{"id":2489,"date":"2016-07-07T09:40:19","date_gmt":"2016-07-07T09:40:19","guid":{"rendered":"http:\/\/my-brains.co.uk\/jackross\/?p=2489"},"modified":"2016-07-05T09:44:11","modified_gmt":"2016-07-05T09:44:11","slug":"businesses-will-require-software-digital-tax-accounts","status":"publish","type":"post","link":"https:\/\/my-brains.co.uk\/jackross\/businesses-will-require-software-digital-tax-accounts\/","title":{"rendered":"Businesses will require software for digital tax accounts"},"content":{"rendered":"<p><strong>Businesses will need to submit their tax and financial information quarterly using software that&#8217;s compatible with HMRC&#8217;s systems.<\/strong><\/p>\n<p>In a letter to financial secretary to the Treasury David Gauke, Andrew Tyrie, chairman of the Treasury Select Committee, said that submitting records in a &#8220;prescribed digital format&#8221; would bring a financial burden to small firms that currently don\u2019t have accounting software or use computers.<\/p>\n<p>In his reply David Gauke said:<\/p>\n<p>\u201cHMRC will ensure that compatible software products are available to suit the budgets and needs of all businesses, including some free products for those small businesses with the simplest affairs.\u201d<\/p>\n<h2>Managing digital accounts<\/h2>\n<p>More than 50 million individuals and small businesses will have access to a digital tax account by 2020 \u2013 removing the need for completing an annual tax return.<\/p>\n<p>HMRC aims for all taxpayers to submit their taxes and manage their digital account as part of their day-to-day routine.<\/p>\n<p>Taxpayers can access their accounts at any time during the year. They can use their accounts to do the following:<\/p>\n<ul>\n<li>check income tax and tax code<\/li>\n<li>update company details<\/li>\n<li>track\/submitting forms online<\/li>\n<li>check\/manage benefits affecting tax.<\/li>\n<\/ul>\n<p><em>We can advise you on transitioning to a digital account.<\/em><\/p>\n<h1>Second payment on account reminder<\/h1>\n<p><strong>The deadline for the second payment on account for tax paid through self-assessment is 31 July 2016.<\/strong><\/p>\n<p>Payment is required if the tax bill is more than \u00a31,000, unless you\u2019ve already paid more than 80% of all tax you owe.<\/p>\n<p>2 payments are due each year \u2013 on 31 January and 31 July. Each payment is half of the previous year&#8217;s tax bill.<\/p>\n<p>People who are already registered for self-assessment with HMRC can check their payments on account via your online account. This will show any payments on account already made and any payments owed.<\/p>\n<p>There are several ways to complete the payment on account:<\/p>\n<ul>\n<li>debit or credit card<\/li>\n<li>post<\/li>\n<li>telephone<\/li>\n<li>online banking.<\/li>\n<\/ul>\n<h2>Interest charges<\/h2>\n<p>Missing the deadline or failing to make a payment will result in charged interest from the date the payment is due.<\/p>\n<p>The current rate for late payment is 3.0%.<\/p>\n<p>The interest rate will vary so it is important to check the current rates payable on the HMRC website.<\/p>\n<p><em>Talk to a member of our team about self-assessment today.<\/em><\/p>\n<h1>Steady income as highly valued as salary<\/h1>\n<p><strong>The majority of employees value a steady income as much as the amount of money they receive. <\/strong><\/p>\n<p>A survey by Citizens Advice asked 2,067 people what they valued most from their employment:<\/p>\n<ul>\n<li>level of pay (93%)<\/li>\n<li>reliability of income (92%)<\/li>\n<li>opportunities for experience (84%)<\/li>\n<li>being passionate about what they do (82%)<\/li>\n<li>progression opportunities (74%).<\/li>\n<\/ul>\n<p>83% said that a steady job with regular pay (as opposed to shift work or zero hour contracts) increases productivity and 86% thought it increased employee loyalty.<\/p>\n<p>Gillian Guy, chief executive of Citizens Advice, said that income security is the \u201coverlooked piece of the labour market puzzle\u201d:<\/p>\n<p>\u201cHaving a steady, reliable income is fundamental to how secure people feel and is key if the government wants to achieve its ambition of a high wage, low welfare economy.<\/p>\n<p>\u201cOffering people a secure income is also in the interest of employers, as it boosts morale and productivity.\u201d<\/p>\n<h2>Employee stress and productivity<\/h2>\n<p>Employee financial worries can have substantial effects on productivity. A report into financial wellbeing by Neyber found that:<\/p>\n<ul>\n<li>70% waste around 20% of their time at work worrying about their finances<\/li>\n<li>5 million hours were lost due to financial stress related absence<\/li>\n<li>55% agreed that financial pressure affects their ability to do their job.<\/li>\n<\/ul>\n<p><em>Get in touch to talk about your business today.<\/em><\/p>\n<h1>Workers not planning for retirement<\/h1>\n<p><strong>A third of workers globally do not have a retirement plan, according to research by Aegon.<\/strong><\/p>\n<p>The survey of 14,400 employees and 1,600 retired people across 15 countries found that providing workers with access to workplace pension plans is a significant factor in ensuring that they are saving for their retirement.<\/p>\n<p>41% of those surveyed have a retirement plan with employer contributions while 65% of workers found the idea of auto-enrolment appealing.<\/p>\n<p>Further findings show:<\/p>\n<ul>\n<li>38% of workers globally don\u2019t have a retirement plan<\/li>\n<li>42% of women do not have a retirement plan<\/li>\n<\/ul>\n<p>The study found that many individuals are looking for advice when it comes to retirement planning. Many turn to family and friends for advice rather than professionals..<\/p>\n<h2>The role of the state<\/h2>\n<p>Across all the countries surveyed, workers expected to receive 46% of their retirement income from a government retirement scheme.<\/p>\n<p>In the UK workers are eligible for the new state pension if they were born on or after 6 April 1951 (men) or 1953 (women).<\/p>\n<p>As of 6 April 2016, the new state pension is \u00a3155.65 per week. Workers will usually need at least 10 qualifying years to receive any new state pension.<\/p>\n<p>People who reached state pension age before 6 April 2016 will continue to receive their pension under the old rules.<\/p>\n<p><em>Contact us to talk about retirement planning.<\/em><\/p>\n<h1>EU referendum<\/h1>\n<p>You may have concerns about your business or personal finances following the result of the EU referendum.<\/p>\n<p>We can explain what the result means for your finances and advise on potential actions.<\/p>\n<p><strong><em>Contact us to discuss your circumstances.<\/em><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Businesses will need to submit their tax and financial information quarterly using software that&#8217;s compatible with HMRC&#8217;s systems. In a letter to financial secretary to the Treasury David Gauke, Andrew Tyrie, chairman of the Treasury Select Committee, said that submitting records in a &#8220;prescribed digital format&#8221; would bring a financial burden to small firms that&hellip;&nbsp;<a href=\"https:\/\/my-brains.co.uk\/jackross\/businesses-will-require-software-digital-tax-accounts\/\" class=\"\" rel=\"bookmark\">Read More &raquo;<span class=\"screen-reader-text\">Businesses will require software for digital tax accounts<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"neve_meta_sidebar":"","neve_meta_container":"","neve_meta_enable_content_width":"","neve_meta_content_width":0,"neve_meta_title_alignment":"","neve_meta_author_avatar":"","neve_post_elements_order":"","neve_meta_disable_header":"","neve_meta_disable_footer":"","neve_meta_disable_title":"","neve_meta_reading_time":""},"categories":[20,5],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.8.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Businesses will require software for digital tax accounts - Manchester Chartered Accountants<\/title>\n<meta name=\"description\" content=\"Businesses will need to submit their tax and financial information quarterly using software that&#039;s compatible with HMRC&#039;s systems. 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