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.

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.

In today’s fast-paced financial landscape, staying updated on the latest budget changes is crucial for every accountant. Our webinar will provide you with a summary of the Spring Budget updates, not only to highlight the latest fiscal policies and their implications for your practice and clients. To have a discussion where you can have your say and share your thoughts on it and how you think it will impact you as an accountant.

But that’s not all – we’re also dedicating a significant portion of the webinar to discussing proactive client communication strategies. Effective communication is the cornerstone of successful client relationships. Whether you’re looking to build trust, manage expectations, or simply improve client satisfaction, mastering the art of communication is essential.

During the webinar, you’ll gain valuable insights into:

Techniques for Clear and Concise Client Communication
Building Strong Client Relationships Through Effective Communication
Navigating Difficult Conversations with Clients
Leveraging Technology to Enhance Client Communication
Strategies for Proactive Communication During Tax Season and Beyond

Our expert presenter, Martyn Verity, Partner at Moorhurst Partners LLP, will share practical tips, real-life examples, and actionable advice to help you enhance your client communications and drive positive outcomes for your clients and practice.

Here are the details:

Date: Friday 15th March 2024
Time: Starts at 11AM
Duration: Approximately an hour – questions welcomed!
Location: Online – Register here

Don’t miss this opportunity to stay ahead of the curve with the latest budget updates, have your say about it, and gain valuable insights into proactive client communication.

Register now to secure your spot.

We look forward to having you join us for this engaging and informative webinar!

The post Spring Budget Update & How to be Proactive with Client Communication: Join Our Exclusive Webinar appeared first on capium.

New AML Checks Introduced

We are pleased to announce that we have released three new checks within the AML area.

With this release, you are now able to perform:

• Company Check 
• Credit Check
• International and Domestic ID Checks

The 3 New enhancements are as follows: 

UK Company Check – £6 + VAT per check – includes the following where available: company summary, identification, credit score, credit limit, contact information, director details, share capital structure, group structure, financial statements, Profit and loss account, balance sheet, ratios, negative information (CCJs, bankruptcies), payment information, company status (dissolution, compulsory strike off, winding up etc), filing history (returns, appointments etc), web address.

Credit Screen – £2 + VAT per check – screens UK residents for CCJs, bankruptcies, IVAs and Scottish equivalents.

International ID Check – £2 + VAT per check – checks non-UK residents against HMT, UN, EU and OFAC sanctions lists and global PEP lists (including UK domestic), with optional document checks including passports and EU ID cards. This check can also be used if you simply wish to validate documents.

 Want to see it in action? Join our webinar on Thursday 26th October at 12.00pm.

Register Here.

The post Capium announces new AML enhancements appeared first on capium.

In accounting – where sensitive data is exchanged constantly – complying with GDPR is make or break. But even if you take every precaution to prevent a data breach within your own systems, choosing the wrong software can have severe consequences.

There are many different options on the market, and not all of them will help you completely with compliance. That’s why it’s helpful to have a clear checklist in terms of features, data protection and security measures when you’re weighing up which accounting software to purchase.

What to look for in GDPR-compliant accounting software  

1. User permissions hierarchy

User permissions – also known as “role-based access control” – effectively mean that access to personal data and specific functions can be altered in line with your employees’ role, and level of seniority. 

According to recent research, a significant 74% of data breaches are down to the abuse of privileged credentials. Choosing accounting software with a clear user permissions hierarchy, or a parent/child account structure, should prevent identifying or financial information from getting into the wrong hands. 

2. Powerful encryption

Encryption is arguably the core tenet of a secure accounting software. With proper encryption, all your clients’ data is encoded so only the authorised team members can access it. This not only prevents data theft, but also helps your own organisation maintain your data integrity. 

3. Cloud-based solutions

Unlike desktop-operated software, or archaic paper-based systems, cloud-based accounting software doesn’t store any data on the premises. 

Instead, all data is encrypted and stored on cloud servers. Most accounting SaaS providers will automatically carry out regular backups to servers in different locations, so data is less likely to be lost too.

4. Comprehensive audit trails

A good accounting software package will also create comprehensive audit trails without being prompted. 

With user tracking like this, you’ll have a record whenever any sensitive data has been added, amended, moved, or deleted – including a note of which user was making the changes. So if the worst happens, and you do experience a data breach, this feature can help you identify how and where it took place.

5. Secure portal 

Similarly, it’s worth making sure your accounting software has a secure portal which users can access remotely – particularly since remote and hybrid working became the new normal. 

This portal should be equipped with the functionality to upload, transfer, and share files with staff and clients, as well as requesting client approval. 

6. Support for data requests 

Since GDPR was implemented, any client or customer has the right to submit a subject data access request, or SAR. 

When you receive an SAR, you’re legally obliged to provide a document which details what client data you have, as well as how it’s been stored, used and shared. Thankfully, your accounting software can make it super easy to compile this data in the correct, GDPR-compliant format. So responding to these requests is quick and straightforward.

Find out more

Keen to discuss the best GDPR-compliant accounting software options for your business? Get in touch with our team and we’ll be happy to talk you through our offering. 

The post Accounting and GDPR: Making Sure You’re Compliant appeared first on capium.

The implications for accountants and clients is huge, with lots of you suddenly having to prepare multiple tax reports each year with little room for interpretation and accurate digital reporting.

The Government gave us and all our clients an extra year to prepare in an attempt to help businesses get their finances under a bit more control after the worst of the pandemic, before they got laboured with new statutory requirements.

Nevertheless, businesses should be getting ready as soon as possible. After all, the flagship policy to digitise the UK tax system – MTD – promises to save time and money.

So, as accountants, you need to make sure that our clients are aware of the changes and have an understanding of what they need to do.

It’s also doubtful that many know about it, given how a shocking 82% of small businesses don’t know even about the April 2022 MTD for VAT extension, according to a Quickbooks study published in March. 

So, here’s what you need to know and how you can get your clients ready.

Who MTD for ITSA will effect

Most self-employed taxpayers with business and/or property income above £10,000 a year will have to abide by the new rules dictated by MTD for ITSA – general partnerships are excluded, at least for now.

Under the new system, unincorporated businesses will have to file quarterly returns on or by every 5 August, November, February and May.

They will also have to file an annual end-of-period statement on or before 31 January after the tax year they’re filing for.

From 6 April 2025, most unincorporated business partnerships that have business or property income will also have to join MTD for ITSA.

When all partnerships, including limited liability partnerships, will have to join has been delayed.

Accounting software

As you know, businesses will have to use MTD-recognised software to stay compliant with their new obligations.

These include the most popular cloud accounting systems, such as Xero, Quickbooks and Sage, which you yourself may already use to help your clients with their accounting.

Accounting software isn’t just about keeping compliant with MTD, but about all those other practical things it can do for businesses.

But HMRC has a long list of other pieces of software that are suitable, just in case you have a client with extremely specific requirements and needs.

This is one of the reasons why your clients could really benefit from preparing for MTD for ITSA right now, as those who embrace cloud accounting have all the information they need on their dashboard to make only the smartest of business decisions.

If you’re struggling to explain the advantages of preparing for MTD for ITSA as soon as possible, try explaining the wider benefits cloud accounting offers.

You could also encourage them to join the MTD for ITSA pilot scheme to get ahead of the curve – they’re going to have to get used to it at some point, so it’s a good idea to help them get ahead of their competition.

What else you need to be aware of

Most VAT-registered businesses with a taxable turnover above the VAT-registration threshold (£85,000) will be familiar with MTD, having been on MTD for VAT since 2019.

From 6 April 2022, MTD for VAT will be expanded to include all VAT-registered businesses – which, as we mentioned earlier, a worrying number of businesses seem to be unprepared for.

Then there will be MTD for ITSA, after which will be MTD for corporation tax, which will start in 2026 at the very earliest, with a pilot scheme beginning in 2024.

Talk to us about MTD for ITSA and learn how to use MTD to become a connected practice.

The post MTD for ITSA – are you ready? appeared first on capium.

Fresh off the elite award scooped at the Accounting Excellence Awards, Capium is hailed at 2020 Innovation Awards as Software Partner of the Year. Having previously pipped major cloud accounting software Companies to the post – Capium continues to see 2019 out with a bang.

The 2020 Innovation Annual Conference garners considerable interest amongst many accountants, bringing thought leaders across markets and industries together to empower accountants on upcoming trends, solutions and growth going forward. As a market newcomer Capium has kept its ear to the ground on such trends and is delighted this has been recognised by 2020 Innovation.

Capium is an ungated ecosystem of cloud practice software. What that means is you enjoy all the benefits of accessing integrated tax and accounts software from any device anywhere in the world, as well as the freedom to use other software to make your practice work more efficiently.

Rather than locking you in to long term draconian desktop-based contracts, Capium software encourages efficient data capture, data flow through connected software services and ongoing Client collaboration. It does this through its range of core services: Practice Management, Corporation and Personal Tax, Accounts Production, Bookkeeping, Payroll, Company Secretarial, Bankfeeds, Receipt Scanning App and Client Dashboard.

Tushir Patel, CEO of Capium, said “Attending the 2020 Annual Conference is in itself a privilege as the team all come away full of insights and learnings that we are fortunate enough to implement into the software and our business. But to be recognised by 2020 Innovation as Partner of the Year is staggering! Thanks to Gordon Gilchrist, Ian Fletcher and all the team at 2020 for this – we hope to continue to build on the great platform we have to keep pace with the ever-evolving market.”

“This year alone Capium has released over 200 new features and launched another service into its portfolio. It has grown from 650 customers to 1000 customers in 12 months and has a retention rate of 96.4%.”

“We appreciate how hard it is to drive profit led activity in the era of digital taxation – we’re here to help so come and speak to us!”

The business is employing more techniques to support the transition of accounting practices moving towards the “millennial mindset” and hopes to reveal some major platform changes in early 2020.

To learn more about the software and unlock the benefits of true Cloud Practice Software – book a demo at www.capium.com

The post Cloud Practice Software – ripples of change are becoming waves as Capium wins 2020 Innovation Award appeared first on capium.

Anti-money laundering (AML) checks have long been part-and-parcel of the profession, but there are signs on the horizon that AML compliance will be a battlefield for accountants.

In 2017, the UK brought in the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations (known as MLR 2017 for short).

These rules implemented the EU’s 4th Directive on Money Laundering and did away with the Money Laundering Regulations 2007 (MLR 2007) and the Transfer of Funds (Information on the Payer) Regulations 2007 which were previously in force.

Okay, nothing new here – but a few recent tremors have many experts predicting an AML crackdown is on its way. Most notably, the first report from the Office of Professional Body Anti Money Laundering Supervision (OPBAS) harshly criticised the accounting bodies for lack of enforcement action and poor AML record keeping.

According to OPBAS’s figures, only half of the professional bodies issued fines for AML infractions last year, with most preferred the carrot to the stick, offering support and guidance to members to improve their AML compliance rather than issue penalties.

As OPBAS cranks up the pressure on professional supervisory bodies, it’s likely this will cascade down to accountants. The until now relatively light touch approach to AML supervision will be at an end, and practitioners face fines for non-compliance.

Under a more robust AML regime, accountants will need to invest in technology that keeps pace with their regulatory requirements. Done manually, checks are onerous, that’s why Capium’s Practice Management module now has a built-in AML checklist to assist you in remaining compliant.

Once a client is a set-up, AML information is safely stored and accessible. In your detailed client view, you can access client business information, social contacts, PAYE details, company directors and the AML Checklist in one place.

In other words, your legal AML duties are built into your practice workflow. And if enforcement cranks up, Capium users can easily demonstrate their compliance. That’s technology being truly useful.

Capium makes best practice simple. It’s a pure cloud platform built with the accountant in mind, allowing you to check all of the regulatory boxes required so you can get on with serving your customers.

The post Anti-money Laundering: A New Battlefield For Accountants? appeared first on capium.

The post MTD: Update on the Latest Developments appeared first on capium.

We’ve been busy making improvements to our Payroll product, further enabling our customers to enjoy seamless cloud Payroll functionality. Our Payroll customers can now enjoy;

Customised Pay Rates
You can now add up to 25 Pay Rates specific to the various type of businesses such as Weekend Pay, Festival Pay, Peak Season Pay etc. for Restaurants or other Retail based Businesses.

Employee Delete & Restore Feature
No fear of losing Employee even after deleting the same, you may simply restore it anytime with all the relevant data and submissions.

Email Templates
Additional features to our email templates including pre-defined tags and added flexibility when sending emails. We’ve also made some rendering updates to ensure all emails look as they should in every inbox.

Childcare Vouchers
You are now able to add childcare vouchers to payroll details, which automatically recalculates taxation and NI.

Amend Personal Details
Personal Details such as Date of Birth, Marital Status can now be changed, even after making submissions to the HMRC

YTD Employment Allowance
Employment Allowance already claimed using any other Software can now be input.

If like to upgrade your Capium account to Payroll or you are interested in switching to our software, please get in touch.

The post Our Payroll Product Update appeared first on capium.