TaxCalc Blog

October news: New products, advice, MTD and more

What with all that’s going on in the world, it’s easy to get overloaded with information. So we’ve brought you the most relevant news and updates relating to your life in practice. Here’s our October roundup of some of the latest changes in legislation, plus pertinent product news and advice.

Tracy shortlisted in LDC and The Telegraph's Top 50 Most Ambitious Business Leaders

Our ambition, commitment to innovation and care for customers has made us the fastest-growing company in our sector and recently resulted in our CEO Tracy being shortlisted in the LDC/Telegraph 50 Business Leaders Awards.

Tax Tip: No Benefit in Kind required for electric company cars

Treasury has confirmed that company car drivers who choose an emissions-free electric fleet model will pay no benefit-in-kind (BIK) tax for the year

Great news for employees. The Treasury has confirmed that company car drivers who choose an emissions-free electric fleet model will pay no benefit-in-kind (BIK) tax for the year as part of new efforts to encourage motorists to switch to green vehicles.

MTD for VAT is here, how are you faring?

Following the introduction of MTD for VAT and the first quarterly submission deadline having just passed on the 7^th August, we’ve taken a look through 4 of the common errors encountered with the HMRC MTD portal.

Like most processes any big changes can lead to a question of ‘We can’t know what we don’t know’, if you encounter an error for the first time.

Fine. Or fine?

Fine. or fine?
HMRC has issued fines for non-compliance to AML regulations. Don’t make the same mistake. 

With HMRC issuing fines to certain accountants for failing to have proper anti-money laundering (AML) procedures in place AML is an issue that can’t be ignored.

What can an independent practice learn from the software selection process used by a 200-strong accountancy franchise?

We were recently asked to join two of the directors of the TaxAssist franchise on stage at Accountex. The brief was to share some of the lessons we both learnt during their recent software review, which resulted in TaxCalc being rolled out nationally for core compliance needs.

Whilst outlining the key criteria that turned out to be pivotal in the assessment for the network, it struck us that the very same principles equally apply to an independent practice considering their own needs, and are worth sharing.

MTD. VAT. Brexit... AOK?

While the UK finds itself these days having to manoeuvre political and economic minefields, the accountancy profession faces its own increasing levels of uncertainty with technological, social and legal factors influencing practices at every turn.
 
The challenges have been continuous, with updated FRSs, the GDPR, MLRs and the imminent rollout of MTD for VAT with BREXIT and MTD for Business hot on their heels. There’s simply no getting away from the fact that change is inevitable.
 
These changes will affect the services you provide, how you interact with your clients – and how you manage your practice.

National Customer Service Week with the TaxCalc Support Team

A round up from the week team TaxCalc joined in with National Customer Service Week for the first-time.