may have to apply an
extra charge for the processing of your tax return.
Don't forget to make your self-assessment payment due on the
31st January 2018
Notification from Sage regarding HMRC VAT Portal
HMRC have confirmed that from 14 February 2018, the Electronic Data Interchange (EDI) will be decommissioned and the existing services will be migrated to a new platform.
All electronic returns must be made via this new end point. To accommodate the changes Sage will be updating the latest version of Sage 50 Accounts only. Therefore, clients wishing to continue submitting their vat return from desktop sage software will need to upgrade to the latest version of Sage 50 Accounts or migrate to a sage cloud based product such as Sage One Start, Sage One Accounting or Sage 50c.
Digital Accounting Services
In July 2017, HMRC announced that all businesses and individuals will have to file their accounting information digitally.
What does this mean?
By April 2019, businesses above the VAT Threshold will need to keep Digital records and from 2020 this should apply to all other businesses who will be updating HMRC quarterly for their corporation tax, Income Tax and National Insurance obligations digitally. It is a significant change for many of us and means the end of the annual tax return to be replaced with a digital tax account where all your information will be stored in one place.
This change in the way HMRC wants information from tax payers means that you may need to move from your existing desktop or manual record keeping and onto an online accounting package.
What are the advantages of going digital?
Digital accounting software has significant advantages over the traditional ways of bookkeeping.
Imagine if you could:
• See a clear picture of your current financial position, in real-time;
• Have your accounts 100% online, so there’s no software to install and everything is backed up automatically. Updates are free and instantly available;
• Avoid upfront accounting software costs – upgrades, maintenance, system administration costs and server failures are no longer an issue;
• Have your bank feed your data directly into your accounts on a DAILY basis;
• Take a photo on your phone of a purchase invoice and it was posted automatically; AND
• See your results, who owes you money, who you owe to and your business bank balance 24/7, 365 from your phone.
What can I REALLY do with digital accounting software?
• Create and send invoices on the go
• Track sales, purchases, debtors and creditors
• Connect to your online banking
• View a snapshot of your business
• Estimate tax payments
• Easy tax filing that matches HMRC requirements
• Manage customers and suppliers
• Create estimates, purchase orders and manage your stock
How do we make the change?
As quickly as possible! All we need is a commitment to change and we will take you through a step by step process which means you will be up and running in no time AND we will:
• Extract your existing data and upload this to your new digital accounting software;
• Link your accounts to your bank account;
• Enable Apps to your phone or tablet to let you work “on the go”; and
• Demonstrate the system and show you how to get the most from your accounts.
For further information on anything featured in our newsletter please do not hesitate to contact the office
The Chappell team is always happy to help