Member Since: 3rd Sep 2009
2nd Mar 2021
I think the point that this article is missing is that we are thinking of the clients. For ourselves it is possible to see profit in the chaos.
I took on a client using Free Agent for three years. He went Vat registered as his turnover rose above the threshold, and the programme went backwards and claimed all of the Vat since beginning of trade. He got an £18k refund.In his way he checked with HMRC and they said yes fine have your refund. Two years later I come along and look at his figures. Basically he had to liquidate because he couldn't afford to pay back £18k.
All that is going to happen is that some will be driven to errors like my client, lots will just give up, because becoming a self employed plumber for example suddenly means you have to be good at bookkeeping, or pay x3 the old fee, which is disproportionate.
18th Jul 2020
I understood there is a 45 day rule, in that the stay had to be taken within 45 days of the Vat change in order to capture the deposit Vat at 5%? So I was simply going to issue credits and reinvoice the deposit now at 5%. Is this right can anyone answer please?
Also to clarify, depending on how the Vat term and condition is worded, I think it would be legit even where Happy Holidays have issued an invoice, to reissue it at 5% Vat, for the existing full amount. In other words Happy Holidays capturing the gain, just like example 2.
6th Apr 2020
I've been waiting for an article such as this to iron out the anomalies.
What I'm garnering is that a grant can be forthcoming, but if when delivering the 2020/21 tax return the client income is above that of the three year average, that excess will be repaid? Or above 80% of the average?
Another point not raised. I think I'm right in saying this applies to March, April and May - with March thus in the 2019/20 tax year. Is all of this income to be accounted in 2020/21 tax year?
The thing I've gleaned from answers so far is to consider to resubmit clients tax returns, adjusting capital allowances as necessary, to become eligible for a claim.
27th Mar 2020
There's risk to trading - reason for going Ltd, and in this instance realised risk that the government will shaft you.
27th Mar 2020
Wonder if we can resubmit last years return swapping out AIA for WDA or no claim?
17th Sep 2019
I don't actively use any review sites, but do encourage reviews on Google and Facebook. The former is vital for search ranking and anyone searching via Google can't help see your star rating.
Unlike comments here, I think most accountants growing a business should encourage Google reviews. But I've given up following any of my listings elsewhere as over ten years they've been completely unproductive.
18th Jul 2019
Whilst I see the complexities, in my industry of hospitality, we've been working on holiday accruing at 12.07% of pay (annual) for some time now. This is fully facilitated by Moneysoft Payroll, which works brilliantly for us.
The client keeps record of actual time off, to marry to the pay given.
24th Jun 2018
As a sole practitioner over 50 I read about MTD with a tad of cynicism. I will be able to deal with anything last minute at least as well as anyone else.
But with no sign of software apart from a handful of outliers I can't see we can do anything much until it arrives.
23rd Apr 2015
The Wrong Ones are Interested!
Sadly my experience is that the people that need a bit of guidance generally have difficulty taking it. You can just see it in their face when I am talking.
On the other hand those that embrace it, we have a great relationship, but they could easily run without it. They are successful because they listen and sponge from all comers, without initial rejection or fear.
22nd Apr 2015
Every discipline should have its individual voice heard, for the entrepreneur at the centre to make a decision. Where I wilt is with accountants, who have never operated anything outside of a relatively academic practice, giving the feeling that they could run a clients business better than them. Which it is usually pretty clear they couldn't because they just don't have the skill-sets.