OS Business Updates_new design 2017

ouuptdsaotuerscingSummer 2017 Latest news and updates from the Roffe Swayne Outsourcing teamWelcome to our new look newsletterWe have been distributing monthly Sage Hints and Tips newsletters for some Scott Harrowertime now and hope you have found it useful in getting the most out of your PartnerSage 50 accounting system.With so much complexity within the world of accountancy and tax we thought 01483 416232it was time to review the content to ensure the information we deliver is as [email protected] to you as possible. @RoffeSwayneIn light of this, going forwards you will see our new look newsletterencompassing a broader range of hints and tips and other importantinformation to help you. We will cover all aspects of bookkeeping and accounts,plus reminders on important accounting dates and tax deadlines as well asgeneral top tips.We would love to hear your feedback on the new format and if you have anytopic areas you would like covered please do let us know.Beware: VAT scam Making Tax Digitalasking for your VAT number. Is it or isn’t it going to happen? Lulu Emms Director, AccountsThe scam is in The government/HMRC had said from 6 Aprilthe form of a 2018 unincorporated businesses with turnover It is fair to say that digitisation will go aheadpostal mailshot, above £10,000 and landlords with gross rents in one form or another. We have recentlyand could of £10,000 were going to have to start filing published a blog that may help you: Makingresult in a bill of their accounting information quarterly in a Tax Digital preparation tips:almost £2,400 digital format. Since the election, news on thisover a period of has gone quiet and it does seem likely that this 1) keep all your primary records availablethree years (and possibly more). deadline will be pushed back; however this is 2) make sure you understand the rules not guaranteed. 3) don’t miss out on the tax relief benefitsThe letter is from the Managing Director of 4) don’t leave it until the last minute!TVV Tele Verzeichnis Verlag GmbH, headed A lot of the people likely to be affected by‘Publication of companies and VAT Registration Making Tax Digital (MTD) will probably be Read more here:Number in the UK Corporate Portal 2017’. those that only look to do their accounts http://www.roffeswayne.com/ once a year in order for their tax return to be making-tax-digital-preparation-tips/It looks official and asks you to confirm your completed; so now is the time to start gettingVAT number, and to sign and return the form. yourself prepared for the inevitable onlineBy doing so, you will be listed on the www. filing. There are many inexpensive softwareuk-corporate-portal.com website and will solutions available to help capture the relevantbe charged £797 per annum for a minimum information and we can talk you though theperiod of three years; this ‘order’ must be process you need to start to get yourself ready.cancelled in writing three months before theexpiry of three years to avoid further charges. Please do call us for more guidance on how to best prepare yourself and consider joiningIf you receive one of these letters, don’t sign it. us for our next Sage event in September (seeYou are under no obligation to provide any overleaf for event information).information to the UK Corporate Portal so therewill be no consequences of ignoring the letter. Roffe Swayne Forensis Summer 2017 | 1

TechnologyManaging your technology assetsEnsuring your business has Of course, business efficiency is a critical needs to maximise the ongoing benefits of athe right technology to ambition of technology investment, delivering firm’s technology inventory and a programmeremain competitive is a key improved processing capability, case that:issue in any industry. management, client relationship and financial reporting. Additionally we are now seeing »» ensures that technology investmentEarly results from a 2016 Benchmarking report many firms looking to update their systems in supports the business strategy;conducted by Royal Bank of Scotland suggests order to improve security against cyber attacksthat SME-sized firms witnessed a further with many viewing this as a significant future »» delivers configured and installed systemsimprovement in revenue of 6% during 2015. risk. to support early go forward benefits;This, in turn, is supporting improved profits andis facilitating the development of technology There is little doubt that a knowledge-based »» is funded in the most cash-flow and tax-investment strategies. industry will continue to be influenced and efficient way; shaped by advancement in IT capability, andA survey for the report, entitled ‘A Perspective artificial intelligence (AI) is already predicted to »» manages, maintains and insurers theon the Legal Market’, suggested that across have a transformational influence on the way technology assets;larger firms 96% believe that IT systems legal services are undertaken in the future.are a source of competitive advantage and »» maximises the residual value at thetechnology related spend now represents over Against this background, it makes sense end of the asset lifecycle or disposes of7% of total overhead costs. for firms to adopt a rolling and integrated equipment in line with current legislation. approach when it comes to supporting their ongoing technology needs. An approach that The world will continue to see rapid technological developments and firms will need to continue to invest if they are to innovate, grow and become more successful.*Contactless payments, what’s next?With contactless The drivers of change SME expectations as the people working incards and swiping We see three macro trends changing the way invoicing, sales, accounting and operationsour smartphones, payments are made and money is managed: roles increasingly ask: “Why is it I can do sowhat’s the next much more on my personal banking than I canin streamlining • changing customer needs at work?”payments? • technology-drven innovation • regulatory landscape The increasing popularity of contactlessEvery day, UK consumers and businesses – payments leads to an interesting challenge.from corner stores to global enterprises and Customers now expect the same service, ease Contactless card payments are stunting thegovernment departments – make more than of use and availability from their bank as they wider adoption of mobile payments services1,200 payments, a number forecast to grow get elsewhere: a 24/7, digital service that like Apple Pay and Android Pay, mainly dueby about 10% in the next decade. Consumers syncs with our busy, alwaysuse a range of options: cards, cash, cheques connected lives. Apple to security concernsor digital wallets to make payments, and Pay and similar services in using smartphonesdirect debits or standing orders to meet are visible reminders of to make payments.regular commitments. Payments received the range of options and This demonstrates thatby businesses for their goods and services providers. technological change andare combined and used to make wholesale adoption progresses at apayments via Bacs, CHAPS and international In 2016, over half of all UK pace chosen by customers.payments; this is vital to the health of UK plc. online retail sales were made on a smartphone. This will not, however,2 | Roffe Swayne Forensis Summer 2017 slow the pace of Two years ago, UK cash usage fell to fewer than experimentation. The falling cost of developing half of all transactions. new solutions and increased customer desire for improvements in their experiences mean Our SME customers tell us that not accepting leading-edge technologies are increasingly contactless cards loses business. featuring in payments transformation projects. Banks are exploiting the potential of chatbots There is also a change in corporate and to support customer service to improve efficiency, service and payments.* *articles courtesy of NatWest

NewsCompany secretary updatePerson with Significant 1. Companies falling within the PSC Regime Nicola DaggControl (PSC) important The scope of companies falling within the Company Secretarial Adviserchanges PSC regime has been extended to include for the first time all those Companies previously 2. Filing requirements at Companies HouseIntroduced on 6th April 2016, it required all exempted under the DTR5 rules, which include Filing requirements relating to the PSC registercompanies to hold a PSC Register and from all Companies listed on UK secondary markets are now event driven and will not be included26th June 2016, send information to the such as AIM or the NEX Exchange, and also as part of the annual confirmation statementRegistrar of Companies with their confirmation Unregistered Companies. filing. From 26th June 2017, when a changestatement about their ownership and people relating to the PSCs of a Company occurs,with significant control as contained within These Companies must now prepare and the Company will have 14 days to update thetheir Register of Persons with Significant Control maintain an internal record of their PSCs, and Register of PSCs and another 14 days to submit(PSC). One year on, and as the dust settles, the be subject to the same obligations and filing this information to Companies House.regime has just changed! requirements to obtain and file information Companies House Forms PSC01 to PSC09 will on people with significant control, in the same need to be used to notify Companies House ofKey changes from Monday 26th June 2017: way as UK private companies currently do. any changes. The regulations allow for a 4 week transitional period ending on 24th July 2017, for the newly Any company or LLP which has updated its in scope companies to bring information on internal PSC Register since its last confirmation PSCs up to date. statement date has until 10 July 2017 to file the requisite forms with Companies House to ensure the public register is “adequate, accurate and current”.Case StudyEarcandy provides top Early challenge and produced management accounts packsquality bands and equipment One of their early challenges was to ensure showing a more granular level of financialfor live music events, have they were really seeing efficiencies in their reporting and analysis than before for thea real passion for live music, existing financial processes and getting the owners.and know how to produce clearest picture for financial management andthe best experience possible. reporting requirements. They asked us to help More detailed understanding of the business them review their systems and controls and This level of detail has allowed the owners aAs part of that they are very focussed on the make recommendations as to improvements more detailed understanding of their cashtechnology supporting this service including that could be made to drive efficiencies and flow, where profits are being made and lost intheir booking software and the state of the art strengthen financial controls. the business, how financial performance canAV equipment they hire out which allows them be improved by managing cost, and how toto deliver over 1000 live productions each year As part of performance improvement, and to ensure the business has the correct levels ofto their clients. take cost out of the business, we have been working capital and funding to allow it to grow providing ongoing advice around financial as expected. management, controls and processes, and bookkeeping services. We have also created We have also worked with Earcandy to develop forecasting models looking at the impact of growth on margins and cash requirements as the business expands. We then monitored performance against the models, explaining variances, and adapting the data in the models as appropriate to give an accurate picture of how the business is performing against expectations. Ben Rogers, owner and MD at Earcandy commented; “Roffe Swayne have taken the time to understand our financial processes to ensure a great service is maintained for our customers, provising well thought through advice and support.” Roffe Swayne Forensis Summer 2017 | 3

Xero Accounting EventTip: Keyboard shortcuts. What’s new with Sage?Use shortcuts in search to go directly to Sage 50 continues to be regularly updated with As we mentioned previously, Making Taxcommonly viewed screens or add new items. new features and functionality. Digital (MTD) will be going ahead and all businesses will need some form of accountingClick the icon or enter forward slash (/) Also, Sage have been busy further developing software, so this event is an ideal opportunityon any screen in Xero (except fixed assets and their cloud accounting solution Sage One, to see how simple it can be.payroll). which now looks like a serious contender in the cloud accounting market. Next dateEnter the letter corresponding to the screenyou want to access: We will be joined by Sage at this event to 26 September, 8am demonstrate this software and explain the a all bank screens differences between the systems. To book your place please email b all bills [email protected] c all contacts There will be plenty of opportunity for you to d dashboard ask any questions and discuss your individual i all invoices circumstance to help your decison making on p all purchase orders accounting software. q all quotes r all reports Meet the teamSelect the screen name that appears below thesearch bar. For a new record, click Add new:What our Scott Harrower Lulu Emmsclients say Partner Directorabout us Nicola Dagg Andrew“Roffe Swayne have taken the Company Bagleytime to understand our financial Secretarial Senior Managerprocesses to ensure a great service Adviseris maintained for our customers,providing well thought through Lenka Balladvice and support. I would Managementconfidently recommend Roffe AccountantSwayne.”“Roffe Swayne provide us withan efficient and well-resourcedservice, advising on all manner ofpayroll-related matters in a promptand helpful fashion. Would highlyrecommend!”Roffe Swayne, Ashcombe Court, Woolsack Way, Godalming, Surrey GU7 1LQ. Tel: 01483 416232. Email: [email protected] | Roffe Swayne Forensis Summer 2017