Category: VAT

Making Tax Digital for Vat

Posted on by r3df3rn

Making Tax Digital. You may have heard of this?

If you have not and you are a vat registered business then you need to find out about this as soon as possible. Contact us on andrew@egan.co.uk

 

As from April 2019 all vat registered businesses will need to be able to submit their vat returns direct to HMRC using an approved piece of software. You will no longer be able to submit your return via the HMRC online login as you may currently do.

We at Egan Roberts are speaking to all our clients at the moment to make them aware of the above and checking what plans they have in place to be able to comply with the new rules from next April. Those clients that have a PC based piece of software (sage accounts etc) will need to make sure that their software is up to date and will be compatible with submissions to HMRC from next April. We can do this check for you.

There are however many businesses that either keep their software on spreadsheets or still keep their records manually. These businesses need to act now to be ready for the change in April 2019.

What options are there?

There are several options:

  • Upgrade your current PC based software so that it is compatible with the new HMRC submission criteria
  • Obtain a piece of software that links your spreadsheet to the HMRC online portal
  • Move to a cloud computing piece of software (Xero, Quickbooks or Sage Business Cloud Accounting)
What we recommend

We are recommending that our clients move to the cloud, there are numerous advantages to this, not least being that we as your accountant can login to your live data anywhere and deal with any queries you have.

How easy is it to set up?

The set up of Xero as an example is very easy.

  • We can send you a trial invite which lasts for 30 days if you are happy with the software you can use the standard chart of accounts set up which can easily be amended to suit your business.
  • You enter your opening balances – preferably from your last year end accounts.
  • You can then set up bank feeds which allows your bank to send through the transactions direct into the software. This makes reconciling your bank very easy.
  • You can add your logo so that if you generate sales invoices your logo appears on them and these can easily be emailed to your customers.
  • You add your purchase invoices in to the system so that the payments can be matched against these.
    We can of course help with all of the above
How do I do my Vat Return

Once all the transactions have been entered for the quarter you can generate your vat return from within the software and check all the transactions to make sure it is correct. You can then publish the vat return and submit it from within the software using your HMRC login details. Again if you would like us to do this we are able to login to do this for you.

What do I do now?

Do something now do not delay any further!

Get in touch and we will give you the best options for your business and guide you so that you will be able to submit your vat returns correctly from April next year.

Free HMRC App

Posted on by r3df3rn

HMRC launches an app to assist with personal taxation

The newly issued HMRC app enables individuals to find information about their tax, National Insurance, tax credits and benefits on the move. Suitable for both Apple and Android devices, users will need their Government Gateway credentials to access the information.

For accountants like us who act as tax agents for individuals and for whom we will never have full access to the client’s personal tax account this provides easy way to enable clients to show us, ‘on the move’, otherwise unavailable information without having to access it via a computer/internet.

Full details can be found at: https://www.gov.uk/government/publications/the-official-hmrc-app/the-free-hmrc-app

You can use the HMRC app to estimate your tax, manage your tax credits, access your Help to Save account, or work out your take-home pay.

Used by more than 550,000 people per month, the app puts you at the heart of your tax matters and financial life.

What the HMRC app enables you to do

You can use it to:

    • view your tax code and an estimate of the tax you need to pay
    • see your income and benefits
    • check your National Insurance number
    • view your tax credits payments schedule
  • renew your tax credits
  • access your Help to Save account
  • use our tax calculator to work out your take home pay after Income Tax and National Insurance deductions
  • track forms and letters you’ve sent to us
  • get 6-digit access codes to make your HMRC accounts more secure

 

Getting started

Download the free HMRC app now from:

 

How to sign in

The first time you sign in, you’ll need to enter your Government Gateway ID and password. If you haven’t got these, go to the Government Gateway website and register as an individual.

Whenever you use the app again, depending on what your handset supports, you can sign in using:

  • a 6-digit PIN
  • fingerprint authentication
  • facial recognition

 

Setting up a personal tax account

You can use the app to set up a personal tax account by giving us your name, National Insurance number and date of birth.

If we need to verify your identity, we’ll ask for details such as your passport number and information about your salary.

Sign in to your Help to Save account

The Help to Save service went into a trial phase known as ‘private beta’ in January 2018. It is being rolled out gradually so that it can be tested and developed.

If you’ve already opened a Help to Save account as part of the trial, you can use the app to:

  • check your Help to Save account balance and bonus
  • keep track of how much money you’ve paid in each month
  • see how much money you can still pay in before the end of each calendar month
  • set regular reminders to add to your savings
  • view all your payments and withdrawals

If you want to do other tasks, such as pay money in, it is easy to sign in to your Help to Save account using the app.

Safety and security

HMRC takes cyber security very seriously – see how we are keeping you safe online.

Help and support

If you have a problem with your account that you can’t solve using HMRC’s online resources, contact us for help.