How our Web Portal benefits our clients

Web-based portals are increasingly familiar to our clients, since these portals are already commonplace in many industries, including banking and insurance. It’s not surprising that many clients now expect instant access to information via web-based portals in their accounting and tax matters as well.

Now that we have our Portal in place, the benefits to our clients are starting to flow.

There are many benefits to our Portal. Some of the most important are:
Instant, 24/7 access to key financial documents. Clients can upload and store their own important documents as well (e.g Mortgage Statements).

A permanent secure storage facility – allowing you to meet HMRC document retention rules. If you store your documents in the Portal, there is no need to back them up and you will never have to worry about transferring this data when you change your computer.

Encrypted message exchange which is much more secure than e-mail technology. When emails travel to their intended destinations, they traverse an untold number of servers and can be intercepted and viewed by anyone with the proper technological know-how and desire. This inherent security flaw, at present, may place confidential data at risk. For some time now we have used Adobe Document Cloud e-sign (formerly Echosign) to send out sensitive documents. We recommend clients send sensitive information to us via our Portal.

 

The Portal is one of many technologies which are improving the service that progressive, innovative accountants can offer their clients. Please do not hesitate to contact us if you would like more information on this and other new technologies.

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Keeping your business records secure

Many business owners have a loft/garage/spare bedroom  full of business records.

Business records have to be keep for 6 years. HMRC can levy fines if the records cannot be produced. These records can also get lost, damaged, muddled and key information lost. The link between the figures on the tax return and these  documents may then become unclear.

We have a simple, inexpensive solution to for you.

When we receive your records, we scan them for you. Then, using advanced software and our skills, we produce your accounts together with schedules of items making up the figures and an image of the documents themselves.  This will satisfy even the most demanding HMRC Inspector.

 

We will send you a copy of the file (which will be in PDF format) and show you how to store it in a free Dropbox or GoogleDrive account.

Price for this additional service depends on the volume of records. Prices start at £30 plus VAT.

The Shrewsbury Accountant, Nigel of TaxAssist, has a useful checklist for you when assembling your financial records

Many clients have found our business records checklist useful when assembling their paperwork. There is a link to the file below (pdf)

documents checklist

When you combine this with our purpose design record keeping wallets, you are really helping yourself save money by saving us time.

TaxAssist Accountants in Shrewsbury outline the benefits of on-line accounting

With our online accounting system (powered by Kashflow) , you can save time, be better organised and have a better insight into your financial position.

That’s why our online accounting software gives you everything you need: from Invoicing to cashflow management to VAT reports and everything else you need at your fingertips to keep your business running smoothly and you focused on doing what you do best – running your business.

We offer a 60 day free trial to give you the chance to experience our online accounting service with no obligation, so contact us to get started in a matter of minutes

 

Easy to use:

    • Accessible from anywhere in the world
    • Multiple concurrent users
    • Intuitive interface
    • No accounting jargon
    • Free and fast support

Improves Cash Flow:

    • Totally free for two months – no obligation to buy
    • Low monthly payments
    • No annual contract – cancel at anytime

Saves Time:

  • Reminders by email when an invoice becomes overdue
  • Peace of mind knowing you will never overlook an invoice
  • Save time and never forget to repeat invoice a customer
  • Quickly and easily generate VAT returns
  • Saves you time and money
  • The freedom to respond quickly to queries regardless of if you are at home or in the office
  • Ability to send invoices by email
  • Stay on top of unpaid invoices
  • Easily store and retrieve information on all of your customers and suppliers
  • Record how and when payments have been made and received
  • Accurate record keeping

Increases productivity:

    • Create customised, tailored invoice templates
    • Simplified credit control and chasing payments
    • Greater control of the cash flowing into your business
    • Automatic creation of invoices on a monthly or annual basis
    • Statistics on customer values, average time to pay, etc.
    • Identify good and bad customers
    • Easily deal with any accounting queries
    • Statement of account for customers and suppliers.
    • Insightful graphical reports on all aspects of your business
    • Visually see how your business is growing
    • You and your colleagues can all access information at the same time
    • Get invoices to customers quicker and receive payment quicker

Increase Customer Service Levels:

  • Present a professional and organised image to your customers
  • Track where each of your customers come from
  • See how effective your marketing spend has been
  • Three pre-written reminder letters of increasing severity
  • Maintain a list of your suppliers and customers

Secure:

  • All data stored securely online and backed up every day.
  • No longer spend time backing up your data or fretting because you still haven’t done it.
  • Levels of security comparable with internet banking
  • Peace of mind knowing your financial information is much more secure than it is stored on your own computer

Nigel from TaxAssist Accountants in Shrewsbury gives some advice about festive rewards for staff

With the Christmas season approaching and businesses making plans for staff functions, bonuses and gifts, we would like to make you aware of the various tax implications of your generousity.

Cash gifts and bonuses to employees 

Cash gifts and bonuses are treated as normal pay and subject to tax and National Insurance (NI) in the normal way. The payment should be put through the payroll. This also applies to any vouchers you give that can be exchanged for goods or services.

However, gifts to employees that can be considered trivial benefits such as a turkey, ordinary bottle of wine or box of chocolates will not need to be declared on form P11d. There is no set monetary limit below which benefits are deemed to be trivial but probably any amount less than £20 per employee would be considered trivial.

Any gifts of a higher value (and classed as non trivial) would be subject to tax and NIC and declarable either as a benefit on form P11d or the tax and NIC could be paid on these gifts by the employer by arranging a PAYE settlement agreement (PSA). A PSA is voluntary arrangement that the employer makes with HM Revenue and Customs (HMRC) to account for tax and NI  on benefits provided to employees.

Christmas parties (and summer events) –

Parties are a tax-efficient way of rewarding employees. Employees and their partners do not pay tax and NI on any parties they attend if the cost to the business is less than £150 per head in the tax year (starting 6th April). The cost per head is the total cost of putting on the function  – accommodation, food, drink etc divided by the total number of guests including the non-employees. For this purpose, the cost includes VAT whether you are VAT-registered or not. The event must be made available to all employees or those at a location (if the business has more than one site).

There are some hidden dangers. If the cost per head of a single party is greater than £150, then the whole amount would be subject to tax and NI.  For example, if the cost of an event is £175 per head the employee (with a partner) is taxed on a benefit of £350. In another scenario if the employer laid on 3 parties costing £100 per head then £90 per head then £40 per head, then tax and NI would be levied on the £90 party. Though the £100 and £40 parties were covered by the £150 annual exemption, the £90 party was not and so the whole event was taxable. So plan carefully.

I know it is very early to be talking about this

News for owner-managed businesses from TaxAssist Accountants in Shrewsbury

If you do not receive our news for owner-managed businesses by e-mail, I have copied it below. Enjoy …

01743 366669

FREE INITIAL CONSULTATION

Welcome to the May edition of News for Small Business where this month our focus is on the new tax return penalties to be enforced by HMRC as part of their toughened stance on tax evasion.

‘Notice to complete a tax return’ letters have landed on the desks of small business owners across the UK and in our article below we have explained the new penalties and the impact that they will have…

Businesses flock to govt’s Red Tape Challenge site

More than 6,000 respondents have aired their views on the government’s new red tape website… read more

HMRC announces tax evasion crackdown

The department has hired additional officers in a bid to recoup an extra £500 million in tax… read more

Employer Annual Return reminder

HMRC is urging taxpayers not to delay filing their P35 and P14 documents… read more

Business confidence is ‘bouncing bank’, says FSB

Business confidence is bouncing back but job creation “remains weak”, the FSB has claimed… read more

Tax Return Penalties Introduced

Small business owners across the UK will have received their notice to file a tax return this April and, whilst the filing process may have become second nature for some, HM Revenue & Custom’s (HMRC) new penalties should encourage taxpayers to tread carefully this year for fear of facing a potential penalty of £1,300.

Previously, failing to adhere to the deadlines led to a £100 penalty. However, under the new rules not only will you receive an automatic £100 penalty, you will also be required to pay £10 per day (up to £900) if the return is more than 3 months late. Should your return be more than six months late you will receive an additional penalty…….read more

May 2011

ABOUT US

TaxAssist Accountants are the largest network of accountants who focus their accountancy skills specifically on small businesses and taxpayers in the UK.

OUR SERVICES

We specialise in

Accountancy

Tax Returns

Payroll

Tax Advice

VAT returns

CIS

Bookkeeping

WHO WE HELP

As a network we look after over 36,000 clients including.

Sole Traders

Partnerships

Limited Companies

Start up Business

Over 200 TaxAssist Accountants are located across the UK offering local accountancy services to small business owners.

NEWS

For more news affecting small businesses, please click below:

Tax News

Tax Tips

Questions & Answers

CONTACT US

01743 366669

FREE INITIAL CONSULTATION

Nigel Lomax

TaxAssist Accountants

1 Sundorne Avenue

Shrewsbury

Shropshire

SY1 4JW

www.taxassist.co.uk/nigellomax/

DISCLAIMER: Advice shared in this newsletter is intended to inform rather than advise. Taxpayer’s circumstances do vary and if you feel that the information provided is beneficial it is important that you contact us before implementation. If you take, or do not take action as a result of reading this newsletter, before receiving our written endorsement, we will accept no responsibility for any financial loss incurred.

01743 366669

FREE INITIAL CONSULTATION

©2011 TaxAssist Accountants. All Rights Reserved.

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You may be interested in our no-nonsense client guides says Nigel of TaxAssist Accountants in Shrewsbury

We have a wide variety of clearly written guides to explain some of the most common issues encountered by small businesses. An example is the excellent explanation of the mechanics of the UK self-assessment tax system. It is a must-read for anyone newly self-employed. The guide can be accessed from the link below.

Personal_Tax_Self_Assessment client sheet

A full list of other guides can be accessed by clicking the link below. If you would like one, please contact us.

list of client guides