Key tax dates and deadlines for 2018/19
It is an inevitable reality that, for anyone earning a livin...
By Jonathan London on 26th February 2014
Following on from our recent enhancements to the invoicing function and how you reclaim your business expenses, our next release will focus on the Invoice Breakdown and Banking functions within our accounting app. The great news is this new release will hit your screens early next week!
What’s being changed?
The main emphasis for this release is to enhance the ‘Pay Yourself’ section of the portal, particularly around our pay breakdown and Real-time Information (RTI) submission process to provide much more clarity and flexibility around the distribution of income. This will make it easier for you to see how your company income is allocated, how you should extract profits, and to ensure you are compliant with RTI.
Your income breakdown is found under Pay Yourself > Boox Wizard in the desktop accounting app. Click on any of the ‘Unpaid’ links in the ‘RTI Status’ column of all your processed invoices, and from next week you will be taken to this screen:
We’ve now clearly laid out how each of your invoices is broken down into what you need to pay out, what you need to leave into your business account for your tax obligations, what has already been paid out of the business and whether there is anything left over.
New functionality we’ve introduced here provides the ability to distribute your dividends to all of your shareholders – creating all appropriate dividend vouchers – and also allows you to change the amount of total dividend payment allocated to match what you are actually withdrawing from the business.
The Real-time Information submission process has also been streamlined – just make sure that you click the green ‘Mark as Paid’ button in the bottom right of the screen as soon as you make the payments outlined in the breakdown. This ensures you are RTI compliant.
Make sure you follow this process each time you are looking to pay yourself based on these figures as HMRC will shortly start penalising companies who do not comply with this legislation.
Take a look at our recent blogs below.
GDPR – the General Data Protection Regulation, comes into effect on 25th May and is the bigges...
Published: 24th May 2018
As a business owner, your time is way too precious to spend hours dealing with HMRC or Companies Hou...
Published: 14th May 2018
“Never do tomorrow what you can do today. Procrastination is the thief of time” Charles Dicken...
Published: 11th May 2018
Congratulations! The very fact you clicked this far shows you are considering employing staff, and t...
Published: 17th April 2018
It is out with the old and in with the new when it comes to tax relief on childcare costs from April...
Published: 9th April 2018
The Boox accounting app has always been at the forefront of helping our clients understand their com...
Published: 26th March 2018
Spring has officially sprung and the start of the 2018/19 tax year is just around the corner –...
Published: 23rd March 2018
If your business is employing staff, you should already have a workplace pension in place, under the...
Published: 23rd March 2018
At this time of the year we are used to seeing the Chancellor holding aloft the red box ahead of the...
Published: 15th March 2018
A dispute has erupted between the BBC and 170 of its presenters over their tax arrangements and thei...
Published: 12th March 2018
The rush for taxpayers to file their 2016-17 self-assessment tax return is over for another year, an...
Published: 27th February 2018
If you need a little help to find the right accountancy service, don’t worry.
Get in touch with our friendly team for a FREE service consultation.
Thousands of contractors, freelancers and locums turn to Boox for help and advice with their limited company accounting. They love our personal service and app.
Specialist accounting for sole traders and the self employed, Boox combines easy online tools with expert support to take away the stress of handling your accounts.
Our combination of market-leading accounting software and expert personal advice gives you greater financial control and more time to grow your business.