Real-time financial reports 24/7

At Williams Denton we know that business owners are best served making money, not counting it.

The chances are that the reason you started a business was not because you enjoy filling in spreadsheets, filing invoices and collating receipts.

This is why so many North Wales businesses are switching to cloud accounting package Xero.

Xero is designed to save your most valuable resource – time – freeing you up to do what you do best.

As a cloud accounting package, you can access your Xero accounts any time, anywhere using a laptop, tablet or smart phone.

Like many cloud accounting programmes, you can create invoices and receipts and record expenses to track your cash flow online.

However, Xero also offers automated bank feeds, for quick and easy reconciliation.

Best of all this gives you real-time financial reports, with up to the minute information in the palm of your hand, all day, everyday.

To book a free demonstration and find out how Xero could work for your business contact Williams Denton on Llandudno 01492 877478 or Bangor 01248 670370. http://www.williamsdenton.co.uk

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Williams Denton becomes North Wales ATOL certified accountant

Williams Denton has become one of a select number of firms certified to provide accountancy services to travel and tourism companies that offer Air Travel Organisers Licensing (ATOL) protection to their customers.

ATOL protection ensures that those travelling abroad can return home, without incurring extra costs, should the company they are travelling with go bust during their foreign stay.

Travel companies subscribing to the scheme must submit financial reports to the body, which must now be produced by ATOL certified accountants.

Martin Barrett of Williams Denton in Llandudno said: “Until 31 March 2016, any accountant could create a financial report for ATOL. However, the new stringent regulations mean that accountants must undergo ATOL training, sit an exam and acquire a licence before being able to submit reports.

“The certification shows that accountants have a specific understanding of the travel industry and – most importantly – ATOL’s financial reporting requirements.”

If you have any questions about the ATOL report requirements contact Williams Denton in Bangor on 01248 670370 or Llandudno on 01492 877478.

One in four missing out on Marriage Allowance tax break

Fewer than one in four couples eligible for the Marriage Allowance are claiming it, according to HMRC.

The Marriage Allowance allows a person to transfer £1,100 of their personal allowance to their spouse or civil partner. It can mean a tax reduction of up to £220 in this tax year, and can be backdated to April 2015 to reduce tax paid by up to £432.

To benefit as a couple, the lower earner must have an income of up to £11,000, while the higher earner should earn no more than £43,000.

In summary, you can take advantage of Marriage Allowance if:

  • You’re married or in a civil partnership;
  • You don’t earn anything or your income is under £11,000;
  • Your partner’s income is between £11,001 and £43,000.

Those in receipt of pensions or living abroad, who still get a personal allowance, are also eligible.

The Marriage Allowance is different to the Married Couple’s Allowance, as the latter is only available to those born before 6 April 1935.

There is more information on tax rates and allowances here: http://www.williamsdenton.co.uk/resources/tax-rates-and-allowances

For a review of your tax allowances, contact Williams Denton on Bangor 01248 670370 or Llandudno 01492 877478.

Williams Denton offers free P800 checks in North Wales

If you are a UK taxpayer, chances are that at some point you will have received a P800 tax calculation.

These documents are produced by HMRC and are issued when it feels you have under or overpaid tax.

Generally computer-generated, the P800 tax calculations are far from infallible and with more being issued, Williams Denton is now offering a free review service.

Keith Barker of Williams Denton, Bangor, said: “Once P800 tax calculations were only issued to those not under self-assessment, but that is no longer the case.

“We are aware that some are issued to taxpayers who have already submitted a tax return with their Unique Tax Reference (UTR) number and HMRC has not linked the UTR with the National Insurance Number.

“If you have variable income, for instance through rental properties, the P800 may include unverified figures.”

Anyone receiving a P800 tax calculation is advised to thoroughly check all of the details are correct by comparing the figures with their own records.

If the calculation is correct, then there isn’t any need to take action. Anyone who has overpaid will automatically be sent a cheque within 14 days of receipt of the P800.

Those who have underpaid will usually be notified that their tax code will change to recover the funds. If this can’t be collected through the tax code, a letter from HMRC will be issued explaining how to pay.

Keith added: “At Williams Denton we are able to conduct a free tax review to check your P800 tax calculation is correct, so I would urge anyone with doubts to get in touch with our offices in either Bangor or Llandudno.”

If any subsequent work is needed to claim a tax refund or reduce a tax liability Williams Denton will provide a quote in advance.

 

Fears North Wales landlords aren’t signing up to Rent Smart

Concerns are being raised that many private sector landlords in North Wales have yet to register with the Welsh Government’s Rent Smart Wales scheme.

The scheme requires all self-managing landlords and letting agents to register their properties and undergo training to become licensed. 

Landlords and agents have been given until 23 November to comply with the new legislation, after which date it will be an offence to let or manage a property without the correct licence.

Adam Owens of accountancy firm Williams Denton said that with just over a month until the scheme becomes a mandatory requirement, there is evidence that many private landlords have yet to sign up.

He said: “A Freedom of Information request by Welsh Liberal politician Peter Black has revealed that just 1,565 Swansea landlords had registered with Rent Smart Wales by the end of August.

“That is estimated to be around a fifth of those required to do so. 

“If Swansea is typical of Wales as a whole, then clearly there is a way to go for all landlords to be compliant.” 

Rent Smart Wales estimates that 8.3 per cent of Swansea homes are privately rented, which equates to around 7,500 properties.

Mr Owens added: “This is a legal requirement, so landlords in North Wales should make sure that they are registered before the November deadline.

“Online registration for the scheme takes minutes, but the licensing application itself can take up to 8 weeks to process.”

Rent Smart Wales aims to drive up standards in the private rented sector by ensuring that all managing landlords and agents become licensed.

Welsh Government maintains the scheme will help prevent rogue landlords and agents while protecting tenants and giving local councils a better understanding of where rental properties are situated.

 

Digital tax system delayed

Business in North Wales will not have to move to a digital taxation system until at least 2019, it’s been revealed.

HMRC has announced it is delaying the roll out of the new digital system following concerns from businesses.

Speaking at the HMRC annual conference, financial secretary to the Treasury Jane Ellison MP said: “You told us that the smallest businesses might struggle to keep their records online – so we exempted over a million more landlords and small businesses from the proposed changes.

“You also told us that even slightly larger businesses might need more time to prepare for the new system – so we have proposed deferring the introduction of any changes to 2019 for those businesses too.”

The plans are touted as aiming to create one of the most digitally-advanced tax administrations in the world.

They would see the end of the annual tax return to be replaced by a personalised digital service through which taxpayers would be able to send and receive information to HMRC at the click of a button.

However, many business owners voiced concerns that the plans could also mean quarterly rather than annual tax returns, putting an additional burden on SMEs.

Janet Jones of Williams Denton said: “The delay is a sensible move and likely to be a relief to many North Wales businesses, which may have struggled to implement the changes on the initial timescale.”

HMRC has published six consultations on its proposals for a new digital tax system. To view the documents and have your say, click here.

Community filmmaker launches sponsorship appeal

A fast-growing Conwy community project is appealing to the North Wales business community for sponsorship as it looks for new premises.

TVConwy, which trains volunteers to create films of events in the county, has grown in popularity over the three years since its launch. It’s recent video, of a fire on the Sychnant Pass achieved more than 71,000 views on Facebook.

Founder Debbie Braden explained: “We have a number of sponsors including leading companies like Williams Denton accountants, Cartrefi Conwy and Quinton Hazell Enterprise Parc, and their support is crucial.

“In the last six months our work has grown as more people hear about us and we are really in need of a base where people can easily find us.”

TVConwy has no paid staff and relies on sponsorship, grants and goodwill to keep operating.

It has seen former volunteers move on to the well-regarded media and digital media specialist college Ravensbourne in London as well as a number of universities.

Debbie, whose media career has spanned three continents, set up the community interest company to pass on her skills and recognise the variety of events and activities taking place in her home county.

“This part of North Wales is an incredibly vibrant place to be and we want to recognise that,” she said. “Just recently we interviewed explorer Ash Dykes, filmed the historic Flying Scotsman and of course tourist events like the Conwy Pirate weekend.”

Adam Owens of accountancy firm Williams Denton said that TVConwy was performing an important role in helping aspiring filmmakers.

“The commitment of Debbie and her team to encouraging people of all ages to create films about the county is inspiring,” Janet said.

“The experience that volunteers are getting at TVConwy has helped open doors on new careers for young people in a highly competitive area, as well as sharing community stories. We think that is worth supporting.”

Along with it’s work championing younger people, TVConwy has achieved lottery funding to run ‘Through Older Eyes’ courses across the county and expand its volunteer base to reach a wider section of the community.