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Are Barclays offering tax services?

Morning all

A long standing client of ours who banks at Barclays has telephoned us this morning.

He says that Barclays have approached him for them to not only prepare his accounts but file his tax returns as well.

Has anyone else come across this?

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04th May 2010 13:40

Yes......

.........and as far as I know they've done so for some years - they will also do payroll for clients! I also belive some of the other major banks provide a similar service.

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05th May 2010 09:31

chnage is coming and online bankinghas helped

I agree, I went on an ACCA audit orientation course 4 years ago and as part of this course the lecturer asked what was the major threat to ACCA practices. The answers back were "non -qualified accountants". He disagreed and said these would come and go but the major threat was banks and large PLC's.

Banks have been setting their systems up now for about 5 years and with online banking, the next step is an automatic cash accounting set of accounts. Now switch your thinking to some of our beloved governments strategies over the last couple of years and you may recall that they now are looking at considering small business to file accounts and tax returns on a cash basis.

Join the 2 together and you could speculate and say there is a connection!

For me the next horror would be "tesco accountants" in every shop. Do your tax return while you shop.

 

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05th May 2010 11:54

Tax but not accounts

I thought they might do tax returns but I dont think they do accounts. Surely they wouldn't have the facilities.

Are you sure they are not pushing your client towards one of their pet accountancy firms ?

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05th May 2010 12:47

Future of compliance only work

The nub of the matter is that with Cloud Accounting on the rise production of accounts will be increasingly commoditised and the banks will be interested in employing accountants who will then produce a few hundred sets of cash accounts a year each. At £500 per accounts, this will yield very well for the bank.

We need to develop higher value services for more complex needs folks!

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