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How many of you are on the FRS as accountants?

How many of you are on the FRS as accountants?

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Haven't looked for a while but just did a comparison of the last 12 months and I would now be better off on FRS whereas a few years ago it was marginal.  I prefer 'proper' accounting for no real reason but it would now be a bit silly not to join up  and was just wondering what proportion of accountants are on the FRS?

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Teignmouth
By Paul Scholes
30th Jan 2012 15:49

Not yet but

Hi - as I'm downsizing (the business not me) I too will be looking at this in the next few months.  I don't see it as any different to considering my clients, several of which are on the FRS and have benefitted from it's simplicity plus a few £s surplus.

To be honest I can not understand keeping something just because it feels "proper" especially in bookkeeping.

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By Malcolm McFarlin
30th Jan 2012 17:20

FRS

We are a team of two who provide advice to companies with tax disputes with HMRC -so a little bit different to the 'normal accountancy'.

We both work from home with very few VAT overheads. The FRS is definitely worthwhile as we do not offer a book-keeping or traditional accountancy service.  We are able to use the 'other business services not listed elsewhere' FRS of 12%.

Malcolm McFarlin

www.mandrtaxadvisers.com.

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Replying to AlexTucker:
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By Roland195
30th Jan 2012 17:42

Interesting

Malcolm McFarlin wrote:

We are a team of two who provide advice to companies with tax disputes with HMRC -so a little bit different to the 'normal accountancy'.

We both work from home with very few VAT overheads. The FRS is definitely worthwhile as we do not offer a book-keeping or traditional accountancy service.  We are able to use the 'other business services not listed elsewhere' FRS of 12%.

Malcolm McFarlin

www.mandrtaxadvisers.com.

Genuinely interested why you feel that "other business services" is appropriate for your business. I am not implying that I believe you to be mistaken but I have a bit of a bee in my bonnet about how exactly one is supposed to choose a sector when the guidance is so vague.

For example, although you may even be an accountant and your services are very similiar to services I provide, I would have to pay at 14.5% while you get 12% because in your opinion, you are not providing accounting or book-keeping services whereas I undoubtably am.

Your work would also seem to be very similar to the legal profession which is also 14.5%.

So is the fact that you can't neatly describe your business activity in one of the relatively few boxes HMRC allow for enough to justify the 12% (and when is it HMRC can decide you are wrong?)

 

 

 

 

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By Malcolm McFarlin
30th Jan 2012 18:00

FRS

I spoke to HMRC National Advice Line about the intended flat rate - they cannot of course advise on one particular rate. I did refer them to an article by Neil Warren in one of the Taxation magazines which was in publication at the time. HMRC said that I should retain that article as it would be good evidence if the rate we used was ever challenged by HMRC. My company also offers due diligence services which last year accounted for over 50% of the business so we don't quite fit into the category you refer to above.

Malcolm McFarlin

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By markmorley
06th Feb 2012 19:26

accountants on frs

I was but having done consultingwork using ptpconsultinats  i can't as the inputs are forgone

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