My Digital Accounts appoints top entrepreneurs to its board

My Digital Accounts Board Grows

My Digital Accounts was founded by John Whelan who has operated as an accountant for three decades. On the 4th May 2017 we appointed a number of the region’s leading entrepreneurs to its board to help spearhead our ambitious expansion plans.

My Digital Accounts has more than 1000 users, and is the only accounting software package to provide accounting information in real time by using daily banking information to keep accounts updated.

Joining its board as non-executive chairman is recruitment guru Peter Searle who is chief executive of Manchester based global recruitment specialists, Air Swift.

Ravan Boddu, who has a wealth of experience in creating large scale software applications primarily for healthcare and retail industries, will have board responsibility for product development.

Dean Harte, who has spearheaded the growth of Redrock Consulting over the last decade to a £100m turnover business, will focus on business development.

Joining the trio on the board is Andrew Williamson, one of the founders of Altrincham-based Paystream, one of the largest accounting providers in the temporary labour market.

My Digital Accounts founder John Whelan said the company was set up to embrace the government’s Making Tax Digital (MTD) Initiative announced in December 2014. MTD will impact many tax payers directly from April 2018 when they will be obliged to file quarterly returns as well as annual accounts.

He said: “The primary aim of My Digital Accounts is to make the maintaining and producing of accounts simple and straight forward for accountants with customers who need their accounting information in real time. Our aim is to be the UK’s leader in accounting software for the temporary labour market and the appointments of such leading industry figures to our board, all of whom are well respected in their sectors, will enable the company to achieve its expansion plans.”

Peter Searle added: “I am very excited to be involved with My Digital Accounts. It is clear that the next phase in the development of the temporary labour market will be underpinned by leading edge technologies and My Digital Accounts, with its focus on tax compliance, will be at the forefront of helping the sector to meet the new challenges it faces.”

 

Autumn Statement 2016

Autumn Statement November 2016

Recruitment Industry and Accounting Provider Soundbites

The below summary includes direct ‘lifts’ from the Chancellor’s Announcement (the red boxes) for ease of reference. The My Digital Accounts Comment is an initial view and is subject to change following more detailed consideration and additional information such as Guidance Notes and the Draft Legislation which will be published in the next few weeks.

Personal Service Companies (PSCs)

1. Off Payroll Engagement in the Public Sector (‘IR35’)

 As widely predicted, those entities paying limited companies in the public sector will now be liable for any PAYE or NICs which is not deducted before payment is made to a Limited Company where the worker is operating “inside IR35”. Draft legislation is not yet published.

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My Digital Accounts Comment: This will be the biggest change in the temporary labour market since IR35. Recruitment Agencies will not be comfortable taking the risk of paying a limited company ‘gross’ and the end users are unlikely to want to help with the assessment. This may well lead to the establishment of a new type of “IR35 expert” intermediary who conducts the IR35 assessment and immunises the Agency from any potential liability.

2. Tackling inappropriate use of the Flat Rate VAT Scheme

A new flat rate VAT rate of 16.5% is introduced from 1st April 2017 for business with “limited costs”, such as labour-only businesses. A limited cost trader will be defined as one whose VAT inclusive expenditure on goods is either less than 2% of their VAT inclusive turnover in a prescribed accounting period or greater than 2% of their VAT inclusive turnover but less than £1,000 per annum if the prescribed accounting period is one year.

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My Digital Accounts Comment: Draft secondary legislation will be published on 5th December 2016 so we need to wait before commenting further. It seems this ruling may have been introduced to combat the rise of the “micro-umbrella” which has emerged since the Travel and Subsistence and Employment Allowance rule changes in April 2017.

3. £30,000 tax free redundancy payments remain

From April 2018, termination payments over £30,000 which are subject to Income Tax will also be subject to employer National Insurance Contributions

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My Digital Accounts Comment: A sensible clarification of the rules

Self-Employment

4. Employer’s National Insurance on Self Employed Payments?

The Chancellor stated that the “growth of self-employment erodes tax revenues”. The announcement implies that Employer’s NICs may applied to certain payments to the self-employed and that payments without NICs may even be disallowed for Corporation Tax purposes.

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My Digital Accounts Comment: The detail on this legislation change is yet to come but the threat that certain payments may not be eligible for Corporation Tax relief (if Employer’s NICs have not been applied) is a very aggressive proposal. Clearly patience is running thin with those who still operate “gross payment” arrangements

Umbrella Companies and Recruitment Agencies

5.Salary Sacrifice arrangements to be ceased

The tax and Employer NICs advantages of salary sacrifice schemes will cease, except for pensions, childcare, Cycle to Work and ultra-low emission cars. Arrangements in place at April 2017 will remain until April 2018 and arrangements for cars, accommodation and school fees will be remain until April 2021.

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My Digital Accounts Comment: This is the continuation of a policy designed to ensure that all payments to employees fall within the income tax and NICs legislation. Salary sacrifice schemes which have been popular for the last 2 decades will no longer be viable

6.National Minimum Wage

 The NMW will increase to an annual equivalent of £13,500, continuing it’s ‘inflation busting rise’ since 2010

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My Digital Accounts Comment: This move will put further pressure on the viability of travel and subsistence arrangements

Tax and National Insurance Thresholds

7.Income Tax and National Insurance Thresholds Increased

 In April 2017, the tax free personal allowance will be rise to £11,500 and the higher rate threshold will rise to £45,000 From April 2017, employee and employer (secondary) National Insurance Contributions will be aligned so the threshold for both will be £157 per week

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8.Small Entrepreneurs can earn up to £1,000 with no tax implications

Some good news in the Autumn Statement for budding entrepreneurs or those earning money from a hobby. As long as the income (presumably the net income), remains below £1,000, there is no need to report the income8.

My Digital Accounts Comment: A small but interesting concession indicating the government’s pragmatic approach to small micro businesses

Digital Accounts

9.The Digital Tax Accounts Initiative continues with Quarterly Reporting on the horizon…

There will obviously be a need for accounting software providers to engage with government on some significant changes which are planned for the longer term. As per the announcement below, it is suggested that tax payers will be more engaged with HMRC and there is the distinct possibility that tax payments will be made earlier (corporation tax is currently not due until 9 months after a company’s year end for example)

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My Digital Accounts Comment: The Online world has arrived and the role of the accountant is changing in the modern era. Embracing technology and the use of Apps and online software will be essential HMRC and accountant tools in the very near future.
The intent from HMRC in this area can be accurately predicted in that the above initiative is likely to be coupled with Quarterly reporting of landlord and limited company incomes during the 2017/18 fiscal year

 

My Digital Accounts 7.0 updates

My Digital Accounts 7.0 has also now been released.

Our New/Improved features are: Timeline, SMS Integration, Yodlee, Cache and the NI Category.

Timeline:

When viewing the contact details, a timeline of all the notes created for that contact is also displayed.

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Clicking on any one of the notes will display their full details.

SMS Integration in Payrolls:

Employees can now receive text messages informing them of pay once a payroll has been run.

This feature is only available for Umbrella and SafePAYE companies. To be able to use this, you will need to have a subscription to TextAnywhere.

Yodlee:

There is now an option to choose how the Yodlee connection is to be setup – either accounting organisation or company level.

This option is accessible via the settings.

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Cache:

The cache is now being automatically refreshed. Gone are the days of pressing <Ctrl> + <F5>!

NI Category:

The NI category now automatically updates based on the age of the employee.

Support

For feedback and suggestions please visit our support page https://mydigitalaccounts.atlassian.net/servicedesk/customer/portal/2.

or send an email to

mda.support@mydigitalaccounts.com

Social Media

Follow My Digital Accounts for regular updates, news and information on our social media channels:

Twitter icon  @MyDigitalAcc

Facebook icon  @MyDigitalSoftware

LinkedIn icon  www.linkedin.com/company/my-digital-accounts

 

 

My Digital Accounts 6.1 Updates

Here’s a summary of our new update that is now live across My Digital Accounts!

These features are in the new release of My Digital Accounts: 6.1

The main update to our software is our new Data Fluidity.

Data Fluidity:

This new feature allows finalised expenses and invoices to be amended or removed.

If the invoices have already been paid, they can also be unmatched from the bank transaction.

Editing Invoices:

In the new My Digital Accounts software 6.1 you can amend an invoice even after it’s been finalised.

To do this you select the view icon and then edit each detail you need to amend.

You are now able to edit any of the invoice details except from the invoice number.

Follow the same method for expenses

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(Full step to step guide on how in the My Digital Accounts training guide).

Support

For feedback and suggestions please visit our support page https://mydigitalaccounts.atlassian.net/servicedesk/customer/portal/2.

or send an email to

mda.support@mydigitalaccounts.com

Social Media

Follow My Digital Accounts for regular updates, news and information on our social media channels:

Twitter icon  @MyDigitalAcc

Facebook icon  @MyDigitalSoftware

LinkedIn icon  www.linkedin.com/company/my-digital-accounts

My Digital Accounts 6.0 Updates

My Digital Accounts has a new update live across the software: release 6.0.

In this update our new features to My Digital Accounts are the Balance Sheet Report and also the User Log.

Balance Sheet Report:

This menu option is accessed by going to Financial Accounting -> Reports -> Balance Sheet Report.

The report shows a breakdown of the company’s assets and liabilities.

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User Log:

This feature is only available for the Accounting Firm Admin.

The User Log page shows records of who logged in to MDA and at what time.

To view this page, navigate to the Manage Users page which is accessible by clicking on the avatar situated at the top right hand corner of the page and then select Manage Users.

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The log can be filtered by company name.

Support

For feedback and suggestions please visit our support page https://mydigitalaccounts.atlassian.net/servicedesk/customer/portal/2.

or send an email to

mda.support@mydigitalaccounts.com

Social Media

Follow My Digital Accounts for regular updates, news and information on our social media channels:

Twitter icon  @MyDigitalAcc

Facebook icon  @MyDigitalSoftware

LinkedIn icon  www.linkedin.com/company/my-digital-accounts

 

Practice Excellence Awards 2016

We are very pleased to announce that our business analyst Daniel Moss won the Technology Champion of the Year award at the Practice Excellence Awards on Thursday 20th October.

dan-award

 

With over 173 firms and individuals contending the 11 categories, Daniel was up against some very tough competition. He won the award for his outstanding innovative work on the online tax return pack at his previous position.

Daniel managed to greatly reduce the hassle of submitting tax data by designing a secure online questionnaire now used by more than 70% of the firm’s clients.

The judges agreed that Daniel is “a model technology-led accountant, making sure he ensures compliance while embracing new ideas and technology.”

Daniel has been with My Digital Accounts for 8 weeks now and he has already proven to be a great asset to our team. We are delighted that his skills have been recognised with this award.

Practice Excellence Award Logo

 

Introducing The My Digital Accounts Knowledge Base

Meet the My Digital Accounts Knowledge Base, the new way we’re helping our clients achieve accounting bliss!

Why?

We’ve launched the My Digital Accounts Knowledge base in order to increase our efficiency. More importantly, it allows customers to find the answers to simple questions and to share experience/learning among our team.

What?

Taf, our latest addition to the team, has done some great work to help setup the My Digital Accounts Knowledge Base and create its first article regarding simple troubleshooting steps for failed FPS submissions – thanks Taf!

How?

From our support page (https://mydigitalaccounts.atlassian.net/servicedesk/customer/portal/2) enter the topic you’d like to know more about in the dialogue box.  The My Digital Accounts Knowledge Base searches for articles in a similar way to a google search.  We can also add labels to help highlight key topics.

My Digital Accounts Support feature

The My Digital Accounts Knowledge Base can also be accessed from our Service Desk software, to help My Digital Accounts staff when answering customer calls.  Where a My Digital Accounts Knowledge Base article will resolve a service desk call, it can be linked to the ticket saving the support desk team time.

My Digital Accounts Knowledge Base screenshot

When?

My Digital Accounts Knowledge Base is live now! Try it here by signing in: https://mydigitalaccounts.atlassian.net/servicedesk

6 Months of My Digital Accounts!

After officially launching in March earlier this year, My Digital Accounts has endured a great first 6 months. You can see exactly what we’ve conquered and what’s to come in the coming months on our public road map located here: https://goo.gl/VoTn81.

To mark our 6 month anniversary, here’s a brief explanation of My Digital Account’s aims and aspirations:

My Digital Accounts is a software package specifically designed for the temporary labour market and Personal Service Companies (PSCs) or Micro entities.

Having operated in the market as accountants for many years, we were aware that normal accounting software packages do not cater for this market in any meaningful way with much of the accounting work being completed off-line (e.g. deemed payment calculations). We therefore decided to set up a specialist software design project and My Digital Accounts is the result! The software was launched in March 2016 and is specifically designed for accountants servicing the contractor and temporary labour market.

My Digital Accounts (MDA’s) Strategy can be summarised as follows:

  1. To embrace the government’s, and more specifically, HMRC’s digital accounts initiative
  2. Use bank transactions to automatically pre-populate accounting records
  3. Utilise cash accounting methods to reduce complexity
  4. Develop ‘Smart Software’ which intuitively “learns” the accounts to which transactions belong, reducing manual intervention
  5. Provide customers with ‘Real-Time’ (updated at midnight each day) showing what they can draw from their business bank account
  6. To facilitate Real-Time communication between customer and accountant and avoid the traditional time-lags associated with accounts preparation
  7. To develop sustainable software solutions for our clients, maintain dialogue with HMRC and provide proactive advice on practical responses to emerging legislation

Our intention is to embrace HMRC’s initiatives and make coping with the rules simpler for the users of our software.

mobile

My Digital Accounts 4.5.1 Updates




The latest release of My Digital Accounts is now live!  Here’s a quick summary of the key features:

Payroll

Custom Pay Elements

Where a wide range of pay types are required, Custom Pay Elements can be set, e.g. Overtime, Double Time and Weekend Pay etc.

Hours x Rate Pay Calculator

Custom Pay Elements may be used to calculate the gross pay for an employee by using the Hours x Rate Pay Calculator.Double time and overtime payment

These are also displayed on the employee’s payslip:

Example Payslip

Should you want to suppress blank rows, simply delete that particular Custom Pay Element from the Hours x Rate Pay Calculator.

HMRC Inbox

Need to check HMRC’s Inbox?  You no longer need to leave My Digital Accounts!

From the eSubmission RTI menu, select HMRC inbox to view incoming P6, P9, SL1, SL2 and RTI messages.

Inbox details

Auto Number Generation

Customise your invoice and assignment numbers by setting the criteria used in Automatic Number Generation for assignments and invoices:

Auto Number Generation interface

Bulk Transactions

 

My Digital Accounts Menu

Bulk Transactions are now run from the main menu on the left side of the window, making them easier to navigate to.

Roadmap

To view the My Digital Accounts public roadmap please visit https://trello.com/b/txq2P4e1/my-digital-accounts-roadmap.

Contact Us

Support

For feedback and suggestions please visit our support page https://mydigitalaccounts.atlassian.net/servicedesk/customer/portal/2.

Social Media

Follow My Digital Accounts for regular updates, news and information on our social media channels:

Twitter icon @MyDigitalAcc

Facebook icon @MyDigitalSoftware

LinkedIn icon www.linkedin.com/company/my-digital-accounts