10 Reasons To Switch To Xero!

Switching Up To Xero!

 

The benefits of cloud accountancy packages have long been recognized but many business owners are still unsure. So why should you move your business accounting requirements from using traditional desktop software to a 'cloud' provider that is accessed via a web browser like Xero?

Here Are My Top Ten Reasons For Switching!

•    Accountant collaboration

With Xero, Bookkeeping4u are able to work collaboratively with our clients on real time information and therefore give the best possible advice based on current information.

•    Automated direct bank feeds

Have your bank transactions fed straight into Xero and with bank rules you can reconcile your bank faster than ever before. Bank feeds are also available for credit cards and PayPal accounts.

•    Access Xero anytime & anywhere

As Xero works in The Cloud you can log into your accounts from any computer/tablet all over the world, subject to having an internet connection.

•    Fantastic iPhone app Xero Touch

Gives you even more flexibility to do your expense claims on the move. You can upload them to Xero there and then and throw away all those messy receipts. You can also check your debtors and give them a ring from your mobile.

•    Easy integration to many add-on partners

Whether it be time management, point of sale software, CRM software all with no upfront software purchases.

•    Dashboard

Xero's dashboard on login shows you all the important things you need to know, giving a snapshot of important financial information in an easy understand illustrative way.

•    Unlimited users

At no extra cost you can add as many users as you need from basic invoice entry to full software use.

•    Free comprehensive help

Xero offers a free email support team with call back options and has a great Xero community forum so if you post a support question it will be answered by any of the Xero partners.

•    No contracts

Just a simple low monthly payment that can be cancelled at any time.

•    Automatic backups

 You don't have to worry about your computer crashing or taking manual back ups as Xero saves your work after every entry.

FOR ANYMORE INFORMATION CONTACT US AT: mail@bookkeeping4u.biz

Business mistakes cost £2,340 a year

A third of business owners would describe themselves as ambitious risk takers, says a study. However, the flip side was bad decisions, with taking a chance on hiring someone who ultimately turned out not to be right for the job named as British bosses' most common business mistakes.

The Volkswagen Caddy - However Big Your Ambition survey of a thousand SMEs revealed that mistakes and bad decisions cost UK businesses an average  £2,340 every year.

Not taking advantage of an opportunity was the number three business mistake, followed by offering too much of a discount and hiring a friend.

Sixth place in the list went to taking on a relative to carry out a role in the company; while firing someone and later realising they shouldn't have been giving the boot was at seven.

Trusting the wrong person or business partner was eighth in the list, with investing in equipment which didn't do the right job and ignoring good advice completing the top ten.

Over a third (35%) of owners say they have let their heart rule their heads at some point, with 61% of those saying the decision proved detrimental. More than half of those (56%) say they even lost money because of it. Another one-in-ten admitted their company's reputation was affected.

New HMRC Tax Calculator

HMRC have released a new version of the tax calculator to estimate the amount of income tax and National Insurance payable on income.

The calculator is aimed at people who pay tax through PAYE and is available to anyone through the HMRC website or by following this link.

http://payecalculator.hmrc.gov.uk/PAYE0.aspx

If you need any help or assistance with PAYE or Payroll then contact us 

mail@bookkeeping4u.biz or tel 07792080789

RTI - 2 Weeks to go. Are you ready?

Does it apply to me?

RTI applies to anyone who is registered for PAYE (or needs to be). This means:

YES - if you employ staff and any of them earn more that £109 per week in 2013/14.

YES - if you do your work through a limited company (assuming you pay yourself a salary or reimburse expenses).

NO - if you are a sole trader or partnership and don't employ anyone.


What does it involve?
RTI or Real Time Information is the new way to report wages, salaries, PAYE and National Insurance to HMRC. Traditionally, PAYE data would be submitted at the end of the tax year, but the new regulations require the data to be submitted electronically to HMRC online whenever employees get paid.


Get sorted for RTI
If you need help with your payroll or you don't think your current payroll software is not compatible with RTI then contact Bookkeeping4u. We have various payment options and can submit you RTI data to HMRC for you. all our software and staff are ready for RTI submissions now.

New Online VAT Services

HMRC has made some changes and additions to the VAT online services. These services aren't functions used on a day-to-day basis, they will speed up and simplify notification procedures which have, until now, been slow to update.

So what are the changes?

The following actions can now be completed entirely online:

• Changing your business and trading names
• Amending your principal place of business address
• Adding or amending business contact details (phone number, email address and website address)
• Notifying a change of bank account details
• Amending the period (quarters) your VAT return covers
• Cancelling or applying for a VAT registration
• Viewing or printing your VAT registration certificate
• Applying to use the annual accounting or flat rate schemes
• Attaching files, e.g. A scanned PDF document, to application etc.

As long as you are enrolled for the VAT online services you'll have automatic access to the new functions.

If you need help and assistance completing or updating your VAT details or registering for VAT and VAT online then contact Bookkeeping4u.

Ring 07792 080789 or email mail@bookkeeping4u.biz

Reasons (Excuses) for submitting Self Assessment Return Late

According to The Guardian, Around half a million people who still have not filed tax returns for the 2010/11 tax year are about to receive fines of at least £1,200 as HM Revenue & Customs sends out its latest round of penalty letters.


http://www.guardian.co.uk/money/2012/aug/14/hmrc-penalty-fines-tax-return

So what are 'reasonable' excuses?

Here are some examples that are acceptable:

a failure in the HMRC computer system
you registered for HMRC Online Services but didn’t get your Activation Code in time
your computer breaks down just before or during the preparation of your online return
a serious illness, disability or serious mental health condition has made you incapable of filing your tax return


And some that aren’t acceptable:

found the online system too complicated to follow
did not try to re-submit your return on time once a problem with the IT system was put right
left everything to your accountant to do and they let you down
forgot about the deadline
registered for HMRC Online Services after the filing deadline (eg 31 January for Self Assessment)


http://www.hmrc.gov.uk/online/excuse-missed-deadline.htm

If you are submitting late and you need to appeal against a penalties you need to complete Form SA370

http://www.hmrc.gov.uk/forms/sa370.pdf

What's your excuse?

The Social Media Revolution 2012-13