New Features in Sage 50cloud Accounts V25.1

New Features in Sage 50cloud Accounts V25.1 include

VAT Return attachments – To help with Making Tax Digital (MTD) compliance, you can now attach documents to your VAT return such as a partial exemption calculation etc.

Journal attachments – You can now attach documentation to a journal transaction eg copies of Hire Purchase Agreements etc.

Bank reconciliation tracking – View transactions that have caused a difference in your bank reconciliation.

VAT Return improvements – You can now access your VAT return while other network users are logged in.

Sage Drive improvements – See which Sage ID is used to connect to Sage Drive and receive advance warning when it’s due to expire.

Download our helpsheets:

How will it affect your business  click here

What do you need to do and how can we help you click here

When do you have to sign up click here

Submitting VAT returns from SAGE and excel click here

Digital record keeping click here

Detailed digital record keeping click here

Presentation click here

 

If you pay your employees weekly, fortnightly or four weekly and your normal process date falls on Friday 5th April, then you have an extra pay run, commonly known as week 53. If you pay your staff monthly, then you will not have an extra pay run. The number of days in the tax year does not divide into a whole number of week, so 5th April becomes week 53.

If you do have a week 53, there is nothing that you need to do differently. Simply complete you payroll in the normal way dated 05/04/2019 before you process your payroll year end.

To check if you have a week 53
In the 2018/2019 tax year, tax week 53 is Friday 5th April 2019. You have a week 53 if the following applies:
Your normal pay day is a Friday and…
• You last process your weekly paid employees on Friday 29th March 2019.
• You last process your fortnightly paid employees on Friday 22nd March 2019.
• You last process your four weekly paid employees on Friday 8th March 2019.
In each of these instances, you are next due to process the employees on the 5th April 2019, week 53.
These are the only scenarios when you must process a week 53, the next processing date for all other pay dates falls into the 2019/2020 tax year.

How tax and national insurance (NI) calculates at week 53
At week 53, tax calculates using week 1/ month 1 allowance. NI is calculated as in any other period, using the weekly, two weekly or four weekly thresholds as appropriate.

Sage have identified a small issue with the VAT return. If you run your VAT return up to the period ended March 2019, the transactions for 31st March are not appearing.

To make sure your calculations are correct when submitting your VAT return, you can download and install an update or follow the manual workaround.

If your VAT return is due to end 31st March 2019, to ensure your VAT return is correct, Sage recommend you download and install the latest update for your software version. The update(s) must be installed on all computers that have Sage installed including the computer that holds you data and any computers that access your data using Sage Drive.
To check your Current Version go to Help then About and make a note of your version number.
v25.0 – Download and install v25.1
v24.2 – Download and install v24.3
v24.0 or v24.1 – Download and install the following 2 updates in this order
Download Sage 50 Accounts v24.2
Download Sage 50 Accounts v24.3
V23.2 – Download Sage 50 Accounts v23.3

Correct the date range
As an alternative to installing the update, when you run your VAT return for the period ending March 2019, you can manually correct the date rang:
1. Click Use custom date range, then click Use whole months.
This changes the VAT period end date to 31st March 2019.

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