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Online accounting and payroll software for British business

Client Update – March 2014

20.03.2014

Our client update video details information on: Year-End RTI FPS submissions; Payroll changes for 2014-15; New invoice template; Additional reporting options for aged debtors/creditors; PayPal integration; Nominal account renaming; New bank reconciliation feature; and User contact details.

 

From: bookkeeping-

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Avoid HMRC penalties

26.03.2014

HMRC are getting tougher! The introduction of RTI (Real Time Information) was one of the most significant changes to payroll reporting and whilst HMRC have given time for employers to familiarise themselves with the processes that lenience is about to disappear in 2014-15. There are still employers who should be reporting PAYE in real time, but haven’t, who will be receiving emails from HMRC warning them that they may face penalties at the end of the 2013-14 tax year if they do not act now. These emails follows-up warning letters issued to these employers in June and September 2013 telling them that should start reporting their PAYE in real time as soon as possible. For those yet to report in real time HMRC have an ActNow (http://www.hmrc.gov.uk/actnow/index.htm) webpage which provides details on options including HMRC Recognised payroll software solutions. As well as possible penalties for those who should be reporting by RTI, and aren’t, there are new penalties that will apply to late filing of returns due from employers for the tax year 2014-15 onwards. HMRC has deferred starting these penalties until 6 October 2014 to give both HMRC (read into that what you will!) and employers more time to adapt to reporting in real time. New in 2014-15 reporting is the ability, if submitting a FPS submission late, to select the reason for late filing (from HMRC defined reasons). Those reasons, if your software solution is so designed, should be available for a full FPS submission or against an individual employee. How do you best avoid the potential of penalties? There is, we suggest, no question as to whether or not you should be using a payroll solution especially given the more onerous reporting requirements that the introduction of RTI has meant but do they help you to avoid late penalties? Whilst no solution can guarantee that you run payrolls in a timely manner, Liberty Accounts have put options in place to minimise any potential of late filing penalties. These include: system warning when payrolls should be run; auto-filing of FPS (Full Payment Submission) on due date(s); and a ‘calculate forward’ feature where payrolls can be run for the remainder of the PAYE year which are then, with the option selected, auto-filed. Liberty Accounts integrated bookkeeping and payroll solution provides many innovative features to assist British business in their reporting requirements with payroll options just one small illustration. To help avoid HMRC penalties look no further.

 

From: business-new

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Heartbleed

10.04.2014

Liberty Accounts is not affected by the serious vulnerability in OpenSSL discovered earlier this week. Whilst used by up to two thirds of the internet, Liberty Accounts does not use this tool. We're fortunate this time but a lot of other SaaS providers haven’t been as lucky. This vulnerability, referred to as Heartbleed allows stealing the information protected, under normal conditions, by the SSL/TLS encryption used to secure the Internet. The Heartbleed bug allows anyone on the Internet to read the memory of the systems protected by the vulnerable versions of the OpenSSL software. This compromises the secret keys used to identify the service providers and to encrypt the traffic, the names and passwords of the users and the actual content. This allows attackers to eavesdrop on communications, steal data directly from the services and users and to impersonate services and users. Whilst not the first and most definitely not the last involving internet security, this  vulnerability will lead users of online services to reconsider how they can best protect themselves and their data. We at Liberty Accounts would strongly recommend the following: 1. it is good practice to regularly change your passwords that you use online and, although often difficult to remember, try to use a different password for each site that you use; 2. never store any security details in an online database e.g. some aggregation services (where your data is pulled down from your bank account) require storing of your banking credentials in their online database - DON'T! Please feel free to contact us for further information.  

 

From: liberty-

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Profit from P11D Preparation – A Client’s Story