Sage 50 Payroll

New Tax Year 2020-21

Changes for the New Tax Year 2020-21

  The new tax year 2020-21 commenced on 6th April 2020 with changes to tax allowances, thresholds, business rates and more. The measures announced in the Spring Budget that were designed to help businesses cope with the effects of COVID-19 are also now being implemented. We’ve rounded up some of the most important changes for businesses in 2020/21 and more information can be found on the HRMC website. Personal Tax Allowances and Thresholds The amount you are allowed to earn each year before...

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Self Assessment: A short guide for small businesses

January is a time to think about the goals and challenges you want to tackle for the coming year. For many SME’s this means getting ahead of the regular admin tasks that are part and parcel of running a business. As the New Year gets under way, it’s once again time to think about your self-assessment tax return. The deadline for paper returns has already passed (October 31st 2019) and the deadline for online submissions is looming (31st January 2020). Who...

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Accounting and Payroll Round-Up 2019-2020

2019 was a busy year for changes to accounting and payroll legislation with the introduction of Making Tax Digital, as well as the announcement of new IR35 rules and the CID Domestic Reverse Charge. We’ve recapped the biggest changes to affect accounting and payroll professionals in 2019, as well as looking ahead at what we can expect from 2020. 2019 Accounting and Payroll Legislation Changes Making Tax Digital The first major change to accounting legislation happened in August, when HMRC...

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IR35 – Off-Payroll Tax Changes

From April 2020, HMRC is rolling out its IR35 tax rules to incorporate private sector contracts as well as the public sector rules already in place. IR35 – What is it? IR35 or off-payroll tax law allows HMRC to treat fees paid to a limited company as if they were a salary paid to an employee. This means that the contractor’s fees are taxed at source by their clients. IR35 and the Public Sector In April 2017, the IR35 laws were introduced into the public sector....

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Software: Perpetual Vs. Subscription – what’s best for business?

One of the most important questions to consider when purchasing software is Perpetual versus Subscription – which is best for your business? Of course, this depends on the needs of your business and how you intend to use the software. For example, is it important for you to always be on the latest version of the software? Do you expect to add users as your business grows? Read below to see the different benefits that subscription and perpetual software licenses offer your business.   Perpetual Software...

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What is Auto Enrolment?

What is Auto Enrolment? Auto Enrolment is a set of duties to make sure all eligible employees automatically become members of a qualifying pension scheme with a high enough level of contributions. This means new responsibility for the employer such as: • Workforce assessment • Provision and Auto Enrolment into a qualifying scheme • Facilitating opting out and refunds • Record keeping Under Auto Enrolment the employer must contribute towards their employee’s pension scheme and the minimum contribution amounts for both the employer and the employee...

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Sage 50 Payroll – The Pension Module

Sage 50 Payroll: Auto Enrolment Edition and The Pensions Module The Pensions Module Sage 50 Payroll Auto Enrolment Edition will help you prepare for Auto Enrolment. To complement this we are also introducing The Pensions Module, an additional paid for feature which will automate the process, eliminating the on-going day to day administration burden of Automatic Enrolment. Sage 50 Payroll Auto Enrolment Edition together with The Pensions Module will eliminate the burden of Automatic Enrolment for you and your business. The Pensions Module...

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