Didsbury-Magazine-Jun-Jul-2013

The age of
online
accounting
Only a month after the launch of real-time
PAYE, Exchequer Minister David Gauke has
suggested that a focus on online administration
could continue into the not too distant future with
the launch of personal online tax accounts.
This will come as welcome news to
many people who have watched
an HMRC Tax Return letter drop
through their letterbox over the past few
weeks. If the system comes into effect,
an online account will mean better
information will become available for
personal taxpayers tackling the arduous
task of completing their tax return in
future years. In a similar way to an online
bank account, taxpayers will be able to
view individual information and details on
where their tax pounds have been spent
at the click of a button.
The RTI system was considered unrealistic
by many, and it was suggested that small
businesses in particular would struggle to
meet its requirements. In light of these
criticisms, HMRC has now relaxed the
criteria for businesses with fewer than 50
employees, permitting them to continue
to file payrolls monthly until 5 October.
The aim is to provide a permanent solution
over the next six months.
taX
tiP
Full compliance with the
rules and regulations of
the new RTI system can
be a challenging task.
Make the transition easier by ensuring that
all your employee records are up to date.
Similarly, the new Universal Credit
initiative is being launched across Greater
Manchester in stages, starting this month.
This new system merges all benefits into
one monthly payment and is now being
run as an online-only claiming process,
with accounts also managed online.
By managing claims online, benefits can be
automatically adjusted, dependent on the
earnings that employers enter into their RTI
system. This will greatly benefit those whose
working hours fluctuate from week to week
and who currently have to make new claims
under the old benefits system.
taX
tiP
With an emphasis on
people being better off
in work than on benefits,
millions of people who
were previously not entitled to Child Credit
may now be eligible. Check what you are
entitled to.
If the hassle of bookkeeping wears you
down, you can use Sterling Partners’
online package that allows you to access
your company’s financial information
securely and update it from anywhere as
long as you have access to the internet.
The mobile application that comes with
the accounting package allows you to
update your information on the go, saving
you time and minimising that nagging
concern over incidental receipts.
Ideal for any small to medium-sized
businesses, this cost-effective solution
is easy to use and eliminates the need
to upgrade or worry about changes from
HMRC, such as RTI, Universal Tax Credit
and changes to tax rates.
To discuss your individual requirements with
one of our experts please contact us on
0161 446 2112.
www.sterlingpartners.co.uk
email katy@sterlingpartners.co.uk
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