Archive for the ‘Communications’ Category

Making Tax Digital – let us explain

Monday, August 28th, 2017

Making Tax Digital (MTD) presents a significant change for British tax payers and is a massive undertaking for HMRC who has ambitious plans for its tax administration.

Quite simply, if you are a business that is VAT registered, under the new MTD scheme, your annual return will become a thing of the past. The new system is intended to help everyone keep on top of their tax affairs more effectively by bringing together all of an individual’s or organisation’s tax affairs and monitoring all the information on a monthly basis.

HMRC’s ambition is to become one of the most digitally advanced tax administrations in the world, modernising the tax system to make it more effective, more efficient and easier for customers to comply.” (HMRC)

It would seem that one of HMRC’s key motivators is the many billions of pounds it loses through incorrect returns. “In 2014 to 2015 over £3.5 billion of revenue was lost due to these mistakes in VAT returns alone” (source: gov.uk).

The key points to note:

  • Every business and individual will have their own digital tax account, enabling them to see payments in and out, as well as their ‘balance’ – just like online banking
  • It comes into effect April 2019
  • Businesses under the VAT threshold (currently £85,000) can choose to opt in or out of the new system, as preferred
  • It is expected that all businesses will have to use MTD by April 2020
  • Information that can HMRC can obtain from employers, banks and government departments won’t be required to be provided
  • The new system should create ‘tax in real time’ showing what is owing as close to real time as possible
  • Better communications are proposed, allowing secure messaging

“ICAEW welcomed the announcements. The institute’s position on MTD has been supportive of the move to digital in principle, but that MTD should not be mandatory or impose unreasonable admin burdens, and its introduction should allow enough time to ensure the system works. Removing mandation for the smallest businesses is a welcome step forward and one less regulatory burden for SMEs to worry about.” (ICAEW)

This is a useful overview, provided by ICAEW: https://www.icaew.com/technical/tax/making-tax-digital

 

Are you still emailing sensitive information?

Monday, June 12th, 2017

For any professional managing information on behalf of clients, email is dead. It is not secure and highly susceptible to human error. How many times have you sent information to or received information from the wrong source? I am regularly wrongly emailed client documents by a highly intelligent, trusted professional simply because I have a very similar name to his client. It is completely understandable but it could have any number of repercussions.

A client portal is a cloud-based safe. The documents go in (added by you or your client), the recipient is notified and they are then retrieved. It is also subject to several layers of top-level security.

For the sake of your practice, your reputation and your clients’ trust, switch from email to a secure client portal before it is too late. We can help, advise and support a quick transition to a much safer and more professional way to communicate.

Why use docSAFE for collaboration?

Monday, June 5th, 2017

We’ve all been there – passing round a document for feedback via several people. We lose track of the most up to date version and then someone comments late on an early iteration. It makes for confusing and long-winded communications at the very least. At worst, it can lead to much bigger problems if the wrong versions are acted on or published externally.

With docSAFE, everyone accesses the same document. It is held in the central hub where one version exists. All participants visit the file in question and feedback in the same place. No more missed comments or version muddles. If only all of life could be made simpler so easily!

Back to cloud working basics – 24/7 access

Wednesday, May 31st, 2017

So why should you consider cloud working? We’ve written extensively on this but we’re going to keep it simple and give you five good reasons over the next few blogs on why you should be working in the cloud.

The first reason is the foundation of all cloud working functionality. You can get to your files anytime, anywhere – that’s 24/7 from anywhere with internet access.

No more ‘I’ve left it in the office’ or ‘I can’t get that to you until tomorrow, sorry’. You can access all the files you need to, all the time. What’s more, you can even give secure access to your clients so they can get to their own files – how much time and admin would that save?

That’s it, told you we’d keep it simple.

Online pre-recorded webinars

Monday, May 22nd, 2017

We have been busy this month with online webinars that have been well-attended. Due to their popularity (and we attribute this to their brevity!), we have recorded them for any late-comers who wish to know more about developments in online portal functionality.

Both webinars are less than 5 minutes and tell you more (with a live demo) about:

How you electronically sign a document (and why you would want to offer this)

2-factor authentication (and why you should care)

Both offer huge efficiencies to your organisation – find out more by listening. We also welcome any questions you may have by emailing mike@doc-safe.co.uk or calling on 0121 794 0685.

 

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