Key tax dates and deadlines for 2018/19
It is an inevitable reality that, for anyone earning a livin...
By Jonathan London on 4th September 2015
The next update to your online accounting app is coming on the 9th September, so we put together this post to help outline the exciting new enhancements that are coming.
As usual we will try and keep any app downtime to a minimum, but you may notice some service interruptions during the early hours of the 9th if you’re unfortunate enough to be using the app between 4am and 8am.
Here’s the changes you can expect to see from Wednesday next week.
Nothing is more important to us than protecting your data, so with that in mind we are strengthening our password policy to ensure that all passwords:
If your existing password does not meet this criteria, you’ll be prompted to change it the next time you login.
We encourage you adopt the strongest standard possible for your password and we now provide an indication of the strength of the password you have chosen when you create it.
The bit we’re most pleased about is that we are trialling a major update to our the way your pay breakdowns are processed and presented.
These updates will initially be available to a small section of our client base for feedback but will be gradually rolled out to everyone. If you are not part of the initial trial but are keen to get an early taste then please do feel free to contact your accountant who will make arrangements for you to be included.
The breakdown itself is being radically enhanced to provide crystal clear information about the actions you need to take to meet the company objectives you’ve agreed with your accountant, and the amounts you need to pay out in relation to salaries, personal reimbursements (i.e. expenses) and dividends.
In addition you will find that the breakdown now provides information about your real time company position in relation to; the current liabilities that need to be kept aside to cover taxes, income and expenses, and overall profitability.
The total current position is shown, together with an indication of the increase or decrease as a result of the new items that have been processed in this breakdown. The information is initially summarised but can be expanded to give full details.
Fixed assets allow you to capitalise the major asset purchases through your company – generally those that have a useful life of more than one year – so that the impact of that purchase can be recognised in your accounts through depreciation over the life of the asset, rather than impacting your company profits on day one.
We have put together a comprehensive guide to fixed assets here detailing what they are and when you should use them so please refer to that guide, and also speak to me for advice related to your specific company circumstances before using this functionality in the app. When you do come to create an asset you’ll find the process really simple, just like everything else we do in the app ;-)
You’ll find the Fixed Assets menu under the Expenses header, and this will detail your current asset register.
As the impact of asset purchases is heavily linked to the new accounting breakdown approach, this option is being trialled alongside the new breakdowns. Get in touch if you would like to discuss the use of the asset functionality.
To create an asset then select the ‘New Asset’ button and complete details of the purchase.
Choosing the useful life of the asset determines how long the asset will depreciate over, so an asset with a purchase price of £1000 and a useful life of 4 years will depreciate by £250 per year (starting from the current accounting year).
In most cases you will claim the entire value of the asset for tax purpose in the year of purchase. One exception to this is motor vehicles where the tax method will generally be to use writing down allowances. Again, please ensure that you talk with your accountant about the options and implications before submitting any asset for processing.
Thanks for taking this time to look through this information, and get in touch directly with your accountant if you have any questions!
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