By Lynne Gowers on 26th March 2018

Boox app update – stay ahead with personal tax reporting

The Boox accounting app has always been at the forefront of helping our clients understand their company tax liabilities at a glance through simple, smart tools and reporting.

We’re now delighted to announce an exciting new tool within the Boox app that lets you quickly see estimates of both your actual and forecast personal income and the associated tax and student loan liabilities. This will help you to understand and stay on top of your personal tax situation so that there are no nasty surprises around the corner.

Why have we enhanced the app to include personal tax?

Quite simply, in response to your feedback! App users told us that they would like to be able to use the Boox app to keep track of their personal tax position, so they are ahead of the game when it comes to self-assessment.

When the revised dividend tax scheme was introduced in 2016/17, we launched the capability to estimate both the actual and forecast dividend tax liabilities, so extending this feature to tax and student loan liabilities on overall personal income is a natural progression, and we feel it will really add value for users.

Our helpful tutorial video will help you understand personal tax, tracking your liabilities, payments and more in the Boox app, or read on for further information.

Getting smart with personal tax

The new tool allows us to estimate the liabilities on your personal income but also to offset any amounts already collected through PAYE or carried forward from previous years to project the potential payments that will need to be made to HMRC.

Sophisticated forecasting techniques mean we can predict your year-end figures based on what has already been taken.
You also have the ability to carry out your own “what if” analysis by modifying the forecast(s), with immediate in-app feedback on the impact this will have on the projected liabilities and associated payments.

Personal Tax report walk through

Our helpful tutorial video will help you understand personal tax, tracking your liabilities, payments and more in the Boox app, or read on for further information.

When you are logged in to the app, under Taxes > Personal Tax, you will find a new report that shows two charts:

Income

The income chart on the left summarises the total income earned in each category, through the inner “pie” section.

This will generally show salary and dividends it but may also include any other personal income that you have told us about, such as rental income or a pension.

The outer ring breaks the income down by showing the estimated liabilities for that category, and the amount that is left once these liabilities have been deducted.

You can hover over each section to see a summary, and can also click on it to see more detail of how it is made up.

Estimated HMRC Payment

The estimated payment chart on the right shows the estimated payment(s) you will need to make to HMRC for the selected tax year and when, based on the liabilities.

If you are due a refund (lucky thing!), this will be shown in brackets.

Actual Vs Forecast

The report has two sections for the current tax year:

To date – The top section is the actual income earned in the year to date based on payments that have already occurred and the estimated liabilities on that income

Forecast – The bottom section forecasts the income and liabilities at the tax year end, projecting what you have already taken so far, forward to the end of the year.

You can do some “what if” analysis here by varying the projected income and then seeing the impact it has on the estimated liabilities and payments.

Summary Vs Detailed view

By default, the report shows in “Summary” view but if you want to see the detail of how the figures are made up then you can expand the data further:

This detailed view breaks down all of the values and calculations that lead to each estimated liability and payment.
You can also drill down even further on those figures to see the nitty gritty of the values calculated at each tax level:

Actual Vs Estimated

It’s worth emphasising that all of these figures are estimates only, utilising your current tax code(s) and based on the information that we have recorded in the app about your other income and circumstances. If your circumstances change, or if you have more complicated inputs than we can cater for in this report, such as capital gains, then please speak to your accounting team to either update them or for more information on additional services that we can provide. It goes without saying any of the information in recorded in the app is incomplete or inaccurate then the estimate will also be inaccurate.

When the tax year end has finished, and the actual figures for that year are finalised then you can go back to that year in the report and update the actual figures and the payments that have been made, so that we have correct information to carry forward into your next tax year. To do this, select the previous year from the drop down in the top right of the page:

You will find a report of the actual data for that year (there will no longer be forecast figures as the year has ended).

The ‘Estimated HMRC Payment’ section will allow you to modify the data with the actual values. The estimated values will still be retained.

In this section you can also record details of the payments that you make, when you make them. Doing so will allow us to keep track of the total amount awaiting payment to HMRC, for both the current and previous years.

Click save when you are happy and the updated values will carry forward into next year.

Note: The estimated personal tax shown in the app is based on the information held within it, and algorithms we have used, and is designed to give you an estimate of the personal tax. It does not take account of all areas of personal tax, and should not be relied on to calculate your personal tax due. We would recommend that you prepare you self-assessment tax return soon after the end of the tax year end, so that you know your actual personal tax liability for the following January to maximise the time available to save any tax shortfall. Boox cannot be held liable for any personal tax shortfall between the amount of the estimate and the actual tax liability.

Dashboard Widgets

The “to date” and “forecast” charts can be added to your Home > Dashboard so that you can quickly see the key information every time you log in to the Boox web app. You can enable one or both of them through the “Manage Widgets” option on the dashboard:

The personal earnings report on your dashboard under Accounting > Personal Reports has been updated to show the overall tax and student loan liabilities, in addition to the dividend tax liabilities that it currently shows.

The detailed data from the personal tax report is also available on this page.

Pay breakdowns

The message that you receive in your pay breakdowns about making provision through your personal funds for the estimated tax liability has been updated to show the estimate for the overall personal liability, along with a link to the personal tax report:

Health Checks

Your regular health check will be updated to include an estimate of both tax and student loan liabilities in the advisory section.

 

More innovations to come

The new personal tax report will be available in time for the start of the 2018/19 tax year, and will be available to report on the 2017/18 tax year onwards.

It is just one of the app enhancements we will be launching for the new tax year and we will keep you informed of other exciting developments in due course.

The evolution of the Boox app has always driven by user feedback, so we would love to hear what you think of the latest updates.

You can get in touch with the development team by emailing support@boox.co.uk

Lynne Gowers Written by Lynne Gowers

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