Related News
Episode 2 of 'The Factory' - Out Now!
K3 launches second episode 'Electrifying Results'
Case Studies
BPW
BPW axle assembly glides along with SYSPRO
Radius
Radius Implements SYSPRO with DataRapt to clear the information pipeline
Budget news bulletin
Information from Chancellors budget statement
After the Chancellors budget statement recently you may be wondering how this affects your SYSPRO and K3 Equator companies.
In SYSPRO
The VAT rate change to 20% will come into effect on the 4th of January 2011. As with the previous VAT rate changes, K3 will provide documentation on what to change, how to change it and when to do it. This will be available on the K3 Customer Area in the Support section.
The Corporation Tax rate change does not need a specific change in SYSPRO. However, if your Nominal Ledger budgets are defined to take these into account, you will need to change them at every year end for the next 3 years.
In Equator
From April 2011, both the Employee and Employers NI Contributions will change by 1%. This change will be addressed in the March 2011 Equator 5.1 release by altering the NIC thresholds and rates.
From April 2011, the Personal Income Tax Allowance will increase by £1000.00 to £7,475.00. The earnings band for when the 40% rate applies has been reduced accordingly so that higher earners will not get any benefit from the increased personal allowance. This change will be addressed in the March 2011 Equator 5.1 release by introducing the relevant earning bands.
Another change proposed for 2011/12 is to maintain the alignment of the Upper Earnings Limit (UEL) with the higher-rate tax threshold by reducing the UEL. If this is implemented, K3 will supply the earning bands to cater for it.
If you wish to learn more about the budget statement, please visit http://www.direct.gov.uk/en/Nl1/Newsroom/Budget/Budget2010/DG_188496
K3 Support
