Just used the new FRS105 template for the first time. Just eight numbers to enter and a two sentence note about an overdrawn director's loan. Arithmetic checked for me. Like Arlene Foster, I don't need to bother about every jot and tittle in the company name. No worries about whether I've typed the number in right. Acknowledged immediately. Accepted four minutes later. Job done.
It's a lot easier than filing with any commercial product I've used.
It's a no-brainer for me.
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Let us know how you get on when you bill the client.
There's no doubt FRS 105 accounts are short (and therefore easy to rekey) but this is something a client may point out when I hand them my bill.
As accountants we know the work involved in preparing two-page accounts isn't much different to preparing "proper" 10-page accounts. But that fact is probably lost on clients.
If I had a pound for every time a client who only traded for six months expected the bill to be half the normal amount ...
I'm not sure what commercial software you've used but for me filing to CH is just 3 clicks (and entering the company authentication code if I've not already input it for that client).
It depends exactly where you start counting, but for me it's a one click process. (More if adding the signature information is included.)
I hereby challenge Companies House to beat one click.
And has the OP been an accountant for 43 years? I always assumed it was longer! ;-)
TaxCalc is two codes ( My agent auth & password, client individual codes already held within client HUB) then usually a refresh on the submissions panel to ensure has been accepted, however the last step is done en masse for multiple submissions and the software reminds me to check when I open it, so not very onerous.
Just wish LLP accounts lodging functionality was also incorporated.
Anyway better get back to some partnership accounts, at least the tax will be a doddle (10 minutes a pship return) given the accounts production link to the tax software.
For VT it just does it in a couple of clicks, but its good to know you can do it "direct" easily.
I haven't done my first set yet, but need to do one next week for a mortgage application. Does anyone know off hand if the rules for related parties has changed? Not that CH or HMRC seem to give two hoots.
Yes related party transaction rules have changed in FRS102. Now, believe it or not, you only disclose transaction that are not on normal commercial terms! Cue lots of extra discussions with clients that we have never had to have before, and which they are unlikely to be keen to pay for. I can hear them saying "why do we have to pay more when we disclose less?". Why do people change what is not broken?
I've run into this.
Rightly or wrongly, my partners have decided that dividends to directors aren't on commercial terms. So out go those disclosures......