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Lowdown
AccountingWEB

9am Lowdown: Robot tax, CGT, & bad clients

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20th Feb 2017
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Good morning. Let's see what's happening in the world of accounting. 

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Bill Gates supports robot tax

Bill Gates believes that robots (or automation) should be taxed to support people put out of work by the adoption of new technology.

Speaking in an interview with Quartz, the Microsoft founder argued that the robot tax could support jobs taking care of the elderly or working with children; jobs that are typically unmet by technology. “if you can take the labor that used to do the thing automation replaces, and financially and training-wise and fulfillment-wise have that person go off and do these other things, then you’re net ahead,” he said.

“When people are saying that the arrival of that robot is a net loss because of displacement, you ought to be willing to raise the tax level and even slow down the speed of that adoption”.

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HMRC collected an extra £140m in unpaid CGT

HMRC reclaimed £140m in unpaid capital gains tax by individuals and small businesses last year, showing CGT is still a major focus for the Revenue.

According to the FT Adviser, law firm Collyer Bristow have used these figures to nudge taxpayers into ensuring their tax affairs are in order. “The Revenue has kept the spotlight on CGT avoidance schemes, abuse and error over the last year. It has proved a fruitful area for enquiries and they are likely to continue in this vein," said James Badcock, partner at law firm Collyer Bristow.

An HMRC spokesperson said: “As these figures clearly show those who try to get around the rules are always challenged by our specialist tax collectors, to ensure that they pay the correct amount of tax due.”

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Lose bad clients

Still bitten by the self assessment chase, February is the perfect time for practitioners to review their client list and lose those bad clients.

Jennifer Adams wrote an in-depth article on AccountingWEB about the practical steps to approach ditching these timewasting clients. Following this, Go Cardless has continued its ‘Ideal Client’ series, with the second part focusing on how to lose bad clients.

If you recoil at the thought of getting rid of clients and need some pointers, Go Cardless has some tips:

  • Increase your prices – raising prices to a point that low spenders can’t afford is a sure-fire way to lose their business.
  • Suggest an alternative adviser – sometimes honesty is the best policy. If a client simply doesn’t fit then it’s best to suggest they swap to an adviser who’s more suited to their needs.
  • Formally sack them – this will usually be a last option, but sometimes you’ve got to be cruel to be kind.

You can find out more about these practical approaches, how to grade your client base, and what your ideal client looks like on the Industry update article.  

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