Monthly Archives: March 2015

Speak Your Way to Success

Please note that my blog’s on Public Speaking have now moved to here

Many of the successful people in life are those that can stand up and speak in front of a group of people.

In business this may be to get a new job, a promotion, to do a sales presentation or to address your team at work.

Socially, your peers will look up to you if you are a person that can be relied upon to get up and talk. This may be at a wedding, a formal dinner or to wish a friend or colleague a happy and long retirement.

No matter how inexperienced or terrified you may be at speaking to a group, you can be trained to be a good public speaker. Nobody is born with the gift of being a good public speaker, it is an art and successful speakers train hard and practice, practice, practice.

You can’t learn the art of public speaking from a book alone and a great way to develop the skills required to speak well in public is to join your local Toastmasters club, attend a speaking workshop or obtain a free 6 week eCourse course such as those provided by Ginger Public Speaking.

My local Toastmasters Clubs are Strictly Speaking Harrogate and Leeds City Toastmasters and you can see from the web sites how the meetings are run.

 

 

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How to Pay HMRC

Close up of Female Hands Making Online Payment

I am often asked how businesses and individuals pay HMRC the tax and VAT they owe.

Tax payers can pay by direct debit or by debit or credit card through BillPay). Their is a fee for paying by credit card of 1.4% as at 16 January, 2015 but may change in the future.

Below are links for paying VAT, PAYE and other taxes:

Pay your Self Assessment tax bill

Pay your Corporation Tax bill

Pay your VAT bill

Pay employers’ PAYE

Pay employers’ Class 1A National Insurance

Full list of links for paying other taxes and penalties

When paying HMRC you will need your reference number for the tax you are paying and follow HMRC’s instructions and information requests.

You will also have to allow 3 working days for your payment to reach HMRC’s bank account to avoid late payment.

If you can’t pay the tax owed there is an HMRC Business Payment Support Service you can call on 0300 200 3835. This service is for individuals as well as businesses. For information you will need before you call click the following link:

When you call about your tax bill

Speak to your accountant for further help on paying HMRC or requesting time to pay your tax bill.

 

 

 

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TED Talk – The Price of Shame

Please note that this TED Talk has moved here

In this March 2015 TED talk, Monica Lewinsky advocates for a safer and more compassionate social media environment, drawing from her unique experiences at the epicentre of a media maelstrom in 1998.

 

Why you should listen

After becoming the focus of the history-changing federal investigation into her private life, Monica Lewinsky found herself, at 24 years old, one of the first targets of a “culture of humiliation”: a now-familiar cycle of media, political and personal harassment – particularly online.

Lewinsky survived to reclaim her personal narrative. During a decade of silence she received her Masters in Social Psychology from the London School of Economics and Political Science. In 2014, Lewinsky returned to the public eye with an acclaimed essay for Vanity Fair, which has been nominated for a National Magazine Award for best Essay Writing, and with a widely viewed speech at Forbes’ 30 Under 30 Summit.

What others say

“We could all learn a few things from Monica Lewinsky, particularly about ourselves.” — CNN.com, October 21, 2014

 

 

 

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The 2015 Budget Report

The Chancellor has presented his final budget before the general election. The 2015 Budget Report by the ICPA of which I am a member is available below to view or for download:

Download (PDF, Unknown)

logo-icpa

Thanks to The Institute of Certified Practicing Accountants (ICPA) for the Budget Report 2015

 

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Benefits in Kind Medical Costs

From 1 January, 2015, recommended medical treatment costing up to £500 can be paid by an employer free of income tax and National Insurance. There are detailed restrictions including that:

  • Either the employee has been absent from work, due to injury or ill health, for at least 28 consecutive days, or a health care professional expects that, without medical treatment, the employee will be unfit for work for at least 28 consecutive days; and
  • In either case, the recommendation for treatment must be by a health care professional.

Contact your accountant for further details.

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Ted Talk – The Internet Could Crash. We Need a Plan B

Please note that this TED Talk has moved here

This classic TED talk by Danny Hillis in February 2013: The Internet could crash. We need a plan B.

The Internet connects billions of people and machines; it’s the backbone of modern life. But tech pioneer Danny Hillis thinks the Internet just wasn’t designed to grow this big — and he fears that one big cyber-attack or glitch could shut it down and take civilization with it. To head off a digital dark age, he sounds a clarion call to develop a Plan B: a parallel system to fall back on if — or when — the Internet crashes.

Biography
Inventor, scientist, author, engineer — over his broad career, Danny Hillis has turned his ever-searching brain on an array of subjects, with surprising results.

Why you should listen

Danny Hillis is an inventor, scientist, author and engineer. While completing his doctorate at MIT, he pioneered the concept of parallel computers that is now the basis for most supercomputers, as well as the RAID array. He holds over 100 US patents, covering parallel computers, disk arrays, forgery prevention methods, and various electronic and mechanical devices, and has recently been working on problems in medicine as well. He is also the designer of a 10,000-year mechanical clock, and he gave a TED Talk in 1994 that is practically prophetic. Throughout his career, Hillis has worked at places like Disney and now Applied Minds, always looking for the next fascinating problem.

What others say

“We’re at a point in time which is analogous to when single-celled organisms were turning into multi-celled organisms. So we’re the amoebas.” — Danny Hillis

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What are TED Talks?

Please note that my blog’s on TED Talk’s have moved here

The Organization

TED is a non profit devoted to spreading ideas, usually in the form of short, powerful talks (18 minutes or less). TED began in 1984 as a conference where Technology, Entertainment and Design converged, and today covers almost all topics — from science to business to global issues — in more than 100 languages. Meanwhile, independently run TEDx events help share ideas in communities around the world.

Their Mission: Spread ideas

TED is a global community, welcoming people from every discipline and culture who seek a deeper understanding of the world. They believe passionately in the power of ideas to change attitudes, lives and, ultimately, the world. On TED.com, they are building a clearing house of free knowledge from the world’s most inspired thinkers — and a community of curious souls to engage with ideas and each other, both online and at TED and TEDx events around the world, all year long.

In fact, everything they do — from their TED Talks videos to the projects sparked by the TED Prize, from the global TEDx community to the TED-Ed lesson series — is driven by this goal: How can they best spread great ideas?

TED is owned by a non profit, non partisan foundation. Their agenda is to make great ideas accessible and spark conversation.

 

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Bookkeeping Entries for Payroll

I am often asked where to enter figures to in bookkeeping software packages in respect of payroll processing.

I will show what entries to make in both KashFlow cloud bookkeeping and Sage. The principles are the same for other bookkeeping software products.

ABC Limited is a pub that has a number of part time staff and the payroll for week 38 was:

Total gross pay (before tax & NI deducted) – £1,233.48

Total tax deducted – £54.60

Total employees National Insurance deducted – £48.90

Total employers’ National Insurance – £56.23

Total net pay (after tax & NI deducted) – £1,129.98

Let’s look at the entries in KashFlow first:

(Note Dr = Debit and Cr = Credit which will be shown on the software when you enter the figures)

Staff salaries (code 7003) Dr £1,233.48 (see note below regarding alternative codes for wages and salaries)

PAYE Control (code 2210) Cr 54.60

PAYE Control (code 2210) Cr 48.90

Net Wages (code 2220) Cr £1,129.98

Employers NI (code 7006) Dr 56.23 (only if £2,000 employers NI allowance used up)

PAYE Control (code 2210) Cr £56.23 (only if £2,000 employers’ NI allowance used up)

Bank payments for wage to employee post to Net Wages (code 2220)

Bank payments to HMRC for PAYE post to PAYE Control (code 2210)

Let’s now look at the entries in Sage:

Gross wages (code 7000) Dr £1,233.48 (see note below regarding alternative codes for wages and salaries)

PAYE (code 2210) Cr 54.60

National Insurance (code 2211) Cr 48.90

Net Wages (code 2220) Cr £1,129.98

Employers NI (code 7006) Dr 56.23 (only if £2,000 employers NI allowance used up)

PAYE (code 2210) Cr £56.23 (only if £2,000 employers’ NI allowance used up)

Bank payments for wage to employee post to Net Wages (code 2220)

Bank payments to HMRC for tax deducted post to PAYE (code 2210)

Bank payments to HMRC for employees NI deducted and employers NI post to National Insurance (code 2211)

Alternative KashFlow codes for gross pay to employees:

For directors use code 7001 (Directors Salaries)

For direct labour use code 6000 (Productive Labour)

Other alternatives are:

Code 7004 – Wages – Casual

Plus, you or your accountant can set up additional codes such as those in Sage below and any specific codes to help you to overview performance and costs.

Alternative Sage codes for gross pay to employees:

For directors use code 7001 (Directors Salaries)

For direct labour use code 6000 (Productive Labour)

Other alternatives are:

Code 7003 – Staff Salaries

Code 7004 – Wages – Regular

Code 7005 – Wages – Casual

It is important to get advice from your accountant as to which codes are most appropriate for your business to use for gross pay. Your accountant can also show you how to enter the figures in your software and produce a wages journal template for you to make it easier and less likely for error.

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Can Accounting Software be Sexy?

Red Apple Creative produced KashFlow Accounting Software’s radio and Spotify commercial as broadcast in November, 2012.

Who says accountants are boring, watch the KashFlow Sexy Accounting Radio Commercial:

Sexy accounting showcases the company’s playful nature and gave them great presence on XFM and Spotify.

For a free 14 day trial of KashFlow go to the contact page or email Glynn.Harby@dalesaccountant.co.uk

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UK to Raise Minimum Wage

A note for your diary that from 1 October, 2015 the UK minimum wage for employees increases.

The minimum wage will increase by 20 pence (3%) from £6.50 to £6.70 per hour from 1 October, 2015 for employees aged 21 years and over.

Employees aged 18 to 20 years old the minimum wage increases by 3.3% £5.13 to £5.30 per hour.

The minimum wage for apprentices will increase by 20% £2.73 to £3.30 per hour

With inflation at 0.5% this is an increase in real terms for all employees.

 

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IRIS AE Suite for Auto Enrolment

See how Iris KashFlow payroll can help you comply with workplace pension automatic enrolment legislation with the IRIS AE Suite. This complete solution includes assessment, required employee communication and P60 publishing and electronic distribution.

We use IRIS KashFlow payroll for our clients and will be bringing in the IRIS AE Suite for our clients. Click the link below to see a short 3 minute overview:

IRIS AE Suite Overview

For other payroll tutorials and information click KashFlow Payroll Tutorial’s

 

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KashFlow Payroll Year End

KashFlow payroll have provided a free resource video that will guide users through their responsibilities when running the Payroll Year End in KashFlow Payroll and answer any questions you may have on the Year End process.

Year End 2015 in KashFlow Payroll

Note that when running your final pay period in the payroll tax year (‘How to’ in above KashFlow Payroll Video), the P60’s should not be generated until the final pay period FPS’s have been submitted to HMRC. These are automatically processed by KashFlow two days before the pay date. Effectively, two days before your Month 12 or Week 52 pay date you should find that the P60’s start to pull in all the data. Personally, I will be generating the P60’s on 6 April, a day after the payroll tax year end.

Legislation changes in 2015/16 are also summarised within the KashFlow Payroll PYE Video above.

Should you require any further assistance when running your Payroll Year End please contact support@kashflowpayroll.com or glynn.harby@dalesaccountant.co.uk

You can also look at the KashFlow Payroll Tutorials page for other guides.

Legislative updates have been released today in KashFlow Payroll for the 2015/16 tax year.

Key legislation changes within KashFlow Payroll to note include;

– Introduction of new ‘Upper Secondary Threshold’ meaning that employers will not be required to pay Class 1 NICs on earnings up to UST for employees under the age of 21. Four new letters, M,Z,I and K have been added to KashFlow Payroll to correspond to this change. Employees NI letters will be updated automatically within KashFlow Payroll

– Statutory adoption pay has now been increased to match maternity pay. The statutory payment rates have been increased within KashFlow Payroll

– The tax threshold has been increased to £600 so the standard tax code is now 1060L

– Marriage allowance has been introduced for married couples or civil partners, allowing an employee who is not liable for income tax above the basic rate to transfer up to £1060 of their personal allowance to their spouse or civil partner. There are two new tax code suffixes to accompany this, M and N

– Shared parental leave has been introduced, allowing eligible mothers, fathers, partners or adopters to choose how to share time off work after their child is born or placed. When creating a record for ShPP in KashFlow, there are 5 mandatory fields to complete that are listed in the Release Notes.

– The student loan threshold has increased to £17,335

– All tax code changes, rates for tax, NI and statutory payments have been updated for 2015/16

To view the 2015/16 release notes, please visit

KashFlow Payroll 2015/16 – Release Notes

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Tax Planning before 5 April

With the tax year coming to an end, it is a good time to maximise some personal tax relief’s for 2014/15 and prepare for 2015/16. Here are just three to consider:

1. Top up your ISA

From 1 July, 2014 an individual’s ISA allowance increased from £11,520 to £15,000 and the restriction where you could only invest up to 50% in a cash ISA was removed.

If you have not yet taken advantage of the ISA increase, or wish to change the mix of stocks and shares and cash within your ISA you have until 5 April to do so. It is important to do this within the ISA scheme as any amounts withdrawn from the account and then re-invested will be treated as new investments and count towards your savings limit.

2. Maximise tax relief on pension savings

All tax payers under the age of 75 can claim tax relief on gross contributions up to £3,600 regardless of the level of their earnings.

The annual allowance for 2014/15 is £40,000 (you contribute £32,000 and HMRC puts in £8,000 from tax you previously paid at 20%). If you are  a 40% taxpayer you would also get an additional tax refund of £8,000 resulting in a total reduction in your tax liability of £16,000 for the year.

3. Take advantage of your annual exemption from capital gains tax

For 2014/15 you can make a tax free capital gain of £11,000 for disposals of capital assets such as shares.

If you are planning on disposing of a capital asset, it may be worth looking at the possible gain and whether to dispose of it before 5 April to utilise this years capital gains exemption allowance.

If there are a number of assets you are disposing of it may be an idea to stagger these, selling some before 5 April, 2015 to make use of the 2014/15 annual exemption allowance and some in 2015/16 to make use of next years allowance.

Always speak to your accountant and financial adviser before taking action as everyone’s circumstances are different.

 

 

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