Liric November newsletter

Did you catch our November newsletter – if not click here

 

 

The Brand new App from Liric

At LIRIC we are constantly looking for ways we can improve the service we offer our customers and we are proud to announce the launch of our brand new LIRIC App.  It’s completely free of charge and it’s available for iPhones, iPads and Android devices.

 

So the next time you need to look up a tax rate or work out a VAT calculation, our new App can help.  It provides you with up to date, important accountancy data at your fingertips.  PLUS:

Photo Receipt Management, Email and Store

Never lose a receipt again! Using the latest App, you can track receipts and expenses literally at the touch of a button. With minimal effort you can take a picture of any receipt and save it to your App. Any additional information can be added later and receipts stored by amount, category, and date. It can help you track all your expenses with ease and enable us to interact digitally with you.

GPS Mileage Tracking and Management tool

When it comes to mileage tracking, half the battle is keeping an accurate tab on your journeys. Using the built-in GPS on your device, it will automatically track your mileage, helping you to record every single trip at the touch of a button. It also manages trips as well, storing them and allowing you to view, edit or email them with complete ease.

Keeping in touch via ‘Push Notifications’

As a LIRIC we are committed to finding ways to communicate and interact with clients in the most efficient possible way.  The new App enables us to send push notifications to all App users.  We will be using this feature to share important news, deadline reminders and financial updates with you.

This App was designed to provide every service you could ask from us. We’ve put your favourite business systems, invaluable tools and features such as calculators, tax tables, logbooks, receipt and income management, instant access to the latest financial news and information and valuable company info, directly from us. With all this on one App, our App will likely be your go-to tool in the future.

It’s available for iPhone, iPad and Android devices completely free of charge right now!

Simplysearch on for the App Store or Google Play for  “liric accountants app” or scan the QR code

Enjoy our App with our compliments!

Spring Budget 2017

The Chancellor’s 2017 Budget contained some important announcements and confirmed a number of changes planned for the new tax year.

There was both good and bad news for sole traders and small businesses in today’s Budget. Following this, we have put together a review which contains the latest tax and financial information, which we trust you will find useful. Please click here to download.

For more information on how the changes in the Budget may affect you, please contact us

In Brief:

Class 4 NICs will increase from 9% to 10% in April 2018, and then to 11% in April 2019 for those earning more than £8,060. Employees currently pay 12%. Class 2 contributions – as previously announced – will be abolished from April 2018. This will affect you if you are self-employed.

In addition, Hammond announced that the tax-free dividend allowance – introduced last year – will be reduced from £5,000 to £2,000 from April 2018. This will affect you if you trade as a Limited Company.

As plans for Making Tax Digital (MTD), continue apace, Hammond also announced that for businesses with turnover below the VAT registration threshold this will be delayed by one year to April 2019 to allow more time to prepare for the changes.

Businesses that have an annual turnover below the VAT registration threshold will have an extra year before they are required to keep records digitally and send HMRC quarterly updates.

Those businesses trading above the VAT threshold will still be required to keep digital records and send HMRC quarterly updates from April 2018.

The exemption threshold for MTD remains at £10,000.

At Liric, we are working on ensuring all our clients have the systems they will need to ensure they comply and there will be much more about this in future newsletters.

 

Changes to Flat Rate VAT scheme

Following last years Autumn Statement, the government have issued their draft legislation detailing the changes to the Flat Rate Scheme (FRS). These will come into effect on 1 April 2017.

If you are using the Flat Rate scheme for calculating your VAT it’s really important that you read the following information.  We will also be contacting you directly if our records indicate that you may be affected by these significant changes.

If your business is classed as a “Low or Limited cost trade”, which will probably catch any consultancy based businesses, the flat rate will increase to 16% from 1 April.

So for example:
If your sales are £5,000 the VAT is £1,000, total £6,000 x 16.5% = £990 VAT payable. So HMRC let you keep £10.

Compare to the 14% rate and the VAT payable would have been £840, allowing you to keep £160.

Please click here for our full factsheet on this important subject and do get in touch with us if you are affected.