Making Tax Digital Xero is here with McGinty Demack Accountants.

To celebrate our accreditation to Xero Bronze Status, we are offering free licences. Free for the first 12 months to the next five clients who sign up for making tax digital. This offer is a positive preparation for the introduction of Making tax Digital in April 2019.

As a result of its work on ‘Making Tax Digital’, McGinty Demack has already achieved Gold level accreditation from accounting software provider QuickBooks as well as being an accredited Sage user. Achieving Bronze level accreditation from Xero completes the Making tax digital offer.

The licences will be issued free for 12 months. This offer is for all new clients who come on board for a minimum of 2 years with us. Our normal terms and conditions are available on the website.

If you want more information about this or any of our other services contact us using from any of the options on our contact page

The government has issued some ‘no deal’ Brexit technical notices, with the aim of helping both businesses and individuals to prepare in the event of a UK-EU agreement not being realised.

The government has published the first 25 notices. Brexit Secretary Dominic Raab was keen to emphasise that reaching a deal remains the ‘overriding priority’. However, until a Withdrawal Agreement is ratified by the UK and European Parliaments, the possibility of the UK leaving the EU without a deal on 29 March 2019 remains.

The 25 documents cover a range of different areas, including VAT and trading, financial services, farming and workplace rights.

Josh Hardie, Deputy Director General at the CBI, said:

‘It’s right and responsible that the government has supplied information to businesses on issues from financial services passporting to food labelling, all of which will help lower the risks of the harshest outcomes from a ‘no deal’ Brexit.’

The government has confirmed further technical notices will be issued in September.

Internet link: GOV.UK no deal brexit collection

HMRC has published the latest edition of the Employer Bulletin. This guidance for employers, and their agents, includes articles on:

• Reporting your payroll information accurately and on time 
• Irregular payments and completion of Full Payment Submissions
• Starter Declaration on a Full Payment Submission (FPS)
• PAYE Settlement Agreements and Scottish Income Tax
• National Living Wage and National Minimum Wage – are you paying the correct rate?
• Advisory Electricity Rate for fully electric company cars
• Welsh Rates of Income Tax
• Construction Industry Scheme (CIS) webinars
• Postgraduate Loans
• Benefits and Expenses: Company cars
• Tax avoidance loan schemes – settle now
• Completing an EYU in respect of Employee’s National Insurance Contributions
• Employment Income: Draft Legislation
• Deadline for post 16 Child Benefit looms.

For help with payroll matters, please contact us.

Internet link: Employer Bulletin

HMRC is working with more than 150 software suppliers who have said they will provide software for Making Tax Digital for VAT (MTDfV) in time for April 2019.

From 1 April 2019, businesses will be mandated to use the MTDfB system to meet their VAT obligations under MTDfV. Only businesses with a taxable turnover above the VAT threshold (currently £85,000) will be required to use MTDfV, however HMRC is piloting the new system, on a small scale, from April 2018.

HMRC has advised that more than 40 suppliers have said they will have software ready during the first phase of the pilot and other software suppliers are expected to follow. HMRC will open up the pilot to allow more businesses and agents to join later in 2018.

HMRC has advised that the list will be updated as more software meets the criteria. HMRC are advising businesses to check with their existing software supplier to find out if they will be supplying suitable software.

Contact us for help with Making Tax Digital for VAT.

Internet link: GOV.UK software suppliers

According to the latest statistics 121,500 first-time buyers have saved a total of £284,000,000 following the introduction of a relief for first-time buyers under the Stamp Duty Land Tax rules which apply in England and Northern Ireland.

Over the next five years, it is estimated that this relief, part of the UK government’s housing policy will help over 1 million people getting onto the housing ladder.

First-time buyers purchasing homes of £300,000 and under pay no stamp duty at all, and those who bought properties of up to £500,000 will also have benefitted from a stamp duty cut.

Financial Secretary to the Treasury, Mel Stride, said:

‘Once again, we can see that our cut to stamp duty for first-time buyers is helping to make the dream of home ownership a reality for a new generation – exactly as we intended.’

‘In addition, we’re building more homes in the right areas, and have introduced generous schemes such as the Lifetime ISA and Help to Buy.’

Those purchasing properties in Wales (since 1 April 2018) pay Land Transaction Tax and those in Scotland pay Land and Buildings Transaction Tax. First-time buyers in Scotland also benefit from a relief for first-time buyers.

Internet link: GOV.UK news