@Profile Newsletter March 2018 - Spring Starts, Year End
Welcome to the March 2018 edition of @Profile, your quarterly insight into the latest IT and legislative news and updates. It's finally Spring and Payroll Year End is nearly upon us, we've prepared a simple 'what's new?' guide for Payroll Year End changes, a re-cap of why it's important for Opera II users to start thinking about Opera 3 now, and some information about what features Pegasus WebXchange add to Opera 3 and why you might be missing out. As always if you have any questions about anything you read below don't hesistate to contact your Account Manager.
Opera II to Opera 3, act now!
In 2017 we partnered with Pegasus to announce that Pegasus Opera II would not be updated to support the Making Tax Digital legislative requirements or the 2018/2019 payroll end of year, which will make Opera II outdated and unusable by April 2019. A year ago we warned our customers who were still using Opera II that the writing was on the wall and that the time was coming where they would need to upgrade to supported software, specifically Pegasus Opera 3 which is Pegasus' current flagship product. That time is now!
Since then we have held seminars across the country with information on GDPR, Making Tax Digital and Opera 3 and the response from those who attended was very positive, but we still have some users who have not contacted us to upgrade yet and are still using Opera II. We cannot stress the importance of upgrading from Opera II any more and it is imperative that you speak with your Account Manager about your opgrade options as Opera II will not meet legislative requirements and it will have serious implications for your business if you do not act now.
Payroll Year End - What's new?
The end of the tax year is upon us and with it comes the new Payroll changes that will affect you and your business in 2018/19. If you've not had a chance to read up on the changes then please read our summary below.
- Personal Allowance increase - The standard personal allowance will increase this year from £11,500 to £11,850 which will be reflected in the new standard 1185L tax code for employees.
- National Minimum Wage increase - From April 2018 the National Minimum Wage for over 25s is increasing from £7.50 to £7.83, for 24-21 year olds it is increasing from £7.05 to £7.38 and for 18-20 year olds it is increasing from £5.60 to £5.90.
- Higher Income Tax Threshold increase - Currently anyone who earns £45,000 or more a year is taxed at the higher 40% rate, from April 6th the threshold will be 46,350.
- Student Loan Threshold increase - The earnings thresholds for those who are repaying student loans have increased, people with a Plan 1 loan won't start paying back until they earn £18,330 (currently £17,775) and those with a Plan 2 loan will start at £25,000 (increased from £21,000)
- Lowered Dividend allowance - For those who work via a limited company, the divident allowance is being reduced from £5000 to £2000.
- Company Car changes - There are changes being made that will affect people who own a company car, Benefit In Kind tax rates are increasing based on Co2 emissions and the Diesel Supplement rate paid will be increased from 3% to 4%.
If you have any queries or concerns about your Payroll upgrade, please speak with our Systemcare Support team on 08450 660099
New Opera 3 GDPR feature - Personal Data Search Utility
As you will have seen in our communcations over the last year, GDPR is coming and it demands attention! GDPR regulation affects everyone who holds personal data on EU citizens and businesses must be able to prove that they are holding personal data in a secure manner, and you are also legally required to be able to provide a copy of all the personal data you hold on a person if they request it. Pegasus have released a new function available for Opera 3 that makes producing this data easy!
Using the new Personal Data Search utility's search function you can quickly search the entire Opera 3 database for personal information you hold on a person and then extract it to excel using the same tool. Being GDPR compliant is now much simpler than before.
Pegasus are hosting Personal Data Search introduction webinars on March 29th, April 6th and April 12th that will show the new module's features in detail, hosted by Pegasus product expert Steve Power. If you are interested in attending these webinars, please get in touch.
Are you taking advantage of Pegasus WebXchange with Opera 3?
Opera 3 has such a wide range of functions and features that you would be forgiven if you were not using the software to its full potential, at Profile we have had a think about what key features our customers might be missing out on and decided that the Pegasus WebXchange add on for Opera 3 contains far too many useful features for you to not be aware of it!
Pegasus Web Xchange for Opera 3 adds some great online-only features to Payroll via an online portal, Payroll Self-Service gives your employees access to their payslips and P60s (current and historical) and lets them view the information that you currently hold on them including holiday allowance. Timsheet submissions means that your employees who are paid via a timesheet can submit them via the PWX portal and have them approved too.
The Pegasus Mobile Sales app for android tablets puts Opera 3 into the hands of your sales team, by using Pegasus WebXchange to connect directly to the Opera 3 database users have access to live stock data and are able to browse products, create an order (taking into account individual customers agreed discounts and credit limits) and submit it to be approved right in front of the customer. Putting more power in the hands of your sales team means that they spend less time at home after a day on the road submitting orders and lowers the chances of disapppointed customers when a product they've already agreed to buy is out of stock or they don't have the credit on their account to place an order.
If you feel Pegasus WebXchange and it's features are right for you, visit our website to learn more and speak to your Account Manager today to discuss it further.