by Zyla admin | Sep 23, 2021 | News
We met Pleo at the Digital Accountancy Show and we are delighted to announce that we have partnered with this simple spending software solution.
The partnership between Zyla Accountants and Pleo will bring our clients a beautiful solution for employee expenses.
What exactly is Pleo?
Pleo is a cash management system for your team. Pleo provides cards (issued by Mastercard) that helps you get easy-to-understand expense reports, lessens administrative frustration and makes bookkeeping easy. This solution is right for every type of company across different industries. All these companies have encountered the aggravation of traditional spend management i.e., shared cards, tracking receipts, reimbursements and cost reports.
With Pleo software onboard, it will be easy to be in control of and manage your team’s expenditure.
Benefits of using Pleo Software
Pleo cards can be utilised in 30 million different locations around the world, in-store and internet, making corporate buying simple and helpful; simply check for the Mastercard Acceptance Mark. You can likewise utilise your Pleo card on Google Pay and ApplePay.
You have the option to integrate Pleo with your accounting tool. Pleo can be directly integrated with Xero, QuickBooks, DATEV, Sage, and e-conomic etc. they additionally provide you with customised CSV files that you can export to your systems easily.
Attend our Live Intro Webinar with Pleo Team
Zyla Accountants will be organising an Intro Webinar with the Pleo team. Join their experts in the live webinar, where they’ll walk you through the key features of this software and tell you how you can achieve so much more.
In this webinar you will learn:
- How to automate expense reports?
- Providing company cards to all the employees.
- Solutions to simplify company spending.
- Track all purchases with the right receipts.
- How to integrate Pleo with your accounting tools?
Save the date and time!
The webinar will be conducted on:
Meet the speakers
Abi Fern
Partner Manager for UK&I Market
Octavia Connolly
Senior Account Executive for UK&I Market
For more information, feel free to get in touch with our accounting experts:
Call us on +44 7535 6176 81
Email us at [email protected]
by Zyla admin | Sep 17, 2021 | Tips
Completing year end accounts for a limited company can be a frustrating task for any entrepreneur. Also, forgetting deadlines can mean paying late fines. However, it is a good thing that it only occurs once a year. So, get ready, make a company year end accounts checklist and complete your records on schedule for both HMRC and Companies House.
Your year-end accounts are due at Companies House 9 months and 1 day after your financial year end. For example companies with a 31st December, 2020 year end will have to file their accounts by 30th September 2021.
For that, we have made a detailed checklist mentioned below to assist directors to see precisely what they need to do. This will make tax and account filings simpler for you. But, first, let’s understand what are company year-end accounts.
Understanding company year-end accounts for limited companies
The year end date is also known as the ARD (Accounting Reference Date). A company can pick their own date for year-end accounts. It will automatically be set to the last day of the month in which the company is incorporated. At Zyla Accountants, we have a preference for a year-end date of 31 March to coincide with the end of the personal tax year of 5 April but each to their own!
The deadline to submit your Company Tax to HMRC is 12 months after your year end however if you owe Corporation Tax this must be paid within 9 months and 1 day of your year-end. Hence at Zyla Accountants, we do the year end accounts and corporation tax returns at the same time.
Year-end accounts are a necessity to file with HMRC but they also give you an overview of the company’s performance which you can use with investors and banks. However, if you are completing and filing your accounts 8 months after your year end the date is outdated and probably irrelevant for your business. You should aim to produce accounts within 1 month of your year end so that you can utilise the numbers to work better with your accounting & bookkeeping partner to further develop your company’s financial productivity and make real-time, better-informed decisions.
Deadline extensions due to Covid-19 emergency
Because of the COVID-19 crisis, HMRC declared that from 27th June, companies will have an extended deadline to file their year-end accounts. The deadline was extended if the year end fell between 27th June 2020 and 5 April 2021; counting these dates as well.
This implies that for a limited company, the deadline for accounts filing at Companies House was extended from nine months to a year (i.e., 12 months).
Company year end accounts checklist
Before you start to put together documents for your Company Tax Return and Annual Accounts, there are a couple of things you need to deal with. Let’s look at them:
Sort out your expenses
First and foremost in the company year-end checklist is to get your expenses altogether. A successful company has an advantage over others in that it can reduce its tax burden by claiming certain expenses against revenue earned from running these businesses.
Grabbing every chance possible to reduce profit will also reduce the amount of tax you pay out at year-end; that means bigger bonuses (yay!) or even higher wages to your loyal staff members who deserve it after all their hard work.
The primary guideline with regards to expenses is “wholly and exclusively”, implying that a cost must be claimed in case it is exclusively for business purposes.
Start collecting those neglected invoices
Neglected invoices can give a slanted figure at your company year-end. It’s significant that the entirety of your records are exact and updated, as the year-end is a critical time to gather together your debts owed. You can easily track every invoice with excellent accounting and bookkeeping tools, such as Xero and Dext.
Gather your paperwork
At the point when you’re assembling your company accounts, you’ll have to ensure you have every record and receipt for everything. This can mean getting statements of record from providers, bank and credit card copies, and records of some other pay you get. You need to keep company records somewhere for around six years.
Filing the appropriate records with HMRC
The next stage in your year-end accounting checklist is to file the below-mentioned reports with HMRC:
Corporation Tax: You should know that HMRC will issue a “notice to pay a tax return” not long after your year-end. The Company Tax Return (CT600) is filed online with HMRC and contains subtleties of your company’s income, subtract business-related expenses & tax allowances. HMRC utilises your profit to ascertain the Corporation Tax you should pay.
Statutory Accounts: These accounts should contain,
- A profit and loss account.
- A balance sheet
- Footnotes on the accounts
- A director’s report.
Submitting annual accounts to Companies House
You’ll have to submit the statutory reports to Companies House as well. If your company is a small or a micro-entity, you can send ‘abridged’ accounts to Companies House. The accounts should include the balance sheet, and you have the choice to send the director’s report and profit & loss account or not.
How can Zyla Accountants help?
This checklist is a great starting point for any business owner. However, as with anything it’s best if you speak directly and honestly with an accounting professional for more. They have in-depth information about your industry and what the best practices are nowadays!
Our friendly team would be happy to help get your day started off right!
Contact us at:
Tel: +44 7535 617681
Email: [email protected]
by Zyla admin | Sep 13, 2021 | Tips
In the UK’s Pay as You Earn (PAYE) system, it is the obligation of the taxpayer to ensure that any payments to HMRC are made on schedule. HMRC won’t send notifications or letters when a payment is due, so ensure you keep on top of the deadlines. For monthly PAYE payments, your bill should be paid before the 22nd of the following month and if you do quarterly payments, your PAYE bill is due every 22nd at the end of the quarter.
Information to include in your PAYE bill
Here is the list of reports that you must include while paying your bills to HMRC:
- Income Tax deductions of employees
- National Insurance of Class 1 and 1B
- Repayments of Student Loan
- Class 1A National Insurance on termination awards and sporting testimonials
- Deductions made on Construction Industry Scheme (CIS)
- Your Apprenticeship Levy payments (beginning from April 2017) when you, or managers you’re associated with, have a yearly pay bill of £3 million and more.
You can take the amount of PAYE tax you’ve paid on your payslip. You can see it adjacent to your student loan repayments and National Insurance contributions.
Different Methods to pay your PAYE Bill
As per HMRC, you can pay your due PAYE bill with different modes of payment as listed below:
Paying on same or next day
- Online or telephone banking (for Faster payments)
- CHAPS
- With your bank account
Paying in 3 to 5 working days
- Through debit card or company’s credit card
- Through Cash or Cheque
- If you have set up, then through direct debit.
- You can send the cheque through direct mail.
HMRC will impose interest on all missed PAYE taxes (Class 1 national insurance contributions (NICs) and student loan deductions). HMRC can impose a fine in the case when Employers don’t pay what they owe in full.
Late payment charges were used to apply at the end of the tax year, in the past. However, nowadays, interest on late PAYE payments is charged at a daily rate of 2.75% on the unpaid amount.
Accurately handling Payroll Processing
Running payroll precisely is important. Other than HMRC’s Basic PAYE Tools program; you can use payroll software to manage business’ payroll necessities.
In any case, it is critical to see how the PAYE system functions, and to not depend too intensely on technology. On this matter, please have a conversation with Zyla Accountants before settling on any choices.
How can Zyla Accountants help?
Zyla Accountants can deal with your regularly scheduled payroll or guide you to manage it yourself. It truly is simple. We can advise you on setting up a pension under auto-enrolment and your monthly filing commitments.
We use Brightpay Software to handle the payroll processing of our clients. BrightPay is an HMRC approved, cloud-based payroll software that can handle all RTI submission types. It includes full auto-enrolment functionality.
Let’s explore how we can assist you!
Contact us at:
Call: 0208 089 5177
Mail: [email protected]
by Zyla admin | Sep 8, 2021 | News
The UK government has announced a 1.25% National Insurance increase to spend on the NHS and social care. Prime Minister Boris Johnson introduced new tax plans for employees, businesses and a few investors. It is an attempt to improve social care and health care funding issues. It will become a separate and permanent health and social care levy after April 2023.
In his defence, Prime Minister said “the global pandemic was in no-one’s manifesto; It would be wrong for me to say that we can pay for this recovery without taking the difficult but responsible decisions about how we finance it,”. Although, it has incensed some of his party members by breaking an election promise.
From April next year, the NICs will be raised by 1.25% for employers, employees and self-employed workers for just a year. It will include Class 1 (employee and employer), Class 1A and 1B and Class 4 (self-employed) NICs. Those who are above the State Pension Age won’t be affected by these changes.
People who are above state pension age and earning profits from self-employment or employment income of more than or equal to £9,568 will also be charged.
Administered by HMRC
This whole process of charging and collecting levies will be handled by HMRC with the same framework of collections for NICs; PAYE and Income Tax Self Assessment.
Individuals from England, Scotland, Northern Ireland and Wales will have to pay levy contributions the same as national insurance.
During the tax year 2023-24, levy commitments should point out as a different section on payslips. Wherever it is possible in the payslip, a conventional message should be incorporated for the following tax year (2022-23). More data on payslip prerequisites will be accessible at the forthcoming time.
What do experts have to say about this decision?
Deputy Director at the IFS, Helen Miller, said: “Levying lower rates of tax on the incomes of the self-employed than of employees is unjustified, unreasonable and inefficient. Today’s NICs increase the gap and therefore move the tax system further in the wrong direction.”
Deputy Director at the IFS, Carl Emmerson also commented that “There is no good economic reason to start a third tax on income. The government could have simply achieved its aims without adding the complexities that come with having a third tax. In the short run, the extra revenues could be used on boosting health and social care spending. In the long run, hypothecation is an illusion.”
Closing note:
The rise would target young people, supermarket workers and nurses, instead of those with the “broadest shoulders” who should pay more, said Labour Party’s, Keir Starmer. This health and social care levy will help the sectors to recover from pandemic-struck money shortage.
For more information, contact Zyla Accountants at:
Call: +44 7535 6176 81
Mail: [email protected]
by Zyla admin | Sep 6, 2021 | Event
The accountancy industry is on the brink of a major revolution. New technologies, apps and processes have been developed. They can change the fundamental nature of how we work with numbers forever.
The core profession will remain but several new roles are likely to emerge as these developments gather pace over coming years.
Recently, the Zyla Accountants’ team attended a first-ever Digital Accountancy Show. It was held at the amazing Tottenham Hotspur Football Club stadium in London. The £1bn stadium has a capacity of 62,062 making it the third-biggest stadium in London.
What was the event all about?
At the Digital Accountancy Event, we learned how professionals can best embrace and implement these new technologies, applications and cycles which when utilised accurately will change your efficiency, and make better customer encounters.
It was a first-ever accounting event that focused on bringing together leading industry leaders, tech companies, and innovators. This event seeks to inspire continued innovation through knowledge sharing across the entire accounting industry. A unique platform for learning with free entry into both the expo hall and theatres!
Who else joined the Digital Accountancy Show?
Our Cloud accounting partner Xero also attended the event and their representatives shared some great industry insights and MTD related ideas with other accounting professionals and business owners.
Our Intelligent Cash Flow Partner Fluidly’s CEO Caroline Plumb was also there and shared all the cash flow forecasting regarding knowledge that will help entrepreneurs take responsibility for their financial future to stress less and make cash flow forecasting less complex.
Our receipt capture partner Dext also attended the event, where the team shared some fabulous insights into the industry during their discussion.
Our payroll partner Brightpay was in attendance, Reducer who we partner with to give our clients the best deals on utilities were also there along with our practice management software Accountancy Manager and our Taxation software Taxfiler.
We met with Pleo, Connect4, Crezco, Hammock and Revolut who we hope to develop partnerships to deepen our tech offering.
To sum up:
This event helped Zyla Accountants and numerous others in learning the necessity of evolving with digitalisation in the accounting industry.
Zyla Accountants would like to show its gratitude towards the organisers and sponsors of this marvellous event. We got to learn several new things, like
- How to automate workflow easily,
- Why digital firms are 4 times more efficient than non-cloud based firms, and
- How live data can generate revenue streams.
For more information,
call us on +44 7535 6176 81 or
email us at [email protected].
