By Jonathan London on 26th June 2014

Latest Accounting App Updates from Boox

The next phase of our ongoing development of your accounting app will be released shortly.  No doubt you’ll have noticed that our last few updates have been pretty comprehensive in terms of the visual implications of the functionality and changes that we have introduced, this time however we have concentrated on changes behind the scenes – to make sure that your pay breakdowns are as beneficial to you as possible.

Here’s a quick summary of what’s included in this new release:

Pay breakdown Enhancements

1) The recommended dividend amount in your pay breakdown will now operate like the salary target and will distribute the dividend payments throughout the year to meet the agreed target, rather than simply advising you of the maximum allowable dividends from that pay breakdown.

  • Therefore if you have set yourself a tax efficient dividend target of £30,520 for the year, we will apportion this as £2543.33 per month.  Like the salary target, this will also now operate on a cumulative basis and will therefore adjust up or down to bring your back on target as appropriate.
  • The pay breakdown will still advise the maximum allowable amount (under the ‘change’ link next to the dividend amount) so that you know how much can be taken as dividends if you choose. Comparisons of what has been taken in the year so far versus the target, and what’s available to be withdrawn is also available in the Pay Me dashboard (see below for more info).

Your dividend target can be adjusted to suit your needs, so speak to your accountant to ensure that yours has been set to the most tax efficient value for your individual circumstances.

2) Your monthly accounting fee will no longer be automatically apportioned to the pay breakdown as a system expense, but will instead be created as a recurring expense in the system based on the service fee and payment date (usually 28th of each month).

Pay Me Dashboard Updates

Having said that most of the new changes are under the hood, we have also taken the opportunity to add completely new charts to the Pay Me dashboard to provide you with much more information on your company dividends and personal income.  You’ll now be able to view the following in graphical form:

  • Salary & Dividends – showing the amount of gross personal income you (and fellow directors) have taken, which can be compared to the tax thresholds for the year, and forecast forward to the end of the tax year.
  • Available Dividends – a chart showing the net dividends withdrawn from the company in the financial year to date, in comparison to the agreed dividend target. The amount of profits within the company that are still available to be taken is also displayed.
  • Director’s Salary vs Income Tax – this shows your Director’s salary against the salary target you’ve set for the year and the tax thresholds and allowance available.
  • Director’s Salary vs Employee’s NI – similarly you will be able to see your Director’s salary against the salary target for the year and the employee’s national insurance thresholds.
  • Director’s Salary vs Employer’s NI – the final chart shows Director’s salary against the salary target for the year and the employer’s national insurance thresholds.

Remember – if you’re unsure about your Salary and Dividend targets, and are looking to remain tax efficient through your business, speak to your accountant for advice.

Jonathan London Written by Jonathan London

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