By Jonathan London on 26th February 2014

Boox Accounting App Update

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.

Income Breakdown

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.

View our next post on the new Banking features —>

Jonathan London Written by Jonathan London

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