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Client Stories

Kontor Space

James Townsend MRICS

“Alexander Rosse have been instrumental in navigating us through the day to day accounting jungle, not only helping us set up the business but ensuring our systems and processes are fit for purpose and scalable going forward. Implementing modern accounting practices and technology coupled with excellent day to day service – we very much view them as an in-house function and would highly recommend them to others.”

Baba-Boom

Eve Bugler

“The detailed management accounts that Alexander Rosse produce for us each period in Xero are the backbone of our business. The insight we gain from the accounts drives our operational decisions, our investor confidence and our cashflow management. The AR team fully understand the food industry and our needs (e.g 4 weekly accounting, multi-site operations, supplier invoicing challenges) and such they are my first recommendation for other fast growing restaurant & hospitality companies.”

Ameliant Ltd

Jakub Korab

“I have worked with Alexander Rosse for years because they simply make all of my accounting problems go away. They have made sure that everything is done correctly and on time, and have been on-call to step in whenever unexpected issues came up, leaving me to concentrate on my business. Highly recommended.”

Temple Employment Law

Sophie Clifford

“Alexander Rosse have been great. I feel I can ask them any question – no matter how silly. They have been so supportive of my business and its growing needs, adapting the service along the way.”

Peak Games

Itamar Lesuisse and Sagi Shorrer

“Alexander Rosse is a great partner that provides the flexibility and services needed to grow from an early stage start up to a successful scale up company.”

Tax-free gifts to employees

Some employers may wish to give a small gift to their employees. As long as the employer meets the relevant conditions, no tax charge will arise on the employee.

A tax exemption is available which should help employers ensure that the benefits provided are exempt and do not result in a reportable employee benefit in kind. In order for the benefit to be exempt it must satisfy the following conditions:

  • the cost of providing the benefit does not exceed £50 per employee (or on average when gifts made to multiple employees)
  • the benefit is not cash or a cash voucher
  • the employee is not entitled to the benefit  as part of a contractual arrangement (including salary sacrifice)
  • the benefit is not provided in recognition of particular services performed by the employee as part of their employment duties
  • where the employer is a ‘close’ company and the benefit is provided to an individual who is a director, an office holder or a member of their household or their family, then the exemption is capped at a total cost of £300 in a tax year.

If any of these conditions are not met then the benefit will be taxed in the normal way subject to any other exemptions or allowable deductions.

NO MORE THAN £50

One of the main conditions is that the cost of the benefit does not exceed £50. If the cost is above £50 the full amount is taxable, not just the excess over £50.The cost of providing the benefit to each employee and not the overall cost to the employer determines whether the benefit can be treated as a trivial benefit. So, a benefit costing up to £50 per employee whether provided to one or more employees can be treated as trivial. Where the individual cost for each employee cannot be established, an average could be used. Some HMRC examples consider gifts of turkeys, a bottle of wine or alternatively a gift voucher.

Further details on how the exemption will work, including family member situations, are contained in the HMRC manual.

However if you are unsure please do get in touch before assuming the gift you are about to provide is covered by the exemption.

Internet link: HMRC manual

Making Tax Digital for VAT

HMRC has published further information on Making Tax Digital for VAT (MTDfV). The VAT notice sets out some further details of the MTDfV regime, which will ultimately require taxpayers to move to a fully digital tax system.

Under the rules, businesses with a taxable turnover above the VAT threshold (currently £85,000) will be required to keep digital records for VAT purposes using ‘functional compatible software’ and provide their VAT return information to HMRC via an application programming interface.

This notice explains:

  • the digital records businesses must keep and the ways to record transactions digitally in certain special circumstances

  • what counts as ‘functional compatible software’, and when software programs do and do not need to be digitally linked where a combination of programs is used.

The new rules have effect from 1 April 2019, where a taxpayer has a ‘prescribed accounting period’ which begins on that date, and otherwise from the first day of a taxpayer’s first prescribed accounting period beginning after 1 April 2019.

Please contact us for advice and support on the introduction of MTDfV at contact@alexanderrosse.co.uk

Internet link: GOV.UK MTD

Leaving the EU with no deal

The government has published a collection of documents in preparation for the scenario of the UK leaving the EU without a Withdrawal Agreement a so called ‘no deal’ Brexit.

The guidance states:

‘The government does not want or expect a no deal scenario. However, it is the duty of a responsible government to prepare for a range of potential outcomes, including the unlikely event of no deal. In the event of leaving the EU without a deal, legislation will be necessary to ensure the UK’s Customs, VAT and Excise regimes function as intended after the UK leaves the EU and so, on a contingency basis, HM Treasury and HM Revenue and Customs will lay a number of Statutory Instruments (SIs) under the Taxation (Cross-border Trade) Act 2018 (TCTA) and the EU Withdrawal Act 2018 (EUWA).’

We will keep you informed of developments.

Internet link: GOV.UK no deal brexit collection

Xero Cloud Accounting Software
Simple. Smart. Secure

Small business accounting software that’s beautifully simple Xero is the beautiful alternative to your old accounting software, providing a real-time view of cash flow – anytime, anywhere. It’s small business accounting software that’s simple, smart and occasionally magical.

 

Explore features like invoicing, payroll, reporting and more. Xero small business accounting software has all you need to manage your numbers effortlessly.

Features

  • Real-time view of your business finances at a glance
  • Import bank statements for up-to-date reconciliations and transaction matching at the click of a button
  • Manage your business contacts and have them automatically appear in invoices and transactions
  • Access your accounts from anywhere in the world through your PC, Mac, laptops and other mobile devices
  • Rapidly create, send, receive and report on invoices
  • Quickly and easily manage your debts, payments and due dates
  • Easily enter expenses and generate real-time reports
  • Share your information with your chosen financial advisors.