A Very Happy and Prosperous New Year!

We would like to wish each and everyone one of you a very happy, healthy and prosperous New Year. Our January newsletter heralds an exciting and progressive year ahead for DNS, which we will keep you informed about as the year progresses.

Child Benefit Reform

January 7 saw the child benefit reform coming into force, with around 1.1 million people earning more than £50,000 a year set to lose some or all of their child benefit payments, worth an average of £1,300 per family. Those who didn’t voluntarily opt out of child benefit will have it clawed back through the tax system and will have to submit a self assessment tax return to do so. If you or anyone you know is worried about how the child benefit reforms affect them, please contact us without delay or refer to our blog for tips on how to avoid the child benefit reform threshold.

Wow, what a generous referrals programme!

We hope that if you are confident in us you will continue to spread the word among colleagues, friends, family and acquaintances. Have you seen how generously DNS rewards referrals? In November 2012 DNS added an extra twist of excitement to our referrals incentive, with one lucky winner receiving an additional bonus gift every month. You must be in to win, so keep referring to win our great bonus gift on top of the £100 cash reward when your referral signs up and pays their first month’s fees. The reward for referrals doesn’t end there either: make sure you enter your referrals online to benefit from our accumulative fee-waiver incentive. Visit our referrals page now to ensure you maximise your opportunity to earn money, win prizes and save on accountancy fees!

NOMISMA: State-of-the Art Accounting Software for Business and Finance Professionals

DNS have successfully rolled out NOMISMA and are in the process of migrating many of our clients to our new state of the art accounting software. NOMISMA is attracting rave reviews among users, such as: "Amazing", "Excellent", "great visuals" and "easy to use". We will be shifting all our contractor-portal clients to NOMISMA over the coming weeks, it would be unfair not to, as NOMISMA’s capabilities far exceed those of the current contractor portal, and we don’t want our existing clients to miss out on its benefits. All training videos are now available on the DNS website, and the DNS team is ready and waiting as always to support you with any questions you may have. We will shortly be sending all our contractor-portal clients an email listing the differences between NOMISMA and our contractor portal and highlighting the advantages and improvements NOMISMA provides. This unique, custom-built accounting software really is the best on offer in the whole of the United Kingdom:

Star Features:

1. claim allowances and benefit from a full tutorial;
2. Reimbursement of expenses system;
3. Takings sheet for small business (very useful for small retail businesses such as cash and carry and restaurants);
4. Return in hand report;
5. Profit and loss report based on customers and suppliers;
6. Recording of director expenses;
7. VAT comparison report;
8. Use of home as office calculator.

Doesn’t this sound amazing? All these features have been designed and built specifically to help our clients to maximise expenses and reduce taxes. And there is lot more to NOMISMA’s unique capabilities that puts it way ahead of similar software available in the UK:

More Features:

1. Invoice creation;
2. Super dashboard;
3. Expense recording;
4. Dividend report and dividend vouchers;
5. Reference and income letters at the press of a button;
6. Personal income report to help you forecast whether any personal tax is owed;
7. Trial balance and balance sheet to give you accurate balances;
8. Tax report, including a breakdown of all taxes month-wise and a payment summary to make your life easier and to help you understand the UK’s complex tax system better;
9. Profit and loss report which can be run for any period, any week, any month all under one screen at the touch of a button;
10. Monthly financial statement.

You will never have seen anything like this before, so why not check the demo and see for yourself:

https://dns.nomismasolution.co.uk
User ID: demo
Password: demo42

By the way, in the near future a suit of other capabilities will be added to NOMISMA, such as apps for apple and Google, and a facility that allows you to input all your receipts. We look forward to hearing your feedback on NOMISMA!

DNS Blogs

Among the blogs receiving the most hits are the Chancellors Budget Statement, the importance of keeping private bank transactions separate from business, and the meaning of a temporary workplace. There are more exciting blogs in the pipeline for this month, so keep an eye out for them. Please let us know if you have ideas for blogs on a particular topic which might help users like yourself. The DNS blog invites you to comment and discuss articles too, and we are pleased to answer any questions you may have.

Self Assessment Tax Returns : Deadline for filing and payments 31 January 2013

Please note that the deadline for self assessment filing and any payment due is 31 Jan 2013. We will be reminding all our clients who need to make self assessment payments by 31 January, but please read our blog of December 2012 on the self assessment deadline if you haven’t already read it because we cannot stress enough how important it is to stay on top of your tax affairs. This includes filing accurate figures and paying any tax you owe on time. HMRC are very heavy with late filing and late payments, and the penalties can be crippling to your business. Please contact DNS immediately if you need tax advice or assistance with filling in your self assessment tax return online.

Tax Allowable expenses

What are and what are not allowable expenses? Do you know or do you just guess? Make sure you are on top of the notoriously sticky issue of allowable expenses. Take five minutes out today to read the blog on what are not allowable expenses, and then contact DNS if you have any concerns at all.

I could keep writing about the many exciting things happening at DNS and how we are all well prepared to serve you better in 2013. For now, let’s work together for a great year ahead, and also let me take this opportunity to invite you to give us any feedback on our services, good or bad, and iron out any service issues you may have.

As always, DNS will strive to do our very best for you at all times and help you to get the best from us to the best of our ability.

All the very best for 2013!

About the author

Sumit Agarwal
Sumit Agarwal (ACMA ACA India), the Managing partner of dns accountants is a highly respected accountant with expertise in helping owner-managed businesses.