Modern payroll software is one of the most important tools accountants can have in their tech stack. But what are the key features of payroll software for accountants – and how do you make the best choice when it comes to choosing the right provider?

Here’s our overview – using Capium’s payroll software features as an example throughout.

Key functions of payroll software

Getting the right payroll software is essentially all about making managing payroll processing simple. A robust payroll solution will automate complex or routine payroll processes, from tax calculations to direct deposits, allowing firms to reduce time spent on manual tasks and focus on delivering value to clients. Our robust, automated payroll management software integrates with other accounting systems, keeping accurate financial records, making updates seamless and keeping compliance simple. Additionally, cloud based payroll software is often integrated into broader HR systems, providing accessibility and automatic updates. Maintaining accurate financial records through the use of a general ledger is crucial for effectively tracking payroll expenses and other financial activities.

What are the essential features of payroll software?

There are several core features that all payroll solutions for accountants should have in a robust payroll system. They include:

Customisable payroll reports are also essential, as they allow businesses to gather tailored insights that cater to specific needs, moving away from generic solutions to focus on important data such as wage patterns and tax implications.

Automated tax calculations and filings

Capium’s payroll software automates the tax filing process, including tax calculations and filings, saving time and reducing the risk of errors. This feature ensures compliance with the latest tax regulations and deadlines, allowing accountants to focus on strategic tasks.

Integration capabilities

Our payroll software also integrates smoothly with other accounting tools and modules within the Capium ecosystem, ensuring data synchronisation across platforms and streamlining HR and payroll functions. This reduces manual input and errors, increasing efficiency.

Customisable reporting tools

Customisable payroll reports ensure that no two reports look the same, and our customisable reporting options allow accountants to tailor payroll data according to client needs, providing insights into payroll costs, employee data, and tax liabilities, which helps you and your clients make informed decisions together.

Enhanced user experience and accessibility with cloud based payroll software

One of the key benefits of advanced payroll software is that it’s usually intuitive for the user and designed to be as accessible as possible. We’ve built in the following features to make the most of that:

• Mobile application availability – making it easy for both you and your clients to manage payroll on the go
• Self service employee portal – to make it easy for employees to view payslips, manage personal information, access tax documents, and view pay stubs
• Ease of use and interface design – our interface is intuitive and easy to navigate, helping manage payroll efficiently, even for large teams.

Simplifying payroll management and payroll processing

Payroll software is all about simplifying the payroll process, making it easier to manage and execute your work for each client. Capium software does that in a variety of ways, with features like:

• Direct deposit and payment options – making sure employees get their payments promptly
• Comprehensive time tracking features – built in to calculate wages based on hours worked, overtime, and other variables – keeping things as accurate as possible.
• Automated updates – meaning you can stay compliant with tax regulations
• Robust security measures – with built in data encryption and GDPR compliance.

Offering scalability and support for business growth

Modern payroll software can play a key role in helping businesses of all shapes and sizes to scale and grow – largely because it allows you to manage growing client bases without any disruption in service.

As your business evolves, our payroll software adapts with you – adding new features and regulations, and making sure you’re using the package most suitable for your needs. When it comes to analysing client data, our analytic tools can help provide insight into employee costs, productivity, and payroll trends, helping you advise clients on workforce planning and cost management.

A huge part of making sure your tech stack grows with you is how third-party integrations affect your entire software ecosystem, which is why our software links payroll with accounting systems, allowing for seamless financial tracking and reporting, saving you time on manual reconciliations.

How to go about choosing the best payroll software

Selecting the best payroll system for your firm is a big decision – and it makes sense to focus on choosing a provider that offers comprehensive payroll software features, compliance assurance, extensive integration, and a solid support service.

Ensuring the software meets your firm’s unique demands – from what you need it to integrate with, to the level of data security you require – is a decision that will be personal to you. However, the features mentioned above should give you an indication of the key aspects to consider when selecting your payroll software provider.

• Ensure the payroll software offers comprehensive features for managing payroll processes effectively.
• Look for compliance assurance to keep up with tax laws and regulations.
• Consider extensive integration capabilities with existing HR and accounting systems.
• Prioritise a provider with a strong support service for troubleshooting and assistance.
• Evaluate the software’s ability to meet your firm’s specific data security requirements.

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We are thrilled to share an incredible milestone: Capium has officially surpassed 1 million filings to HMRC and Companies House! This achievement isn’t just a number; it’s a testament to the trust and confidence that accountants across the UK have placed in us. 

To every accountant who has chosen Capium to manage and streamline filings for your clients, thank you. This success is a shared one, and we’re deeply grateful for the role you’ve played in making it possible. 

A Milestone Built Together 

Behind every filing lies a story of dedication, accuracy, and teamwork. Accountants work tirelessly to ensure their clients remain compliant, and we’re proud to provide the tools that make this process seamless and efficient. From VAT returns to Annual Accounts, Capium has been a reliable partner, helping you save time and focus on what matters most – your clients. 

Why This Milestone Matters 

Trust in Innovation: Hitting over a million filings underscores the confidence accountants have in our software. It validates our commitment to offering solutions that are not just efficient but also compliant with the ever-changing regulations in the accounting world. 

Simplifying Compliance: Our mission has always been to make accountants’ lives easier by automating processes, ensuring accuracy, and fostering peace of mind. Crossing this milestone is proof that we’re fulfilling that mission. 

Supporting Growth: With every filing, we’re helping businesses meet their obligations, stay on track, and thrive. Together with accountants, we’re driving growth for businesses of all sizes. 

A Thank You to Our Community 

This achievement wouldn’t have been possible without you, the dedicated professionals who chose Capium as your trusted partner. Your feedback, loyalty, and commitment have been the backbone of our journey. 

Looking Ahead 

While we celebrate this moment, we know it’s only the beginning. At Capium, we’re constantly innovating and enhancing our platform to meet your needs and exceed your expectations. Keep your eyes out for Capium 365 this year – more on this later this year. Whether it’s adapting to new regulations, working with HMRC, introducing new features, or improving usability, we remain committed to empowering accountants to achieve even greater success. 

As we look to the future, we invite you to continue growing with us. Together, let’s aim for the next million filings, and beyond! 

Thank you for being part of this journey and for trusting Capium with your clients’ compliance needs. Here’s to many more milestones ahead!

The Capium Team.

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Starting from 31st January 2025, all European Union (EU) imports into Great Britain (GB) will require safety and security declarations. This marks an important update to import procedures that businesses need to be aware of and prepared for. 

Currently, businesses exporting from GB to the EU or importing from non-EU countries are already familiar with submitting these declarations. Now, this requirement will extend to EU imports to ensure consistent safety and security standards. 

Why Are These Changes Happening? 

Safety and security declarations play a vital role in combating the entry of illicit goods, such as drugs and weapons, into the UK. They also ensure that legitimate goods move smoothly through customs without unnecessary checks, supporting trade and security. 

What’s Changing? 

From 31st January  2025, the number of mandatory fields on safety and security declarations will be reduced from 37 to 20, simplifying the process. There will also be: 

• 8 conditional fields: To be completed only in specific circumstances. 

• 9 optional fields: These are entirely voluntary. 

This streamlined approach benefits everyone involved in the movement of goods. 

Who Is Responsible? 

The haulier or carrier moving goods across the GB border is legally responsible for ensuring that the required declarations are submitted. However, they can appoint a third party to manage this on their behalf. Businesses across the supply chain are encouraged to start discussions now to ensure readiness. 

How Can You Prepare? 

To help businesses get ready, HMRC has published resources on the safety and security page on GOV.UK. These include: 

• A comprehensive overview of the information required. 

• HMRC have provided a short explainer video, you can view it here. 

Additionally, businesses are encouraged to start submitting safety and security declarations ahead of the deadline to familiarise themselves with the process. 

Stay Informed 

HMRC will continue to share updates and guidance on this topic in the weeks ahead. Visit the safety and security page regularly to stay informed and ensure a smooth transition. www.GOV.UK  

By planning ahead and staying informed, businesses can adapt to the upcoming changes with confidence. 

The post Message from HMRC: Preparing for New EU Import Safety and Security Declarations in Great Britain appeared first on capium.

As we kick off 2025, it’s time for UK accountants to shake things up, set ambitious goals, and embrace opportunities that will transform their practice and client impact. From mastering digital tools to championing sustainability, these five resolutions will inspire you to make a real difference in the year ahead. Let’s make 2025 the year of growth, innovation, and excellence!

1. Get Tech-Savvy with Digital Transformation

The accounting world is evolving fast, and staying ahead means embracing tech with open arms. It’s time to trade clunky spreadsheets for sleek automation and real-time solutions.

• Automate the mundane: Use tools that eliminate repetitive tasks, freeing up time for strategic work.

• Strengthen cybersecurity: Protect your clients’ sensitive data from ever-evolving threats.

• Master cloud accounting: Collaborate smarter with real-time insights and easy access for clients. Plus, who doesn’t love working from anywhere?

 2. Level Up Your Advisory Services

Say goodbye to the stereotype of bean-counter and hello to the trusted advisor your clients can’t do without. Add more value and make your expertise shine.

• Be a financial compass: Offer tailored financial planning that guides clients through uncertain times.

• Sharpen your tax game: Stay on top of compliance and optimisation strategies for a competitive edge.

• Think niche: Become the go-to expert in specific industries to set yourself apart from the competition.

 3. Learn Like a Lifelong Student

Change is constant in the accounting world, so staying sharp is non-negotiable. Commit to learning and stay ahead of the curve.

• CPD is your BFF: Enrol in courses that boost your skills and keep you relevant.

• Stay on top of tax changes: UK tax laws evolve frequently, so keep your clients ahead of the curve.

• Explore the future: Dive into ESG reporting and cryptocurrency accounting to expand your services.

 4. Champion Sustainability and ESG

Sustainability isn’t just a buzzword – it’s a business necessity. Accountants are perfectly positioned to lead this charge.

• Be a green hero: Guide your clients in adopting sustainable accounting practices that align with their ESG goals.

• Ditch the paper: Go digital to save the planet (and your filing cabinet).

• Master ESG reporting: Meet the growing demand for transparent, responsible business practices.

 5. Deepen Client Relationships

Building stronger client relationships isn’t just about keeping business – it’s about creating partnerships that last.

• Check-in often: Stay in touch with regular meetings to understand their evolving needs.

• Ditch the jargon: Speak their language to improve financial literacy and build trust.

• Ask for feedback: Don’t guess what’s working – let them tell you so you can improve.

By adopting these resolutions, you’re not just aiming for personal growth; you’re setting your practice and clients up for a year full of opportunities. Let’s raise a toast to your success in 2025 – you’ve got this!

Bonus: Picking the Right Accounting Software in 2025

Choosing the best accounting software for your firm is a game-changer, so make sure you’re investing in one that ticks all the right boxes:

• Comprehensive features: Look for software that handles bookkeeping, payroll, tax, and more.

• Compliance confidence: Stay ahead of regulations with built-in tools to keep you compliant.

• Integrations galore: Ensure it connects seamlessly with other systems you use.

• Rock-solid support: Reliable customer service can save you a lot of headaches.

Remember, your firm’s unique needs should guide your decision. But keeping these key factors in mind will help you choose a provider that’s right for you.

Want to experience the power of user-friendly, robust accounting software? Start your free trial with Capium today and see the difference for yourself!

Here’s to making 2025 your most successful year yet!

The post New Year’s Resolutions for UK Accountants: Making 2025 Your Best Year Yet appeared first on capium.

In today’s fast-evolving accounting landscape, technology is the key to efficiency, compliance, and superior client service. For accountants seeking a feature-rich, affordable, and future-proof solution, Capium is the ultimate choice. Here’s why switching to Capium’s integrated Cloud Accounting Suite is the smartest investment your practice can make.

1. All-in-One Cloud-Based Accounting Software

Capium eliminates the chaos of juggling multiple systems. With fully integrated modules for Bookkeeping, Payroll, Self-Assessment, Corporation Tax, Accounts Production, and Practice Management, Capium brings everything you need into one seamless platform.

Because it’s 100% cloud-based, you can securely access data from anywhere, on any device, giving you the flexibility to manage your practice in today’s remote and hybrid work environments. Forget switching between disconnected tools—Capium saves you time and reduces the risk of errors.

2. Affordable Pricing Without Sacrificing Features

Capium delivers enterprise-level functionality at a price tailored to small and medium-sized practices. Its cost-effective pricing ensures you get maximum value for your investment, allowing you to focus resources on growing your practice and delivering exceptional client service.

3. Effortless Compliance with Making Tax Digital (MTD)

Stay ahead of HMRC’s ever-changing regulations with Capium’s MTD-ready platform. Whether it’s VAT, Self-Assessment, or Corporation Tax, Capium automates compliance, making submissions easy, fast, and error-free. Say goodbye to manual processes and confidently tackle quarterly reporting and other MTD requirements.

4. Built for Modern Accounting Practices

Capium is designed with today’s accountants in mind. Its intuitive interface simplifies workflows and boosts productivity, while its adaptability ensures it meets your unique practice needs. No outdated systems—just modern, user-friendly software that helps you deliver better results for your clients.

5. Scalable for Growing Practices

Whether you’re a solo accountant or part of a growing firm, Capium grows with you. Its flexible design supports practices of all sizes, offering tools like automated reminders, task tracking, and advanced reporting to help manage your expanding workload and client base.

6. Streamlined Collaboration and Communication

Client relationships are the heart of your practice. Capium’s built-in features, including secure document sharing, e-signatures, and client portals, simplify collaboration and enhance the client experience. These tools ensure efficient communication while showcasing your practice as innovative and tech-savvy.

7. Dedicated Onboarding and Support

Switching software can feel overwhelming, but Capium makes it seamless. From personalised onboarding to ongoing support, their team is committed to your success. You’ll have all the guidance you need to maximise the platform’s potential and hit the ground running.

8. Data-Driven Insights for Smarter Decisions

With real-time reporting and analytics, Capium empowers you to make informed, strategic decisions. Monitor performance, identify growth opportunities, and improve profitability with actionable insights tailored to your practice’s goals.

9. Future-Proof Your Practice

The accounting world is evolving fast—don’t get left behind. Capium ensures your practice is ready for the future, whether it’s navigating new compliance rules, adopting automation, or transitioning to digital-first processes. With Capium, you’re always one step ahead.

10. Now is the Time to Make the Switch

In a competitive accounting industry, staying efficient, compliant, and client-focused is critical. Capium offers everything you need to thrive, from cutting-edge integrations to affordability and user-friendly features.

Investing in Capium isn’t just about upgrading software, it’s about transforming your practice for long-term success.

Ready to Future-Proof Your Practice?

Experience the power of Capium for yourself. Book a demo today or start a free trial to discover how Capium can revolutionise your workflow and elevate your practice.

Switch to Capium, the software solution built for accountants of today, and tomorrow.

The post Why Switching to Capium is the Best Investment for Modern Accounting Practices appeared first on capium.

As an accountant, your clients look to you for expert advice—and this year, staying informed is more critical than ever. With significant updates in the 2024 Autumn Budget, including the National Insurance (NI) rise, the landscape is shifting. Are you ready to guide your clients through these changes with confidence? 

Join us for an exclusive free webinar designed to equip you with the knowledge and strategies to navigate the latest tax updates. 

What You’ll Gain from This Webinar: 

In just 45 minutes, you’ll get a comprehensive overview of: 

• Personal Tax: Discover key adjustments and how to plan for your clients’ individual tax needs. 
• Employment Taxes: Learn about updates to PAYE and employment-related obligations. 
• Business Taxes: Understand the changes affecting businesses and actionable strategies for compliance. 
• Capital Taxes: Navigate Capital Gains Tax adjustments and their implications. 
• National Insurance: Get clarity on the NI rise and how to help clients manage increased costs. 
• VAT: Stay up-to-date on the latest VAT developments. 
• Stamp Duty: Explore changes impacting property transactions. 
• Making Tax Digital (MTD): Prepare for upcoming requirements to keep your clients on track. 

This session will arm you with practical insights to help your clients adapt seamlessly to the evolving tax landscape. 

Event Details: 

• Date: Thursday, 21st November 2024 
• Time: 12 PM 
• Duration: 45 minutes 
• Location: Online (Link provided upon registration) 
• Price: Absolutely FREE! 

Why You Can’t Afford to Miss This:

The 2024 Autumn Budget introduces pivotal changes that could significantly impact your clients’ tax planning. By attending, you’ll gain: 

• A clear understanding of how these changes affect personal, business, and capital taxes. 
• Expert strategies to proactively address client concerns, from NI increases to VAT updates. 
• The confidence to provide actionable guidance and plan for long-term success. 

Register Now and Take the Lead 

Don’t let your clients fall behind—this is your opportunity to be their trusted advisor during a critical time. 

? Click here to register and secure your spot today! 

Seats are limited, so act fast. Let’s tackle the 2024 Autumn Budget together—see you there! 

The post Autumn Budget Breakdown: Helping Clients plan for the NI Rise – Join our webinar appeared first on capium.

Accountants have been working hard to identify taxpayers affected by Making Tax Digital for Income Tax (‘MTD IT’) and communicate the government’s requirements to them. However, many are not taking the opportunity to look critically at the way personal tax work is delivered now (and in 2025) to make the most of the new MTD world. 

Accountants with self-employed and landlord clients who do not maintain digital records will need to invest time and resources in getting them up to speed with the government’s requirements, ensuring they are prepared for HMRC’s implementation deadline of April 2026. Taking time to introduce such clients to simple bookkeeping or accounting software to record income and expenses in advance of April 2026 will help prepare for MTD IT, though challenges may remain to ensure records are maintained accurately and on time.  

As accountants contact clients to progress personal tax work, it is worthwhile encouraging them to become fully digital well in advance of April 2026.  

Get your Practice ready for MTD ITSA 

With MTD workflows in place for submitting VAT returns each quarter, accountants can start testing those workflows for MTD IT clients. In the lead up to April 2026, accountants can remind clients of the importance of maintaining records using appropriate software and identify any clients struggling to comply with the new MTD IT regime. Such clients may require additional services such as bookkeeping or advice to ensure information is up to date and accurate.  

Accountants can also support clients by offering online learning tools or ‘how to’ guides to ease the transition to the new MTD world. 

Of course, providing additional services requires a review of fees and pricing. Accountants may seek to introduce monthly subscription-based fees for clients to spread the cost of personal tax work throughout the tax year.  

How outsourcing can help 

The accounting profession is undergoing significant changes, driven by advancements in technology and shifts in client expectations. Accountants are expected to provide more value-added services beyond traditional bookkeeping and tax work. The new world of MTD offers opportunities for accountants to provide real-time insights, tax forecasting, and strategic advice to affected clients. To meet these changing needs, accountants need to be agile and innovative. 

This is where outsourcing comes into play. By leveraging the capabilities of outsourcing partners, you can streamline and augment your services, make your operations more efficient, and make sure you stay competitive. Whether it’s accessing a global talent pool, reducing overhead costs, widening the scope of services you offer to clients, or improving turnaround times, outsourcing presents many opportunities for growth and innovation. 

By Robert Grant FCCA 

Robert Grant is Head of Customer Experience at Initor Global UK, one of Capium’s strategic partners. Initor Global provides outsourced services to over 100 UK accountants and businesses. If you are an accountant looking to outsource services, you can book a video call with one of Initor Global’s expert advisors using this link or send an email to hello@initor-global.co.uk.   

Initor Global offer a free trial of up to 10 hours of accountant time or completion of two self-assessment tax returns regardless of complexity and promise to turn your trial work around within 72 hours. 

The post Get ready for MTD IT and deliver more effective personal tax services by outsourcing appeared first on capium.

For this Black Friday month, Capium is rolling out a fantastic offer: Pay monthly and get an additional 6 months FREE.  

Or opt for an annual subscription, pay for a year, and unlock a staggering 12 months FREE usage. Yes, you heard that right – it’s an offer that extends unmatched value to our users.  

Limited Availability: Claim it today – this offer is only valid for the first 20 customers who sign up to Capium this month. 

 Click here to claim your offer today.

Why Choose Capium? 

Capium isn’t just software—it’s your complete accounting solution designed to simplify workflows, save time, and maximise accuracy. With features tailored for accountants and practice owners, you’ll experience a seamless, cloud-based approach that’s built to meet your practice’s unique needs. 

Take control of your accounting efficiency and enjoy unmatched value this Black Friday! 

Claim your offer today.

The post Unlocking Cloud Accounting Efficiency with Capium’s Black Friday Offer: Get Up to 50% OFF appeared first on capium.

As the autumn mist thickens, the UK prepares for an eerie new era in economic policy with Chancellor Rachel Reeves wielding her pen to carve out the nation’s first Labour budget in 14 years. And on this haunted eve, whispers abound of chilling fiscal changes set to alter the landscape. It’s a Halloween budget spectacle like no other, where change lurks in every shadow. Here are five predictions that may haunt UK accountants and their clients long after the budget is unveiled: 

1. The Phantom of Corporate Tax Rises

Prediction: Like a ghostly apparition from the past, corporate tax hikes loom ominously over businesses, especially the largest and wealthiest. Reeves may reverse recent tax cuts, intensifying the gloom for big corporations. This chilling policy would align with Labour’s goals to bolster public services and rebuild infrastructure. 

Impact on Accountants: Accountants must summon their tax-saving strategies as corporate tax rises become a frightful reality. Companies may seek advice on dodging tax burdens like evading the taxman’s grasp. Strategic moves, such as profit distribution or cross-border planning, could become the stakes to ward off this spectral expense. 

2. The Haunting of Capital Gains

Prediction: Capital Gains Tax (CGT) rates may soon haunt the same floors as income tax, adding a bone-chilling twist for asset owners. By aligning these rates, Reeves could unmask a new horror for high-net-worth individuals, property investors, and business owners, targeting perceived tax loopholes and wealth disparity. 

Impact on Accountants: With an eerie urgency, accountants may advise clients to offload assets before the tax changes sweep in. Prepare for a flurry of sales as taxpayers brace themselves against a harsher CGT landscape. Accountants will need to exorcise traditional tax planning and explore ghostly new methods to keep wealth intact. 

3. The Wealth Tax Spectre

Prediction: Will Reeves unleash a wealth tax spectre to haunt the affluent? Or perhaps unveil a sinister new income tax band for the top earners? This move would echo Labour’s call for wealth redistribution, casting a dark shadow over high-net-worth households. 

Impact on Accountants: The spectral wealth tax would have accountants revisiting trusts and estate plans to defend their clients from hauntingly high tax rates. Expect increased guidance on tax-efficient wealth structures to keep the taxman from tightening his icy grip on their clients’ fortunes. 

4. The Curse of Digital Transformation

Prediction: HMRC’s march towards digitisation creeps closer, with Reeves likely advancing mandatory e-invoicing and digital tax services. Compliance and transparency are the stakes, but businesses could find themselves entangled in a web of new requirements. 

Impact on Accountants: Accountants must lead their clients through the labyrinth of digital tax tools, from e-invoicing to VAT automation. They’ll need to serve as protectors of compliance, ensuring businesses aren’t ensnared by the digital spectres looming in the tax landscape. 

5. The NIC Nightmare

Prediction: A National Insurance Contributions (NIC) nightmare could befall higher earners and the self-employed, with increases in contributions from the top income brackets. Labour’s intent to level NIC rates between employees and the self-employed might leave some taxpayers quaking in their boots. 

Impact on Accountants: Accountants will scramble to shield clients from this NIC curse. Payroll recalibrations and cost analyses will be essential for businesses, while the self-employed may consider incorporation or pensions to avoid NIC’s heavy-handed grip. 

Boo! Beware the Budget’s Shadows 

This year, Rachel Reeves’ Autumn Budget casts an ominous spell over UK tax policy, delivering a taste of the macabre to the nation’s accountants and clients. In an atmosphere of haunting change, accountants will be key players in helping businesses and individuals escape the clutches of reform, guiding them through treacherous tax landscapes and ensuring they emerge unscathed from the budget’s shadowy embrace. As Halloween approaches, prepare for these spine-chilling shifts and don’t let the budget’s ghouls catch you unprepared! 

The post What Haunts the Autumn Budget 2024? A Spooky Outlook for Accountants appeared first on capium.

To make it as easy as possible for you to communicate key dates and changes that could impact your clients, we’ve compiled an overview of the most significant deadlines for 2024/25 – along with tips on what you can do to support them throughout.  

1. New year, new rates: April 2024 

The new tax year kicked off on 6th April, marking the beginning of several changes to tax rates and thresholds. Notably, it brought a reduction in capital gains tax and dividend allowance, national insurance cuts for the self-employed, and the removal of the pensions lifetime allowance. You can find all the specific changes, here, with comparisons to the previous year, for quick reference.  

What you can do: Help your clients proactively review any changes that are relevant to them by reaching out and explaining in detail what the implications will be – along with your suggestions of how to tackle them.  

2. Quarterly VAT returns 

For businesses that submit VAT returns quarterly, the first submission for the 2024/25 tax year was due on 7th May 2024. To ensure that their VAT returns are correct – and to save you a headache when it’s time to handle the submissions process – it’s essential that businesses maintain accurate records throughout the year.  

What you can do: Encourage your clients to use automated software to track their VAT liabilities in real-time. This not only helps with accuracy but also ensures that they don’t miss any deadlines. Capium’s integrated VAT software can simplify this process, reducing the risk of errors and penalties. 

3. Self-assessment payment on account: 31st July 2024 

For clients who make payments on account, the second instalment was due by 31st July 2024. Payment on account can be confusing and the amount due can be a surprise, especially for those who experienced an increase in income, leading to higher payments. 

What you can do: Explain how payment on account works and suggest setting aside funds throughout the year to cover these payments. If they’ve had a particularly profitable year, help them forecast their tax liabilities to avoid any unexpected financial strain. 

4. Annual pension contributions 

The pension annual allowance will be a critical consideration for many, especially for high earners. The abolishment of the pensions lifetime allowance (LTA) means there’s no longer a limit on the amount of money you can build up in pensions over your lifetime without incurring a tax charge.  

What you can do:  Explain how the two new allowances (the ‘lump sum allowance’ and the ‘lump sum and death benefit’) now work. Review your clients’ pension arrangements and advise them on how to maximise efficiency – perhaps by making additional contributions before the end of the tax year or planning for the next year’s contributions in advance. 

5. Corporation tax return: 31st December 2024 

Any companies with a financial year ending on 31st March 2024 must file a corporation tax return by 31st December 2024. As an accountant, you’re only too aware of the significance of this deadline and the substantial penalties that missing it can lead to. 

What you can do: Lean on the right tech to help encourage clients to prepare early. Using Capium’s cloud-based software, accountants can collaborate with their clients in real-time, ensuring that all necessary records and documents are in order well before the deadline. 

6. Christmas party exemptions: planning ahead 

As the festive season approaches, clients may plan to reward their staff with a Christmas party. According to the tax exemption rules, businesses can spend up to £150 per head without incurring tax liabilities. 

What you can do: Advise your clients to keep detailed records of their spending to ensure they stay within the exemption limit. This is also a good opportunity to review other employee benefits and ensure they are tax efficient. 

7. Preparing for the New Year: January 2025 

The New Year brings the deadline for self-assessment tax returns, with submissions due by 31st January 2025. This is a key date for many clients, especially those who have additional sources of income outside of their primary employment. 

What you can do: Start gathering information from your clients as early as possible. Use Capium’s self-assessment module to streamline the process and reduce the annual bottleneck, ensuring that all returns are accurate and submitted on time.  

Your clients need you more than ever 

The complexities of the UK tax system can be overwhelming, and the risks of non-compliance are significant. But your role isn’t just about keeping clients compliant; it’s about adding value to their business.  

By leveraging technology like Capium, you can provide your clients with real-time insights, automate routine tasks, and focus on delivering strategic advice that helps them grow their business – navigating the challenges of the 2024/25 tax year. 

Book a demo today to see what Capium can do for your Practice.

The post Essential dates for the 2024/25 tax year appeared first on capium.