Our Blog

Numeric Accounting has offices in Salisbury, Wiltshire & in Dibden (near Hythe) in Hampshire. We offer a full range of professional accountancy services to businesses across the UK.

News

Christmas Party 2017

Numeric Accounting kicked off their festive celebrations with a trip to Beaulieu National Motor Museum on Friday 8th December for a ‘Night at the Movies’ themed Christmas party. A few pictures from the night are below however, a few will stay on heavily password protected smartphones for the benefit of some staff/directors.

[/cmsmasters_column]

News

Interesting excuses for submitting a late tax return

Whilst the 2017 tax return deadline has now passed, you can be sure there are some people who have not filed their tax return. It’s therefore not a surprise to hear every year HMRC receive some creative excuses as to why returns have not been submitted on time.

Here are just a few:

1.       My tax return was on my yacht…which caught fire.

2.       A wasp in my car caused me to have an accident and my tax return, which was inside, was destroyed.

3.       My wife helps me with my tax return, but she had a headache for ten days.

4.       My dog ate my tax return…and all of the reminders.

5.       I couldn’t complete my tax return, because my husband left me and took our accountant with him. I am currently trying to find a new accountant.

6.       I couldn’t file my return on time as my wife has been seeing aliens and won’t let me enter the house.

7.       I’ve been far too busy touring the country with my one-man play.

8.       My ex-wife left my tax return upstairs, but I suffer from vertigo and can’t go upstairs to retrieve it.

9.       My business doesn’t really do anything.

10.     I spilled coffee on it.

If you want a hassle-free experience filing your tax return next year, get in touch!

[/cmsmasters_column]

News

“Beast from the East”

From the amount of snow fallen over the past 24 hours and from some of the pictures and stories on social media, you’d be forgiven to confuse the south of England with scenes from Pyongyang and the recent Winter Olympics.

Our Dibden employees haven’t managed to make it to our Southampton office in the middle of the New Forest today (02 March 2018), however a few local Salisbury Team members have made it to the city centre. Our Directors are also working, but with the only possible mode of transport in to work for them being a sled or possible snow mobile, they’ve decided to work from home.

News

Tax refund scams

HMRC have seen a sharp increase in the number of scam emails and text messages that claim members of the public have received a tax rebate, only for their bank account and personal details to be handed over to cyber criminals.

Criminals are sending these phishing emails now to coincide with the period in which HMRC issues genuine tax refunds through the post (if you are entitled to a refund, you can expect a legitimate letter from HMRC between June and October). Criminals also use other periodical events such as the self-assessment deadline in order to catch out members of the public that believe the emails they have received are legitimate

We would, therefore, like to highlight a few points to users of our App and website, which could prevent personal data from getting into the wrong hands:

–          HMRC will never use text or emails to tell you about a tax rebate or penalty or ask for personal or payment information.

–          Genuine financial organizations like HMRC and banks will never contract somebody asking for their bank details, passwords or PIN. Emails received out of the blue should also be treated as suspicious.

–          HMRC have created a guide focusing on phishing emails and bogus contact.  Here’s the link. https://www.gov.uk/government/publications/phishing-and-bogus-emails-hm-revenue-and-customs-examples…

Tax News

HMRC NEW INITIATIVE – THE END OF THE TAX RETURN!

What is “Making Tax Digital”?

Making Tax Digital (MTD) is a government initiative to modernise HMRC’s tax system, with the aim of making the whole process of administrating tax simpler and more efficient. All of your tax information will be in one place (your digital account) and you will be able to pay tax based on your business activity during the year. You can upload and update your tax account in real time.

Will it affect me?

If you own a business, you are self-employed and you pay income tax, national insurance, VAT or corporation tax then it is quite likely you will be affected. This means you could be required to keep track of your tax affairs digitally using MTD compatible software, and to update HMRC at least quarterly via your digital tax account. Eventually this will abolish the annual tax return. This will be the law and there will be penalties for non- compliance.

What do I have to do?

You will need to open and log into your digital account. Everyone will be allocated one through the current Government Gateway. Then you will need to ensure your accounting software can update this account at least quarterly. For most businesses, this means a move away from desktop and onto Cloud based accounting software. You are required to choose digital (Cloud) software to maintain your business records and to provide updates of information to HMRC. You will be prompted to send summary updates directly to HMRC – quarterly updates will need to be submitted within a month of quarter end, and an end of year activity report will be due within nine months of the end of the accounting year. As your accountant and tax agent, we can advise you on the software you will need and how to comply with the new quarterly reporting requirements.

When is all this happening?

MTD starts with businesses above the VAT threshold limits (currently £85,000) for accounting periods commencing on or after 6 April 2019. Those affected will be required to keep digital records for VAT purposes. By 2020 it is most likely all other businesses will have to comply.

What’s next?

We will be providing information to our clients in the coming year via newsletters, blogs or direct emails to prepare you and get you ready for Digital Tax well in advance. In the meantime, if you want to discuss how this affects you and your business please contact us.

What are we doing for you?

We have a dedicated page detailing what Making Tax Digital means for businesses. For those of you who do not currently keep digital records, we are providing support by helping you convert to one of our packages on the Xero accounting platform.  This is a very simple software to operate and is fully MTD compliant.  Have a look at our Xero page for a more detailed list of benefits and then please do contact us and we will build a package that suits you and business and covers all your needs in the modern environment.