Tax Tips & News

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17/05/2021

May Tax Tips & News

Welcome to the Bambury & Co Tax Tips & News monthly newsletter, bringing you the latest news to keep you one step ahead of the taxman. If you need further assistance just let us know or send us a question for our Question and Answer Section. We’re committed to ensuring none of our clients pay a penny more in tax than is necessary and they receive useful tax and business advice and support throughout the year. Please contact us for advice on your own specific circumstances. We’re here to help!

The Bambury & Co App

As a firm we are constantly looking for ways we can improve the service we offer, and so we are proud to announce the launch of our brand-new App.  It’s completely free of charge to anyone and is available for iPhones, iPads and Android devices.

The App will give you access to key accounting data, in real time, whenever you need it, as well as a suite of powerful calculators.  It brings all the financial tools you use together into one easy to use app.

Save hours with these four powerful features:

  • Quick access to Cloud portals, tax data, calculators and more
  • Easy logging of you receipts with the powerful Receipt Manager
  • Track automatic mileage for business and personal trips with the automatic GPS Mileage Tracker
  • Keep updated on key tax updates and more via rapid Push Notifications sent direct to your device

Simply download the App by clicking on this link: https://app.bambury.info

Enjoy!

Please pass the link on to your colleagues at work, business associates, family, friends, etc. If you find the App useful, then I’m sure they will too.

Bambury & Co signs up with BrightPay

The plain fact of the matter is that email is not a secure method of transmitting data, especially the sensitive information found on payslips. And with data security of paramount importance to individuals and businesses, regulators are now cracking down on breaches of data protection.  Since 25 May 2018 the UK has had to apply the new EU General Data Protection Regulations (GDPR).  These will not be affected by Brexit.

Under GDPR not only are we responsible for how we hold and manage our clients’ payroll data, but also our payroll clients are responsible for how that payroll data is transmitted to their employees in the form of payslips, P60s, etc.

So we have opted to go for a self-service portal that can be accessed by both employees and employers.  Employees will be able to log in to their portal using their PC, Mac, tablet or smartphone and access and retrieve payslips and other documentation.  Employers can access an additional level of data.

We will shortly be writing to our payroll clients with further information about BrightPay.  Parallel testing of BrightPay with our current payroll software, Moneysoft, will take place in February and March with a view to going live with BrightPay on 1 April.

 

Latest news round up
The extension of the off-payroll working rules to medium-sized and large organisations finally took effect on 6 April. The responsibility for making an employment status determination for each engagement where the worker's services are provided through an Read More...
 
Student loans for 2021-22
Starting from 6 April 2021, there is a new type of undergraduate student loan that employers need to be aware of when operating payroll - the Plan 4 loan (SLP4). The new plan type has been necessary due to the Scottish government amending certain details Read More...
 
Debt factoring and VAT
Due to the coronavirus, many businesses are experiencing cash flow issues as their customers struggle to make payments in good time. A range of banks offer debt factoring as a way of improving the cash flow position. However, there are VAT considerations Read More...
 
Making Tax Digital
From 1 April 2021, all compulsorily VAT-registered businesses that submit electronic VAT returns are required to digitally link the business records to their VAT returns. This must be done by using HMRC approved bookkeeping software. This can include spre Read More...
 
May questions and answers
Q. I am newly VAT-registered (voluntarily). I believe that I will usually need to pay VAT to HMRC each quarter, rather than receiving a refund. However, I have some concerns about running up arrears in case I experience cash flow problems. Can I ask to co Read More...
 
May Key tax dates
1 - Due date for payment of Corporation Tax for accounting periods ending 31 July 2020 5 – Quarterly employment intermediaries report required for quarter ended 5 April 2021 for organisations that pay people but do not operate PAYE for, e.g. recruitment Read More...
 
About Us

Bambury & Co Chartered Accountants are based in Bicester in North Oxfordshire.  As most of our work is carried out in the Cloud, we can offer a wide range of accountancy, bookkeeping, taxation and advisory services not only to local business owners and individuals but also clients based throughout the United Kingdom and in Europe. All clients are entitled to fixed fees, work delivered on time and unlimited email and telephone support.  Please visit our website www.bambury.info for more information.

We offer a full will writing and probate service through our associated company, Cracroft Wills & Probate Limited, including lasting powers of attorney and estate planning.  For more information please call us on 01869 222830.

 
 

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Bicester Innovation Centre, Telford Road, Bicester, Oxfordshire, OX26 4LD

Bambury & Co is a trading name of Bambury & Co Chartered Accountants