How KashFlow will deal with the VAT change

How KashFlow will automate dealing with the 4th Jan VAT change

Using KashFlow has always been easy and now they made it even easier. Duane Jackson has explained in their blog how KashFlow will deal with the change of VAT on 4th January. For the convenience we have published the Duane's blog entry here and remember that for any help with KashFlow the support team is avaiable 24/7.

On 4th January 2011 there are some changes to VAT, the big change being the standard rate moving from 17.5% to 20%.

KashFlow customers are used to having the hassle taken out of their accounting jobs, the VAT change is no exception. Thankfully we’ve been here before with the change from 15% to 17.5% at the beginning of this year, so I can pretty much copy and paste from our blog on the subject last year:

Change to Standard Rate of VAT

The standard rate of VAT will change from 17.5% to 20%. If you’re VAT registered then a message should be showing on your Overview page which to take you to a page where you can click a single button and have your account added to the list of accounts that we’ll automatically apply the changes to. If you’re on this list then the following changes will take place automatically for you at midnight on 3rd Jan

- If you don’t currently have 20% in your list of VAT rates then it will be added
- All repeat invoices, purchases or bank transaction templates set to 17.5% will change to 20%
- If your default VAT rate is currently 17.5% it’ll be changed to 20%
- Any Sales Types or Outgoing Types you have set to a default rate of 17.5% will change to 20%
- If you use the PayPal Importer service and have the VAT rate set to 17.5%, this will be changed to 20%

The data you’ve already entered wont be changed.

Changes to percentages on the Flat Rate Scheme

If you’re on the Flat Rate Scheme then the percentage VAT you pay may be changing. You can change this rate in Settings -> VAT Settings.

Where you’ll have fun is if the period you’re producing a VAT return doesn’t start on 1st Jan. In this scenario you’d have to pay the old rate on sales prior to 4th Jan and the new rate on sales on or after 4th Jan
KashFlow makes this very easy. If you tick the box in VAT Settings to say you’re on the FRS then you’ll see the settings to deal with cross-over periods like the above.

If  you’ve got any questions at all on the above, then please do email the support team.

http://.www.online-business-accounting.com

How Kashflow will deal with the VAT change 4th Jan 2011

How We’ll Automate Dealing With The 4th Jan VAT Change

On 4th January 2011 there are some changes to VAT, the big change being the standard rate moving from 17.5% to 20%.

KashFlow customers are used to having the hassle taken out of their accounting jobs, the VAT change is no exception. Thankfully we’ve been here before with the change from 15% to 17.5% at the beginning of this year, so I can pretty much copy and paste from our blog on the subject last year:

Change to Standard Rate of VAT

The standard rate of VAT will change from 17.5% to 20%. If you’re VAT registered then a message should be showing on your Overview page which to take you to a page where you can click a single button and have your account added to the list of accounts that we’ll automatically apply the changes to. If you’re on this list then the following changes will take place automatically for you at midnight on 3rd Jan

- If you don’t currently have 20% in your list of VAT rates then it will be added
- All repeat invoices, purchases or bank transaction templates set to 17.5% will change to 20%
- If your default VAT rate is currently 17.5% it’ll be changed to 20%
- Any Sales Types or Outgoing Types you have set to a default rate of 17.5% will change to 20%
- If you use the PayPal Importer service and have the VAT rate set to 17.5%, this will be changed to 20%

The data you’ve already entered wont be changed.

Changes to percentages on the Flat Rate Scheme

If you’re on the Flat Rate Scheme then the percentage VAT you pay may be changing. You can change this rate in Settings -> VAT Settings.

Where you’ll have fun is if the period you’re producing a VAT return doesn’t start on 1st Jan. In this scenario you’d have to pay the old rate on sales prior to 4th Jan and the new rate on sales on or after 4th Jan
KashFlow makes this very easy. If you tick the box in VAT Settings to say you’re on the FRS then you’ll see the settings to deal with cross-over periods like the above.

If  you’ve got any questions at all on the above, the please do email the support team.

Online Business Accounting

Online-Business-Accounting.co.uk has announced that it is now using revolutionary online based accounting software package in order to help its clients more easily manage their book-keeping and accounts and keep a better track of their financial position.

Online Business Accounting based in the UK has today announced that they have future-proofed their accounting software packages for their clients by moving to an award winning online accounting software package.

The company will now be using online accounting software company KashFlow which enables accountants and their clients to easily access their own financial records at any time, whenever they have access to the internet.

Online accounting software is considered by many to be the way that the industry is heading because it enables businesses to keep a constant eye on their company’s financial position without having to install costly and bulky software direct onto their computers.

The system is easy to use, with continuous functionality development and Online-Business-Accounting.co.uk ’s team of accountants can now talk to clients and update records in real time without having to wait for clients so send in reams of paper-work.

All the records held on the system are stored behind a state of the art encryption system that prevents data from being accessed or passed on without the user’s permission.

Speaking about the new contract Louise Gow, at Online-Business-Accounting.co.uk , said;

“We wanted to find a product that was easy to use for our clients that haven't had any accountancy training, but still enabled us as their accountants to extract the information we need to provide a quality service. We've found exactly that in KashFlow. The fact that we can access data live over the internet means we can be more pro-active in advising our clients.”

Managing Director of KashFlow, Duane Jackson said,

"We're very pleased to have been chosen by Online-Business-Accounting.co.uk and very happy that they have recommended our online accounting software package to their clients.

Jackson continues,

"Our software enables accountants to use the power of the internet to deliver a high-quality service to their clients. We're looking forward to being a part of Online Business Accounting 's drive to help small businesses and start-ups."

KashFlow launched its flagship product, an online tool specifically designed to help owner-managers in small businesses manage their accounts, in mid 2005. Since that time it has quickly won a significant share of the valuable accounting software market along with launching a new direct-to-accountant division in late 2006.

In late 2007 KashFlow won a Business Software Satisfaction Award, judged entirely by customer feedback, for the category of web-based accounting, beating the likes of Sage and Netsuite.

Online-Business-Accounting.co.uk

In 2007 KashFlow won a Sift Media award, judged entirely by customer feedback, for the category of web-based accounting beating the likes of Sage and Netsuite

In June 2008, KashFlow became the first accounting software package to be certified by PayPal for integration with its payment platform. PayPal and KashFlow now work in partnership to provide a seamless, end-to-end, payment processing and accounting system

In October 2008, KashFlow won a Sift Media award in the category of “Small Business Accounting Software” beating of Sage 50, Quickbooks and MYOB.

KashFlow has received two rounds of venture capital funding from it's now Chairman, Lord Young of Graffham, former Secretary of State for Trade & Industry and ex Chairman of Cable and Wireless

KashFlow is simple to operate, with users instinctively knowing where to click to perform almost any accountancy task

KashFlow’s development is unique from any other in that user feedback is the key driver behind every new development and additional functionality

Owner managers are able to effectively manage their accounts with no need for software training or prior knowledge of accountancy

KashFlow has been featured in the likes of the Financial Times, Daily Mail, The Daily Telegraph, The Mail on Sunday and all the leading accounting titles.

Journalists can subscribe to a KashFlow press release and media announcement newsfeed by visiting the following link and clicking the RSS feed icon; http://www.kashflow.co.uk/pressroom.asp