TaxCalc Blog

November news

Upcoming legislation: Ultra Low Emission Vehicles

From 6 April 2020 the car and car fuel benefit calculation is changing with the introduction of 11 new bands for ultra low emission vehicles (ULEVs) including a separate zero emissions band. This is to support the Government’s commitment to improving air quality in towns and cities. If your client’s company car has a CO2 emission figure of 1-50g/km, they will need to provide the cars zero emission mileage. This is the distance that the car can travel in miles on a single electric charge.

In practice: TaxCalc Document Manager powered by SmartVault

In our connected world, people now expect to work and interact remotely – even when it comes to sharing important documentation. For firms preparing sets of accounts and filing tax returns, the traditional method of sending and receiving hard copy documentation is becoming less attractive: the process takes longer, costs more and takes up valuable storage space. Clients are also simply too busy and are accustomed to viewing documents on-screen and printing only when necessary.

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.