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is Malcolm related to Rodney
Perhaps we can rename his organisation TITCO, bookkeepers are not renowned for their tax skills this is more of a job for accountants, nice try tho
So is Mr Trotter really telling all his members that every business will be reporting their accounts to HMRC on a real time basis each month? Because that's the impression that this article is giving me.
I thought the linking of bank accounts with HMRC was entirely to pre-populate the SA returns with interest figures , not to give estimates on turnover, profits and tax. Certainly in the short-term.
Maybe...
There are a few people out there who are holding themselves out as saviors of the world once digital tax accounts come into effect. All we'll ever need in life is an online accounting package - and obviously an international bookkeeper - and this will solve all our financial issues, locate Lord Lucan and lead to an outbreak of world peace.
Hmmm... OK.
That said, I suppose there could be more need for real time reporting, particularly for self-employed people claiming in-work benefits. It would make sense to roll this into the DTAs.
Online tax accounts
Reference your comment Sleepy, you are quite correct as regards the short-term, but what I was also pointing out was the end game as stated by HMRC - full automation of data uploads between the accounting software of an entity and HMRC/the online tax account. It may well not stop there - with the potential of electronically linking sales made in real time and the tax system to calculate VAT without human intervention. If you are in any doubt about where this may end up then I suggest you take a look at other countries - Australia for example: http://www.digitalfirst.com/ato-to-automate-4-5-million-individual-tax-r... . Denmark some time ago implemented automation of benefit entitlements based on automated income data. In the UK, with RTI already in place, this is all potentially possible in the near term - albeit with significant challenges and potential for error. Hence my assessment that bookkeepers (and accountants and other tax professionals) will be far from redundant - but even more important to ensure data is correct before being uploaded as well as reviewing and challenging calculations and tax bills. Whilst personal taxes may be first, it is just as possible for business taxes to also be automated and in real-time or at least monthly. Australia (again) has required monthly business tax calculations for some time now and only a few steps from automating.
Dear Sir,
Good afternoon.
Could any one explain me what does it mean Part-Qualified ACCA ?
Kind regards
samiur Rahman