New graphical views of your business account

We are please to have released the first in a series updates that will help our clients visualise their business vital stats.

When viewing your bank statement on Tempo you'll see a new "Graphs" icon in the top left.

This displays your funds in and out on the account as both a "balance" line graph and a "cash movement" bar chart.  The latter is a good way to spot those big bills hitting the account.

Please use the blog or our facebook page to let us know what visuals would make a difference to the way you understand your business.

HMRC steps up pressure on SMEs

You may have noticed posters such as the billboard below or radio and online adverts that have sprung up in all sorts of places this November.  HMRC have launched a campaign declaring they will "relentlessly pursue those who don't pay all the tax they owe, from financial penalties to criminal conviction".



Small and medium sized companies would appear to be a target for HMRC investigation,  an extra tax yield from compliance investigations jumped by 39%  last year.  HMRC themselves have stringent targets to meet and revenue from investigation into small companies goes a long way to meet this.

In addition to traditional areas such as PAYE and VAT it appears that HMRC are looking more closely at less obvious areas such as corporate entertainment and employee benefits such as company cars, private healthcare or company subsidised fuel costs.

By choosing Tempo Accounting you know you'll have the support you need.  If you have any questions regarding the types of expenses your business should be claiming or you have a general query regarding company tax then please get in touch.

View important company documents online with Tempo

As accountants we hold a variety of important documents on behalf of our clients, for example Incorporation Certificates and VAT certificates.

A popular request in our recent survey was the ability to view these documents (and add others) from within your Tempo account.

So... This feature is now available!  Simply click "Documents" (under 'Taxes, Reports and Documents' from the Main Menu) and you'll see a list of key documents that we have on file for your company.

We are in the process of adding an upload feature so that our clients can use it for documents such as contracts and insurance.

We will let you know when this is available!

New mileage expense claim form now ready

Tempo clients have been recording mileage expense claims using our general expense claim form.

Due to popular request we've now launched a dedicated "mileage claim form".  The advantages being that Tempo will calculate the rate that you can claim per mile (45p or 25p) and offers a very quick and easy way to copy previous trips you've claimed for.

Select the new "Mileage Claim" link when adding a new expense to access this form.

Remember if your drive your own car for business purposes you can claim 45p per mile for the first 10K miles in a tax year and 25p per mile there-after.  HMRC intends this to cover all costs such as fuel and wear and tear, so you should not claim for fuel or maintenance on your own vehicle.

We hope the new mileage form makes things even easier for you to keep your company records up to date with Tempo!

Save more than just one hour this weekend

The clocks are going back this weekend so we all get an extra hour in bed :-) !   If you like the sound of that then here's a few ways that Tempo can help save even more hours per month!

1) Bank-link - Make sure you are using our HSBC bank link service and never worry to have to send in bank statements again!  Tempo will also automatically email you when funds arrive into your business account.  You can also use the 'allocation wizard' to record imported transactions as expenses or director payments.

2) Self Assessment - Save several hours by instructing Tempo to complete your personal self assessment tax return and spend the time you save doing something much more interesting!

3) iPhone & Android Apps - Install Tempo's mobile app onto your phone.  Free up those Sunday afternoons by recording expenses whilst sat on the train or during a boring meeting!

4) Invoice Copy - If you produce regular invoices for the same client use our new one click 'copy invoice' facility to shave a few minutes off here and there.

5) Ask for Help - Tempo's team are here to help!  If something doesn't look right on your Tempo account or if you need help updating your records, don't struggle, contact the support team.  We try to respond to simple queries as quickly as possible.

Remember - Always check your Tempo dashboard and follow the red links!

Tempo ready for payroll changes - April 2013

In April 2013 HMRC is introducing "Real Time Information" (RTI) reporting for payroll information.

Instead of sending payroll information once a year as at present, HMRC will require notification everytime a payment is made to an employee.  HMRC report that this will be an improvement for employers, employees and themselves and will also assist in readiness for the new universal benefit system.

Tempo has the necessary arrangements in hand to ensure that this requirement is met for all our clients and we will keep you updated as new information is available.

As an employer you may receive notification of this change from HMRC.    You need to take no action on receipt of this letter and it is not necessary to send this in to us.

Coping invoices, uploading logos and more

Following our recent customer survey we are pleased to be making progress with the release of new features on our website.   Here are details of a few features that have just gone live...

Copying Invoices, Purchases and Expenses

A popular request was the ability to 'duplicate' or 'copy' invoices that have already been added to Tempo as many clients issue a similar invoice each week or month.  So to address this, all sales, purchases and expenses can be 'copied' into a new draft at the click of the button.

Find the original sales invoice (or purchase / expense) and when viewing the details click the new "copy" link (near the top right).  This will duplicate all details into a new draft for you to amend.  If it's a sales invoice a new invoice number is generated automatically.

Many people have also requested 'repeat expenses'.. watch this space...


Company Profile Page and Invoice Logo Upload

You'll notice a new link at the bottom of the 'quick links' on the dashboard "Company Profile".  This provides a basic summary of the company's details.  This information has been available before but this page now brings the key information together in one place.

You can also use this page to upload a logo for your company's sales invoices.  The logo will appear at the top right corner of your PDF invoice.  Have a go and then preview one of your sales invoices to see how it looks.

Tempo survives flooding!

As you know it rained at lot in August - yes we know it rained a lot throughout the summer but August was particularly bad for us as our office was flooded!  We arrived one Monday morning to find it underwater rendering it uninhabitable for over a month.

The aftermath in one of Tempo's offices 

The joy of working in a web enabled environment meant that this did not affect Tempo one jot.  Tempo does not depend on paper, local systems or fixed hard technology.  As long as we have access to the internet we can work from any place.  We therefore picked up laptops, which were safely stored, and relocated.

All accounts are web based, all the key documents are scanned and saved on the web and we can work as usual regardless of our physical environment.  Even our telephone system is run through the Internet so calls arrived as usual to our temporary location.

So our clients were unaware of the dramas in Nailsea, customer care and service carried on as usual.  Such a situation would have been unthinkable a few years ago and indeed would still be in traditional accountancy firms dependent on paper and localised resources.  Our client’s records and documents remained safe and nothing of significance was lost - other than Anna's favorite chair!

Redecoration is now complete and we are safely back in the office.

We were also pretty pleased to learn that Tempo received external recognition and has been shortlisted for a Customer Care Business Award.  So please forgive us for taking a few moments to pat ourselves on the back.

Tax Code Notices from HMRC

It's that time of year when HMRC send out letters regarding a tax code changes or underpaid tax due to expenses and/or benefits in kind.

If the expenses they refer to are wholly and exclusively required for your business purposes then no additional tax is due.

There is a section on your self assessment tax return which advises HMRC that these expenses should not be taxed.

No further action is required regarding this if you are completing a self assessment tax return.

Please send a scan / copy of the letter into Tempo for our reference.

We will be contacting you shortly regarding the preparation of your self assessment due at HMRC by 31 January 2013.

Great Customer Survey results for Tempo

Results for
"How pleased are you with our  service?"

Thank you to everyone who completed our survey last week.    It is fantastic that overall our clients feel we are providing a great service with 100% of those who responded rating us highly and all would recommend Tempo to their friends.

One of the main reasons for completing the survey was to gather feedback on what we can do to make our service as good as it can be.

We have had some great suggestions and to show you we are serious about improving we will be preparing a summary of what was requested and how we are planning to react to this.   Your suggestions have enabled us to prioritise our development work to ensure we implement first the ones you feel are most important.

Congratulations to Steve Berry of SB Service Management Ltd who has won the survey draw and a case of wine from our local wine cellar is heading his way!

Our Newsletter, due later this month, will include more details of the survey results. 

Tempo declared top accountancy firm

Accountantz the accountant comparison site has declared Tempo the top accountancy firm in three separate categories.

Each month over 150 different accountants are reviewed and rated by a number of factors.  These include price, customer service and overall level of accountancy experience.

This month Accountantz has rated Tempo as the no 1 firm in the following categories:

• Accountants
• Online Accountants
• Contractor Accountants

We know we have a great product and a crack team at Tempo and as you can imagine we are very proud to have our services externally recognised in this way.

www.accountantz.co.uk

Tempo's Director speaking at Interim Management Seminar in London

We are delighted to have accepted an invitation by VMA Group to speak at their interim management seminar on 25 September 2012.  The seminar is aimed at corporate communication and HR professionals who are considering a career in interim management or freelancing.

Justin Phillips of Tempo, will be covering many of the financial and legal implications of becoming an interim manager including IR35 legislation and setting up a limited company.

If you or someone you know is considering such a move this is a great opportunity to speak to Justin and other experts as well as to people already working in the field.   There will be plenty of opportunity for attendees to ask questions of the speakers during the seminar and more informally during drinks afterwards.

Full details of the seminar and how to apply can be found here.

Starting a new company can be daunting and Tempo is proud to offer a personal service which enables our clients to receive the best possible support and guidance right from the beginning, ensuring that establishing and running the company is a smooth as possible.

Upload & attach receipt images and PDFs to Tempo

By popular request you can now upload images and PDFs relating to an invoice or expense.

You've been able to do this a while now using the iPhone and Android app and we're pleased to say this is now available via the website too.

All business are required to store receipts (along with other records) for up to six years, so what better way than to outsource this to Tempo.  We'll keep hold of the images for as long as you have an account with us and you can view the original receipt online along-side the expense entry at the click of a button.

Many supplier invoices come in the PDF format so in addition to images you can upload PDFs for storage and retrieval.  Plus each expenses claim can have multiple images attached.

View HSBC transactions in Tempo automatically

Tempo is delighted to deliver a new and innovative integrated banking service, allowing us to automatically download and import your bank statements on a daily basis.

We will then use this information to update and manage your Tempo account and bringing features such as:

• Invoice payment notifications
• Easier to record transactions accurately
• Reducing the need for bank statements

Importantly, the highly automated system is secure and reliable, and is designed to lighten your load whilst leaving you in full control.

Our integrated banking service is unique in the market place and we are proud to bring it to you.

How do I activate this service?

If you already have a HSBC account and would like more information on how to link your account to Tempo please see here.

If you don't bank with HSBC?

If you would like advice on opening an HSBC account free of charge to take advantage of the integrated banking service then please just let us know as we can assist in the account opening process.

Dashboard update - New 'Action List'

We've made a minor tweak to your Tempo dashboard.

More changes will be rolled out soon but today's update brings a new 'Actions Required' area which replaces the 'Schedule' preview in the top left corner of your dashboard.  The schedule can still be found by following the big link near the top of the page.

This new area clearly shows any actions that need your attention with links to help you complete the action.

Notices that appear in this area include tax payment reminders and other important messages about your company.

The tax benefits of pedal power

The Cycle to Work scheme is a tax incentive aimed at encouraging employees to switch to greener transport for commuting. Employees benefit by getting a long-term loan of a good quality bike and related safety equipment, while your company can claim capital allowances on the expenditure. VAT can also be reclaimed if you are on the standard VAT scheme or if you are on the flat rate scheme and the total purchase (on a single invoice) is over £2,000 gross.
The bike and equipment remain the property of the company throughout the loan period, which means that the employee won’t have to pay personal tax on it, and while you can choose to operate a salary sacrifice scheme, in most owner-managed companies it is usually more tax efficient for the company to pay the expenses directly.  It’s then possible for the company to sell the bike to the employee at the end of the scheme.

The small print…

• You must make this scheme available to everyone in the company.
• The bikes must be used for at least 50% of the time on qualifying journeys, which means a whole or part of a journey between home and workplace or between one workplace and another place related to work. 
• A taxable benefit will arise if the bike and equipment is not used primarily for qualifying journeys, so it’s probably a good idea to instigate logs for all bikes in use, just in case HMRC ever wants to investigate.

Don’t forget insurance arrangements to cover both the bike and the employee using the cycle.

For more information visit: http://www.direct.gov.uk/en/TravelAndTransport/Cycling/DG_190101

Tempo launches accounting service for eBay traders

Tempo is popular with all types of business - from freelance consultants to property investors, from actual shops to virtual shops on eBay!

We've seen a general increase in calls from eBay traders recently (maybe to do with HMRC's clamp down!).

So, we are proud to launch a new website describing Tempo's accounting services specifically for the audience of eBay traders.

We'd appreciate your help spreading the word so feel free to tweet, blog, face-book it's address:

www.ebayaccountants.co.uk

If you regularly trade on eBay then you may need to consider the tax implications.  Call us for advice.

Tempo's brand revamp coming soon...

Tempo is excited to be having a brand refresh and we thought we'd give you a sneak preview before the new website goes live in around one months time.

We are proud of the brand we've developed here at Tempo.  We feel Tempo offers top quality customer service, solid accounting advice and unique use of technology to offer a distinctive service.   This is what makes us stand out and this is the 'substance' behind our brand.

However, a strong visual brand is also very important and we want to make sure that our presentation does justice to the underlying service.

So we've come up with something fresh, modern and friendly (we hope!) and are looking forward to seeing the new website go live.

This business card gives an idea of the revamp!

Google Apps - Free Email for your Business

Your email address is often one of the first pieces of information a potential client finds out about you and your business when that first message pops up in their inbox. Many people continue to use an existing email address when they first launch their small business or freelance career, but evidence suggests that the use of a proper business email address inspires confidence in new business contacts.

Google provides a free service to businesses, offering use of the leading Gmail service for their company email, but incorporating their own unique company domain name. So instead of being janedoe@gmail.com, your clients and customers will see an email from janedoe@yourcompanyname.co.uk, which looks much more professional, but retains all the advantages of web-based email.

Over four million businesses are already using Google Apps, attracted by the fantastic, absolutely free email solution, which has none of the glitches and costs associated with accessing email via Outlook / MS Exchange. Plus there are a whole range of other features that businesses may find useful, such as web-based document storage and editing, calendars and other web-based apps, which all integrate smoothly and help you communicate with colleagues and clients also using the Google system.

It’s also worth noting that all your emails are stored online, so there’s no need to worry about losing your valuable contacts and important messages when your computer crashes or gives up completely!

Tempo is already a huge fan of Google Apps, and you can find more info here. However, don’t get tricked into signing up for a free trial of the paid for version – we recommend using the completely free version to start with!

If you don't have a domain name yet for your business or need help setting this up – just get in touch. We are very familiar with the whole process and are happy to help you get started.

Tempo's 2012 Budget Summary

Here's our summary of the main points in the budget that may effect freelancers, contractors and SMEs.

• Personal tax free allowance.   This increases from the current £7,475 to £8,105 in April 2012 and then up to £9,205 in April 2013 towards the longer term target of 10K.

• Higher rate tax boundary. The 40% tax bracket changes from the current £35,000 to £34,370 for the tax year 2012-13.

• Dividend tax for higher rate earners.  No changes here.  Higher rate earners will still incur a 25% personal tax charge on net dividends.  Higher rate earners are those grossing more than £42,475 in the tax year.  April 2013 sees a reduction of this threshold to £41,450.

• Corporation tax.  This will still be 20% for the majority of small businesses.  Business with profits over £1.5M will benefit from a 1% reduction (to 25%) in April 2012 and an additional 1% the following April.

• Child benefits.  Recent changes to proposals now mean that there will be a phased reduction in child benefit when one of the household's earners has an income of more than £50K, with only those earning above £60K losing all of the benefits.

• Pensions.  The annual higher rate tax relief allowance for pension contributions remains capped at £50K and the benefit of a tax free lump sum withdrawal at retirement still remains as a great incentive to save.

• Property. An increase in stamp duty to 7% effects buyers spending in excess of £2M on a property.  Plus strong measures are bought in to clamp down those using a Limited company as a tax reduction mechanism for buying property. 

The good news for small business is that the tax rate remains at 20%. We feel this is essential for stimulating a major source of innovation and competitiveness for "UK PLC".

Tempo recognises that the staffing industry is one sector with a fighting entrepreneurial spirit and it's top earners will benefit from the reduction of top rate tax to 45p along with the reduction in corporation tax for big business. Hopefully this will encourage the nation’s entrepreneurs and wealth creators and will lead to improved job creation in the UK.

The budget report also mentions that IR35 is to be simplified and has identified a new regime to monitor it.  This is generally good news as complete replacement would cause more upheaval and cost to the industry. 

Client Profile: Ready Writer Ltd - Website SEO and Copywriting

We've have an excellent bunch of clients here at Tempo and every so often we like to showcase an example.

www.thereadywriter.co.uk

Abidemi Sanusi, The Ready Writer Limited

Abidemi Sanusi is an author and director of The Ready Writer Limited, a copywriting company that provides content for small and medium-sized businesses. The Ready Writer’s primary focus is website content, using in-depth SEO knowledge to create fresh, exciting and hard-working copy for its client websites.

We talked to Abidemi to find out more about The Ready Writer and how Tempo provides the right accounting solution for her business. 

Firstly, can you tell us a little about The Ready Writer?

I believe that high quality, well-written content that is fully optimized for search engines will help drive traffic to my clients’ websites and consequently generate more potential leads and revenue for them. I have a passion for the psychology of the internet and love tracking website traffic and exploring how people like to communicate and share information. My business is all about harnessing this knowledge and applying it to enhance my clients’ websites.

Why did you choose Tempo to manage your accounting?

I previously used a traditional accountant but found that online accounting suited my needs far better. Spreadsheets were not working for me! I’m a ‘virtual’ business and an online accounting system seemed to be a better fit.

Which features make Tempo work well for The Ready Writer?

What I love about Tempo is that although it’s an online system, the level of service provided is fantastic. They always respond very quickly to my questions and nothing is too much trouble. It’s not a one-size-fits-all service either. I’m an author as well as a contractor, so I have specific needs related to managing book royalties, and they’ve helped manage this side of my accounting too, talking to my agent and adapting the system to suit me. Their flexibility has been brilliant.

What’s the system like to use?

I find Tempo very easy to use and love the intuitive interface. My favourite aspect of the system is how easy and efficient it is to generate personalised invoices and fire them off immediately to my clients.

Have you found the Tempo system easy to use?

Accounting isn’t my thing, I’m a writer, but the Tempo system, and the team, genuinely inspire confidence and anticipate your anxieties. No question is too silly to ask, and I especially like the fact that no action is undoable, so HMRC isn’t going to come down on me for making a mistake! I’m fairly computer-savvy so I’ve found it very easy to use, but even if you’re not particularly technical, they will hold your hand and do a run-through of the process, so it’s not terrifying at all.

Any other benefits you’d like to tell us about?

I have found that Tempo is definitely more cost-effective. When you’re a small business you need an affordable service, and it works out better for me than paying a book keeper and an accountant. But you also save money by making your business more tax efficient. Tempo is always suggesting ideas to save money wherever possible, so it’s been great to get the benefit of their expert knowledge.

www.thereadywriter.co.uk

Tax Efficient Life Insurance

It’s an eventuality no one really enjoys thinking about, but have you considered how your family would pay the bills in the event of your death? If you’re not already covered, taking out life insurance should probably be on your to-do list, especially if you have dependents to provide for.

You may already have a policy in place, but is it tax efficient? Traditionally, most contractors would pay for their life cover using post-tax income and dividends via their personal bank account, as it’s not normally considered a business expense.

However, Tempo’s partners at Contractor Money have created a new ‘Contractor Keyman’ life insurance product specially tailored for the needs of contractors, which is also a more tax-efficient way to provide for the future security of your family.

So how does it work? If you are a contractor trading through a limited company, premiums can be paid through your business account, with no income tax or benefit in kind payable. You should also be able to offset the cost of the premiums against your company corporation tax as a legitimate business expense.

A tax-efficient trust arrangement allows you to keep your family protected if the worst should happen, but enables you to save more tax than paying for your cover through a personal account. In addition, the payout in the event of your death should also be protected from inheritance tax.

Even if your employment status changes in the future the cover can be adapted to suit your needs until you reach the age of 75, and can also be switched to a personally funded plan if required. This could be particularly important if you develop health issues that would make you otherwise uninsurable further down the line.

Finally, you may wish to consider insuring other salaried employees this way, especially if your spouse or other family members are employed your business.

Any other questions? You can contact an independent financial advisor at Contractor Money to discuss your options on tel: 0845 066 8888 or visit: www.contractormoney.com

Multi-Currency Accounting with Tempo

If you travel for business, you’ll probably have experienced the complication of currency conversion when recording your company expenses. With this in mind, Tempo has made life easier for jet-setting directors by allowing expenses to be recorded directly in Euros.

Simply keep all your receipts and enter the details as usual to your Tempo account and use the new 'Currency' drop down list to select Euros or Pounds accordingly.

You can now also invoice your customers in Euros if required - just change the currency option when creating a new sales invoice.

Tempo uses HMRC's default exchange rates to convert your invoices and expenses to the equivalent value in pounds sterling for VAT purposes, but later any foreign currency expenses can be attributed to an exact exchange rate when they appear on your bank statement.

Although Euros are the only foreign currency included on the site at the moment, Tempo is happy to respond to any requests for other currencies to be added to the system, so please get in touch to discuss your requirements.

Banking on the go with HSBC’s iPhone App

If your business is often conducted on the move, it’s now even easier to manage your bank account too. Most Tempo clients use HSBC for their business account and the bank recently launched a new free iPhone app, which offers secure access to a range of banking services.

This free app is great for business directors who have limited time and opportunity to do their online banking – which includes the typical Tempo customer. The app allows you to:

• Check payments have been received
• Make payments to yourself 
• Transfer balances between your accounts 
• Check recent transactions back to the date of your last statement

You’ll need to be an HSBC Business Banking customer and registered to use online banking, but the app is free to download via the app store. For more information about the HSBC Business banking app can be found here.

Remember that although apps do save time and keep you in touch with your company’s cash flow, the balances shown on the HSBC app and your Tempo account will only match if you ensure you record all transactions on your business bank account on your Tempo online account too.

For tips on how to keep everything up to date, visit our support centre.