The end of the small practice? Cancel Accountex visit due to train strike?
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Accountex
I'm sorry to hear about the train strikes during Accountex as I wasn't aware although Southern is not our region. Were coming up from the SW by coach and we have a hotel booked for a couple of nights so I'm hoping it won't affect us. Hope the buses, tube and DLR don't strike as well.
Can't understand how Receipt Bank get so much praise. We have a couple of clients using it and we were invited in as agents. Looks complicated. The transfers to Xero always have errors with the VAT. When I phoned Receipt Bank for guidance they refused to help us as we weren't paying customers - only agents. Such a terrible attitude that I will discredit them when ever I get the chance.
Looking forward to Accountex again. This year we'll be checking out add-on suppliers, alternatives to Xero and pensions for auto enrolment. Hey Ho, never a dull moment being an accountant :-).
I just worry ...
... about the human rights issues.
Surely expecting tax payers to send documentary evidence (rather than headline figures) of every transaction to HMRC is a serious breach or the right to privacy and quiet enjoyment etc.
Fair enough require evidence to be kept but to pass to HMRC as a matter of routine is to me unacceptable.
Has anyone considered how the internet will cope with what will be eye watering volumes of data flying around.
With any luck Osborne will be gone by July if the country has any sense and votes leave!
bleak
I agree it does look bleak for those clients who are Tech savvy. However it may take for them to realise how easy it is - I bet some of them could easily complete a self assessment return now
I think the high street accountant will start to see a drift as price of a tax return will be a factor too. It may create an opportunity to train clients and organise them.
Some will leave but sure something will come along to keep the work ticking by. I have already start planning a few things that will keep my head above water. I know I will never make a lucrative living from accountancy due to MTD and competition but as long as it keeps me busy and earn a fair amount then I am happy. I guess there are other more important things in life to worry about than MTD.
Just to clarify about 1Tap - Receipt Bank was very clear on the point that the free app will suck up receipt data, but it will only feed it to an accountant using Receipt Bank.
The expenses will then be processed internally and submitted on the client's behalf to HMRC. Have a look at what Receipt Bank CTO Michael Wood said here: https://www.accountingweb.co.uk/comment/519206#comment-519206
That's not to say that other developers may be working on apps that will cut accountants out of the loop - but it would be unfair to hang the blame for their plans on Receipt Bank.
I also think we should "wait and see", The first year this rolls out fully I think we will have our hands full with those clients who leave and totally screw up their accounts. They will be on the phone asking for help. I see too many problems with HMRC's plans. Hang in and weather the first rush.
Don't sell yourself short.
Remember HMRC tools are available to people to self file now but how many actually do, in the someway I am able to paint my front room but I choose to pay a painter to do it.
`TBH i think small firms will respond to it well as if your a sole trader you don't have to agree things with anyone else.
As current year ends are expiring I am encouraging people to sign up to basic cloud software this year so far with 100% success i am aiming to have to 80% of clients with appropriate system in 2016, and work on the remaining 20% in 2017. I imagine it would be harder implementing change if you were in 3 or 4 partner firm where it was not so easy to reach agreement on things.
Whats the crack with train strike I had not heard anything about it are Virgin still running?