Get planning for end of the tax year

HMRC deadline image

I will be contacting all my clients to consider what actions are needed before 5 April 2018.  ICAS article below is a good summary of some of the considerations.

Five personal tax considerations before the deadline

ICAS interviews Dawn Goddard

Delighted to have been interviewed by ICAS last week and have the interview published in their monthly digital magazine!

The practice of innovation

 

 

 

 

Dawn Goddard gets to question HMRC

20160307 WT Digital meeting

On Monday, 7 March, ICAS hosted a digital Working Together meeting with HMRC. It was only the fourth such meeting since digital Working Together was introduced, back in September and I was lucky enough to be one of 5 practitioners to participate.    Working Together was set up to help practitioners resolve those issues with HMRC which are widespread, affecting more than one practice or client.  At last week’s session we covered recent PAYE coding of dividends, problems with delays in receiving new self-assessment UTRs and the best way for us agents to resolve problem issues with HMRC.

Despite a few technical sound issues, feedback from HMRC was that it was by far the best Working Together so far.

For more details see ICAS website: http://www.icas.com/technical-resources/icas-hosts-digital-working-together-meeting-with-hmrc

 

 

Goddard Solutions sponsors top British athlete

Orienteering is a sport close to Dawn Goddard’s heart and Goddard Solutions are proud to now sponsor a leading member of the GB Orienteering Squad, Graham Gristwood.

Congratulations to Graham and the rest of the GB team for their recent performance at the World Orienteering Champs (held this year in Scotland in first week of August).

View image on Twitter

http://www.grahamgristwood.co.uk/

 

Dawn Goddard to speak at Stirling Women in Business event

Forth Valley WIB medium

Dawn Goddard has been asked to give a short talk at a forthcoming Forth Valley Women in Business Event being held at Stirling Highland Hotel on Wednesday 19th August.

Please come along if available to hear about Dawn’s journey, and how a Banking career, together with networking, has helped make Goddard Solutions a success.  Men very welcome to join us.

This is a great informal networking group meeting fortnightly for women in, or aspiring to be in, business.

Full details of the event can be found on www.eventbright.co.uk and are:

“Jayne Stirling, Enterprise Manager, Business Gateway, Stirling;  and Lesley Pickles, Funding and Growth Adviser, Business Gateway/STEP, Stirling will share their personal journeys from the world of business banking, and how the challenges they saw their banking clients facing on a daily basis, inspired them to move into the area of business support.
Find out how their support can help businesses just like yours.
And hear from local business owner Dawn Goddard, Goddard Accounting and Tax Solutions Ltd., of her success, and collaboration with other networks.”

 

Looking for a mortgage – then please read on

Want a mortgage based on your contract rate alone?

Discovering that lenders do not understand your status as a contractor?

Click here to calculate how much you could borrow as a contractor.

Goddard Solutions has teamed up with specialist contractor mortgage broker Contractor Mortgages Made Easy (CMME) to offer mortgages based on your contract earnings.

Recently, a number of our customers have raised concerns over their ability to secure mortgage funding either for their own home or for a buy to let investment. Approaching your bank or a lender direct for mortgage funding may lead to disappointment due to the lender not understanding how contractors are paid and not realising that contractors are often a lower risk compared to many permanent employees.

CMME have agreed bespoke underwriting with many High Street lenders allowing contractors to borrow based on their full contract earnings.

Click here to calculate how much you could borrow

  • Mortgages Based on Your Contract Rate
  • Bespoke Underwriting for Contractors
  • Mortgages at High Street Rates
  • Access to the whole of the market

Your home may be repossessed if you do not keep up repayments on your mortgage.

© 2013 Goddard Solutions

Goddard Solutions would like to take this opportunity to inform you of our relationship with Contractor Mortgages Made Easy (CMME).

Contractor Mortgages Made Easy is a trading name of Mortgages Made Easy Limited. Authorised and regulated by the Financial Conduct Authority (FCA reg. 414798).

Registered in England No. 4886692 Registered Office: 9 London Road, Southampton SO15 2AE.

Your home may be repossessed if you do not keep up repayments on your mortgage.

contractor-mortgages-made-easy

OpenBooks/FreeAgent is now RTI ready

From 6 April 2013, our preferred Cloud-based bookkeeping supplier, IRIS OpenBooks (FreeAgent) supports real time (RTI) filing of PAYE data to HMRC.  Yet another reason to choose this online bookkeeping system for all your business needs.

What is Real Time Information for PAYE?

From April 2013, every time an employee salary payment is made, information will have to be sent to HMRC, at the time the payment is made (or before), using software to send electronically.

Options to submit returns electronically include: use of a Payroll Bureau, such as one operated by Goddard Solutions; HMRC’s own basic online tools (for businesses with less than 9 employees); and now, submission through an existing OpenBooks account.

Who will be able to use FreeAgent/OpenBooks for payroll?

For businesses with a maximum of 2 directors on modest salaries, and no other employees, then FreeAgent/OpenBooks is likely to be sufficient to support your Company’s obligations under real time (rti) filing.  For larger businesses, and those with other employees, please talk to us about our Payroll Service.

And how does it work?

Within OpenBooks (FreeAgent) submitting payroll data to HMRC works as follows:

  1. Create Payroll Profiles for staff on your payroll
  2. Run Payroll once a month to create payslips
  3. Submit PAYE information in real time (RTI) to HMRC

When you Run & Report Month 1 Payroll you’ll be asked to enter your Government Gateway credentials. Do this and the payroll information is automatcially sent to HMRC.

You’ll be taken back to the Month 1 Payroll screen where you should see the payroll submission as Pending, and then Filed! And that’s you for another month!

For further help

If you would like further help in getting ready to operate under RTI then please contact Dawn on 01786 880873/dawn@goddardsolutions.co.uk.

PAYE is changing from April 2013

Most of you will have received a letter from HMRC advising of a new way to report PAYE information from April 2013, and started discussions with your accountant on how to prepare for the change.

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So what’s changing?

From April 2013, every time an employee salary payment is made, information will have to be sent to HMRC, at the time the payment is made (or before), using software to send electronically.

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And how will it affect my small businesses

While many very small business currently only make an annual return to HMRC, monthly returns will be required. Most impacted will be businesses whose directors/employees are paid below the lower National Insurance threshold.

In order to submit this monthly information, small businesses will need to acquire commercial payroll software or use a payroll service provider, such as an accountant or a payroll bureau, who will do it for you. A further option for businesses with 9 or fewer employees is to use HMRC’s free Basic PAYE tools.

To help you understand how your business will be affected, just follow the charts below:

Basic RGB[/threecol_two_last]

Which journey applies to your business can also be identified from the table below:

RTI-PAYE-chart
*These are 2013/14 thresholds

The 3 Journeys

The PAYE obligations of each of the above groups are as follows:

PAYE-RTI_chart

Support from Goddard Solutions

[threecol_two]We operate payroll software which is fully compliant with RTI and offer our customers payroll processing for a fixed annual fee of £99, plus a £5 monthly (or quarterly for irregularly paid employees) cost for each employee for each electronic submission made. This cost includes submission of the employer’s annual return, and seamless update of OpenBooks for those customers using this system.

We can also give advice relating to registering as an employer or any other questions around PAYE. Further information on changes under RTI can be found on HMRC’s site:
www.hmrc.gov.uk/payerti/index.htm[/threecol_two]