So having touched on Digital Tax Accounting from HMRC's perspective. What can we provide to make your life easier deal with HMRC for you without you coming back from your business and having to spend your FAMILY time doing things for the hated Taxman.

We know that in the main they want 4 submissions plus there is an additional annual adjustment submission unless you are claiming Universal Tax Credit which includes Working and Family Tax Credit in which case you will have to make 13 submissions (monthly plus the annual adjustment). So effectively in true George Osbourne style those with the least get the biggest burden and increased costs.

We know every business must have a bank account used for their business attached to their digital accounting and we know the old simple system of a spreadsheet or Simplex Account Book are not acceptable.

From the taxpayers point of view there will be set up costs to get their opening information on a system and higher ongoing costs than they currently pay because there is more work to be done.

Our solution is that we will provide you with the digital accounting system FREE yes we will have to charge you to set it up for you but we are willing to in most cases split that cost over several months to ease the pain. For those that feel able you will be able to input information on the system so keeping down your costs and we will be able to check it adjust it where you have put it in the wrong place and make the submissions for you. As a further result of digital tax accounting the number of checks and investigation by HMRC are expected to rise as they will have more information on which to base them to protect you we have our whole practice insured with tax investigation insurance, it is a much cheaper rate per client for us to arrange the insurance over the practice than it is for you to buy an individual policy, in fact we can get such a good rate we are giving it to you FREE. This means that you get no extra sudden bills for us having to deal with a records check or investigation from HMRC and lets be realistic, who is able to deal with a sudden unexpected bill that could be £1,000.

Further good news is that because the work will be spread over the year we have decided rather than send you a bill once a year to agree a price with you upfront each year and for it to be paid monthly by direct debit like your car insurance. That way you know what you are paying and it is in smaller chunks. We will offer you three choices of service Essential, Full and Premium and set out exactly what is included. If during the year you need something extra done then we will agree a price with you for that work.

We are appreciative of our clients who refer new clients to us and will be expanding our client reward system over the next few months.

I am just back from the ICPA Conference in Manchester where Tony Margaretelli and Steve Checkley gave an update on something that will be a major upheaval for most taxpayers. As they told us in June Spreadsheets are out and this will include spreadsheet based software this basically means that all taxpayers will have to be on a cloud based software.

The consultation documents are at last out and we received pre conference a 16 page summary of the main points, there is lots here still to digest.

As was envisaged figures will be submitted quarterly with a final submission 9 months after the end of the 12 month accounting period so that means instead of one deadline causing a peak of work at 31st January we now have 12 mini deadlines. The fines for late submission will be on a points system of types so persistent offenders will pay more (a lot more)

Here is the first sting in the tail those on Universal Credit (don't forget this is replacing working tax credit) will have to submit monthly not quarterly. So as I have intimated to people for the last 18 months many of these new HMRC provisions like RTI are aimed at removing benefit fraud.

We will be contacting clients in the first batches to go digital making appointments for them to come in and discuss what needs to be done to make them digital compliant and how we can help them achieve this as painlessly as possible.

PRESS RELEASE

Issued 29/08/2016

For immediate release

Continued Expansion for Local Accountancy Firm

On September 1, ATBS Ltd, trading as Accountancy Taxation and Business Services, will be bought by Yare Accountancy Services Ltd.

ATBS was founded in 1984 by Stephen Elms, a highly qualified accountant and long-term member of the Federation of Small Businesses (FSB). As his 65^th birthday approaches, Mr Elms has decided to sell his company to the well-respected and technologically advanced Yare Accountancy Services Ltd.

But Mr Elms will not be retiring yet! He and ABTS’s other staff members, Victoria King and Ceri Masters, have been welcomed into the Yare Accountancy team and will be available at the ATBS Ltd new office on London Road, Beccles.

In the driving seat of Yare Accountancy Services is Paul Ryan AIAA AFA MIPA ICPA, advanced Quickbooks pro-advisor. Mr Ryan says:

“The merger with ABTS will substantially increase our capacity to provide the top quality accounting services that we aspire to.”

Yare Accountancy & ATBS offices are open Monday to Friday, 9 a.m. to 5 p.m. Why not pop in, meet the team, and find out about services and products – including the Yare Accountancy free phone app, available for Apple and Android phones.

Contact Paul Ryan or Iain Palmer at

·         Sackville Place, 44-48 Magdalen St, Norwich NR3 1JU – Phone: 01603 568 259

·         37 Southgates Road, Great Yarmouth NR30 3LL – Phone: 01493 717 007

·         London Road, Beccles NR34 8TS – Phone: 01502 451348.

Very often a business can look to be stable, profitable and a desirable acquisition for someone. However it can still fail to that hidden killer cash flow. The failure to be able to pay the monthly bills when they need to be paid and the failure to be able to raise the capital to cover the shortfall.

We understand this and can help you keep on track by monitoring your accounts on an ongoing basis. We regularly do this to our awn accounts to make sure that we are in good financial health and also to help us to hone our skills so that we are able to give better advice to clients to keep their businesses safe.

If you think your business would benefit from this service give us a call