On Wednesday 23 November the Chancellor Philip Hammond presented his first, and last, Autumn Statement along with the Spending Review.
His speech and the supporting documentation set out both tax and economic measures.
Our summary provides a key overview of Philip Hammond's statement - Autumn Statement Summary
Introducing the new features on Sage 50 Accounts 2017 (v23)
The September 2016 Improvements for Sage 50 Accounts update includes some great new features, including:
Negative lines allowable on Sales Service Invoices
When raising service sales invoices (not via the batch invoice screen) a negative line can now be added (to apply a discount say) by ticking a box asking it to be made negative.
Due Date Field added
When entering customer or supplier invoices, there is now a Due Date box. This will be filled in automatically if the customer or supplier record is set up with it, but it can be over-ridden. This also appears when entering invoices on the batch invoice screens.
Entering Bank Payments and Receipts whilst entering Invoices
When entering sales and purchase invoices on the batch screens, additional boxes now appear that allow you to enter the bank receipt and bank payment should you know the transaction has been paid. It allows you to enter the bank account, the payment date and give it a reference (such as BACS or D/D)
Viewing Transactions in more detail
In the Customer, Supplier, Bank and Nominal screens, there is a new drill down feature that allows you to view the original transaction posted. There is a ‘view transaction’ button on the toolbar on these screens. You can view the original transaction posted, but it cannot be edited.
A scheduled backup can be asked to save to a specific folder now on a drive (whether that be the C drive of the machine or to a removable device) as opposed to just the C Drive or the G Drive. There is an edit folder button which then allows you to enter the folder location.
To discuss the latest Sage 50 release or for any more information about the program or Sage training, please contact us.
The government has announced that it is shelving plans to allow pensioners to sell their annuities for a lump sum.
Many experts had predicted that those who sold their annuities would be likely to get a poor deal and the government has decided not to take forward the plans to introduce a secondary annuities market because the consumer protections required could undermine the market’s development.
It has become clear that creating the conditions to allow a competitive market to emerge could not be balanced with sufficient consumer protections.
The Economic Secretary to the Treasury, Simon Kirby, said:
‘Allowing consumers to sell on their annuity income was always dependent on balancing the creation of an effective market with making sure consumers are properly protected. It has become clear that we cannot guarantee consumers will get good value for money in a market that is likely to be small and limited.
Pursuing this policy in these circumstances would put consumers at risk – this is something that I am not prepared to do.
The government has always been clear that for the majority of people keeping their annuity incomes will be their best option, estimating that only 5% of people who currently hold an annuity would take advantage of this reform.’
Internet link: GOV.UK news
HMRC have updated their guidance to taxpayers on how to spot phishing scam emails.
Phishing is the fraudulent act of emailing a person in order to obtain their personal/financial information such as passwords and credit card or bank account details. These emails often include a link to a bogus website designed to encourage the unwary to enter their personal details.
The HMRC guidance is designed to help taxpayers to recognise genuine contact from HMRC, and how to tell when an email/text message is phishing/bogus.
Internet link: GOV.UK recognising phishing emails
HMRC have published the latest issue of the Employer Bulletin with articles on a variety of topics relevant to employers.
One article advises that HMRC have issued the Quarter 1 late filing penalty notices, which cover the period 6 April to 5 July 2016 and have confirmed that these penalties will continue to be issued on a risk assessed basis. HMRC have confirmed that a late filing penalty will generally not be charged for delays of up to three days after the statutory filing date, but that they may contact employers who persistently file after the statutory filing date but within three days, and they risk being considered for a penalty.
The Bulletin includes advice on how to appeal against a penalty online and states:
‘If you receive a penalty notice which includes multiple penalty defaults and you believe you had a reasonable excuse for each, make sure you appeal against all of the defaults shown on your penalty notice, including any default with a zero charge. If your appeal is accepted, the un-penalised default can then be applied to a later month, reducing the value of any future penalty charges you might incur.’
Please contact us if you would like help with payroll matters.
Internet link: Employer Bulletin