Yours 4 A Day
Yours 4 A Day Ltd. The Working Persons Accountant

VAT: New Accounting Procedures For Builders

 

If you're involved in the building trade, changes to the VAT accounting procedures for builders which become effective from 1st October 2019 may affect the way your VAT is accounted for.  Find out more in our explanatory document here.

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What is Making Tax Digital?

Making Tax Digital (MTD) is the most fundamental change to the administration of the tax system for at least 20 years.

The essential elements for businesses and landlords are:

  • Paper records will no longer be sufficient: It will become mandatory for almost all businesses and landlords (self-employed, partnerships and limited companies) to use software or a spreadsheet to keep accounting records. Paper accounting records will cease to meet the requirements of tax law.
  • Quarterly reporting: There will be a requirement to submit updates to HMRC each quarter directly from accounting software, within one month of the end of each quarter.

As your accountants we will support you through these changes and provide the ongoing services that you need. However, the changes are so fundamental that it will be necessary to review record keeping systems and possibly implement changes to ensure you are compliant.

Workplace Pension / Automatic Enrollment Changes

 

Minimum pension contributions will increase on 6th April 2019

What you need to do

It is your responsibility under the Pensions Act 2008, to make sure the right minimum contributions are being paid for your staff. If you are already paying above the increased amounts, you don’t need to take any further action. Yours 4 A Day Ltd will manage this process and increase your contributions accordingly. You will need to let your staff know about any increases being applied to their

Re-enrolment

Every three years certain staff must be put back into a pension scheme. This is called ‘re-enrolment’. More information can be found here. Yours 4 A Day Ltd will complete this process for you automatically three years after your original enrolment date and will charge a processing fee of £25.00 + VAT. Please let us know before your re-enrolment date should you wish to make alternative arrangements. All qualifying staff are required to be re-enrolled and will need to be informed of this in writing. Should they wish to opt-out they will need to inform the pension provider. Yours 4 A Day Ltd will manage this entire process as part of our processing fee.

Should you have any questions, please get in touch and we’ll do our best to help.

Privacy Notice  28/06/2018

Our company privacy notice has been updated, please click here to view it.

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Benefits of Cloud Accounting  02/02/2018

Cloud-based services have been rapidly growing in popularity in recent years, with businesses of all types taking advantage of the many benefits cloud platforms can offer.

Here are five ways cloud accounting could benefit your business.

Accessibility

Cloud-based accountancy software gives clients instant, easy access to their financial information.  Available anywhere you have an internet connection, on any device, cloud accounting platforms are user-friendly and present data in an easily digestible manner.

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