1. As the new Payroll year started in April 2022 we have been waiting for information on the next step in the Making Tax Digital (MTD) journey. From April 2024, MTD for Income Tax, will apply to relevant persons (unincorporated businesses and landlords) with business and/or property income over £10,000.


2. The Income Tax (Digital Requirements) Regulations 2021 (SI 2021 No 1076) set out the requirements that relevant persons must comply with under MTD for Income Tax. These include the use of MTD-compatible software to keep and preserve their business records (business income and expenses) digitally, send quarterly updates of their records to HMRC, and submit an end of period statement to HMRC.

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The UK Government announced an increase in National Insurance thresholds affecting the 2022 to 2023 tax year during the Spring Statement 2022.

I want to take the opportunity to remind our customers of the threshold changes taking effect from 6 July 2022, meaning employees will pay National Insurance contributions on less of their income.
The primary threshold from 6 July 2022 to 5 April 2023 will be £242 per week and £1,048 per month, equivalent to £12,570 per year (increased from £9,880 per year). See the guidance Rates and thresholds for employers 2022 to 2023, ‘Class 1 National Insurance thresholds’ for further information.

The National Insurance lower profits limit for self-employed people has also increased in line with the changes for employees. The annual lower profits limit is now set to £11,908 for 2022 to 2023. This is equivalent to 13 weeks of the threshold at £9,880 and 39 weeks at £12,570, mirroring the position for employees. Self-employed people are also no longer required to pay Class 2 National Insurance contributions on profits between the Small Profits threshold (£6,725) and Lower Profits limit (£11,908), but they are still able to build National Insurance credits.

Please contact us about these changes – we are here to help!

I am excited to announce the next installment in the monthly o-a-sys Webinars series: 
 
Construction Industry Solution from Pegasus!
 
I would like to invite you to join myself and guest Steve Power to look at Pegasus CIS 5. We will showcase the new functionality and off course the brand new look and feel. Steve will give us an overview of the changes and talk about the future of the product. 
Pegasus CIS 5 is a complete rewrite of the Pegasus Construction Industry Solutions product that was first release in 2005. Rewritten using the latest technologies, Pegasus CIS 5 delivers added power, security, reliability and a host of new features and functionality to help you manage your projects even more efficiently.
Pegasus CIS 5 provides complete control over all aspects of contracts management, from costing and timesheets through to payment applications, VAT invoicing and cash receipt matching. It is fully integrated with the Sales, Purchase and Nominal Ledgers, Cashbook and Payroll in Opera 3. 
Some of the new functionality that we will see 

• Unrivalled User Interface
• New enhanced approach to reporting accross the system with a number of predefined Dashboards in the first release
• Over 100 product enhancements that include new layouts, views, filters and reports
• Document Management
• Management Dashboards

Too book your Free attendance go to the customer zone on www.o-a-sys.co.uk snd select the Monthly o-a-sys Webinars. 

Did you know that nine out of ten construction projects were delivered late in 2021 and 69% went over budget by at least 10%? The construction industry is one of the largest industries in the UK, but when it comes to software it is often questioned whether software to manage your projects is compulsory or simply a waste of expenditure. The above statistics make for stark reading, and when client satisfaction drops by 60% when projects are delivered late, here at Pegasus we strongly believe construction management software (CMS) is a critical requirement for any construction project. Within this blog post we’re going to examine some benefits to using CMS.

But first, what is construction software? The aim of any CMS is to make the project process clear and efficient and helps companies manage communication, budgeting, and timescales.

5 benefits of construction software

Communication
Construction projects have a myriad of moving elements and people can be across multiple locations at any given time, so real-time communication is vital. A CMS would enable everyone to access a centralised point for real-time updates whenever they need to, and wherever they are.

Improved project management
Construction projects can be extremely complex due the sheer number of contractors involved which takes management to another level and it can sometimes only take one forgotten email to de-rail an entire project. A CMS would give the project manager a complete overview of the project including all contractors, subcontractors, employees, and client so they know the real-time status of the project to ensure efficient management and ensure the correct materials and people are on site at the right time.

​Budgeting
A CMS allows you to measure your actual expenses against forecasted costs so you can easily see if things start to go off track and rectify them before your budget overruns significantly, helping to keep your project profitable. You can identify costs in real-time without the need to sift through mountains of paperwork, helping to keep your costs under control. It’s also easy to view your audit trail and highlight exactly where your money is going so you can forecast for future projects and tweak costings along the way to help you remain efficient.

Better customer interaction
Not only does software make it easier to communicate with employees and contractors but it also makes it easier to communicate with customers as you can store emails, notes, and set reminders as well as automatically send invoices from the software itself. This centralised point of communication helps you manage the customer journey and ensures the customer isn’t forgotten along the way.

Document management
The construction industry is very document heavy which can be difficult to manage, and important paperwork can easily become misplaced. One of the big benefits of CMS is the ability to store all paperwork, correspondence, invoices, training certificates and legislative documents electronically so you can easily retrieve what you need at the click of a button. 

In summary…
Whether you are a large-scale construction company or a small family-based firm, your construction projects will most certainly benefit from CMS. Not only would it make running projects more convenient but there are proven benefits too such as better budget management, document storage and time control, all of which will improve your profitability and customer service.

​Pegasus CIS 5 is a full construction software solution which has been re-written using the latest technology. For more information about the upcoming release and how it could benefit your construction projects, please contact us today.

AccountingWEB Software Awards: 2021’s top products

​Over the years, AccountingWEB’s annual software awards have become synonymous with customer satisfaction because they are determined by and voted for by the people who use the products in their day-to-day working lives.

While lockdowns disrupted the planned announcements in 2021, users continued to vote for their favourites in 10 different categories over the course of the year. More than 7,500 votes have been compiled.

Pegasus software were finalists in the Accounting/ERP and Payroll categories. After votes have been counted we are pleased to announce that Pegasus have been awarded runner up position in both these categories. 

Enterprise Accounting/ERPTop product: iplicit
Runners-up: Pegasus, AccountsIQ, Xledger, Greentree, Sage, Oracle NetSuite

PayrollTop product: BrightPay
Runners-up: FreeAgent Payroll, The Payroll Site, Moneysoft, Pegasus, Sage 50cloud Payroll

Highlights from our EazyStock launch event at The Curious Brewery in Ashford, where we had guest speakers including EazyStock, Pecunia Credit Control and Sleeping Giant Media. To find out more about EazyStock and how it can save stock-holding businesses time and money, please visit our website: https://inventory-optimisation.o-a-sys.co.uk/  
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