Industry insights

FINALIST Bookkeeping Partner of the Year

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Well, last year we said we hoped to be back for this year’s Xero Awards, and we are.

Xero said “Congratulations! You’re a finalist in Bookkeeping Partner of the Year Award category at the UKIE Xero Awards 2023!

This award recognises a Xero bookkeeping partner based in the UK who has shown commitment to leading the way with Xero and has achieved significant success.

We’re so pleased to share this news with you and want to say a huge thank you for your entry. The judges were blown away by the quality of the entries. We’re proud to partner with everyone who entered.”

These awards are very competitive, so we are all really pleased that we have made it to the finalist selection in the prestigious awards. Judged on the overall benefit we deliver for our clients by providing exceptional client care, providing, and using digital applications effectively, innovative approaches, value-added services and knowledge sharing to empower our clients and their teams. Being a finalist is a considerable achievement, and we have already celebrated getting to this point. It’s great to be recognised for the effort and benefits we provide our clients and as experts in utilising Xero’s many aspects, including the bespoke tasks, actions and reports we have created within the app to assist clients. Fingers crossed for the 19th April.

Automatic Enrolment

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Automatic Enrolment Pension scheme contributions are set to increase on 6th April 2019 to a total of 8% of qualifying Earnings of which 3% must be paid by the Employer.

Date Employer minimum contribution Employee minimum contribution  Total minimum contribution
April 6 2018 – April 5 2019 2% 3% 5%
April 6 2019 onwards 3% 5% 8%

All Normans Payroll clients will have this increase effected Automatically on their next payroll onwards from 6th April 2019 ensuring they are on top of latest legislation.

For any Employers who need further information on Auto Enrolment and how we can help please see below:

What is Auto Enrolment?

Auto enrolment is the UK’s new workplace pensions initiative – geared towards motivating the working population into saving towards their retirement.

It is a legal requirement for all employers to provide a pension that meets minimum standards by 2018.

All employees over age 22 and below State Pension Age, who work or ordinarily work in the UK, must be enrolled into a pension scheme as long as they earn over a certain amount per week or month.

How do I go about registering a scheme?

We recommend using an expert to set up your scheme to ensure you have complied with all of the onerous legislation surrounding Auto Enrolment. Here at Normans we have a recommended Independent Financial Advisor who can help set this up for you.

Once your scheme has been set up you will need someone to administer the scheme on an ongoing basis for items such as writing to new employees to inform them of the scheme, dealing with Leavers, etc. and again we recommend you use a pension expert such as our recommended IFA for this service.

What are Normans Charges for Auto Enrolment?

In terms of processing your payroll and calculating your deductions, there is no extra charge or fee. We just ask for a clear instruction on your pension scheme type so that we can administer your pension calculations accurately. If you use our recommended IFA we will liaise with them directly to obtain this information.

If you require us to upload your Pension information to your pension provider we only charge £6.00 per upload or we will give you a report for free so that you can upload it yourself.

Making Tax Digital

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Making Tax Digital – Nothing to worry about.

I am sure by now you will have heard of or been written to about HMRC’s digital tax initiative called Making Tax Digital or MTD.

Here at Normans we have been ahead of the game for some time now as we already keep our client’s data electronically and submit our returns through Xero software – Ta-daa!

What is Making Tax Digital:

Making Tax Digital (MTD) is an HMRC initiative designed to make sure the UK tax system is effective, efficient and easier for taxpayers.

Making Tax Digital for business (MTD) begins on 1 April 2019 with MTD for VAT. From that date, VAT-registered businesses above the threshold of £85k will have to keep digital records and submit VAT returns using compatible software.

Here at Normans we only use Xero software (Link - https://www.normansbp.co.uk/cloud-bookkeeping-solutions/ ), and this is listed by HMRC as being MTD compatible.

Other components of Making Tax Digital, such as income tax and corporation tax, have been placed on hold until April 2020 at the earliest.

Want some advice?

Contact us today if you are concerned about MTD and how it impacts your business and we can tell you how we can help.

Below are some some useful links

HMRC Video - https://www.youtube.com/watch?v=TUYe7SjYWR4
Xero Video - https://www.youtube.com/watch?v=pVPiuEqkYLw
HMRC Stakeholder Communications Pack - https://www.gov.uk/government/publications/making-tax-digital-for-business-stakeholder-communications-pack/making-tax-digital-for-business-stakeholder-communications-pack#important-facts-about-mtd