Thanks for that. I've been looking at the Microsoft Excel help and it seems to me that I need to name the cells in my Client's spreadsheet where he's worked out his VAT as VATbox1; VATbox2 etc. I've then need my VAT template spreadsheet to find the data. I've found a link on Microsoft's Help https://support.office.com/en-us/article/create-an-external-reference-li... which tells me how to do this. Am I on the right track here?
Thanks for putting a word in for me. I am a Chartered Accountant sole practitioner seriously looking for some suitable and affordable Bridging software and I have no connection with this or any other software house. I did query the price and £36 is for a client version. I couldn't find any add on charges. Of course an agent version is more money and how much more depends on how many clients you are taking a licence for.
I am struggling to find bridging software that you describe. I have lots of small clients who use excel spreadsheets. Generally they export their bank accounts into a csv file (maybe once a month or a quarter) and then copy and paste columns as necessary into a bank page on their excel spreadsheet. They type a description of the item in a separate column and there is a balance column that I have previously set up with a dragged down formula that needs to agree to the balance on the bank statement. I also insert a pivot table that they can refresh as often as they like to give them year to date figures. Where do I find software to bridge from here to the HMRC website? I don't think paying a one off £40 plus VAT would be a problem but don't see the point in annual charges for cloud based systems. Who is offering this please? I think that VT and the neilson bridge software would work for bigger clients but what about the client who is only just managing to figure out how to do a list on a spreadsheet?
My client has now received a refund of £900 daily penalties by not £400 fixed penalties. HMRC says it doesn't have discretion on the latter. The refund of the daily penalties is as a result of a review of representations arising from HMRC's customers and agents. So keep up the good work everyone who posted helpfully on this blog.
How churlish that they couldn't repay the whole penalty for a disposal so early in 2015/16!
Wanderer's link on the gov website says that the primary employment of the director is with the PSC and secondary employment with the public sector fee payer who will operate a BR tax code. What is my client to live on if her income suddenly drops by having 20% tax deducted from the full payment?
Point 15 of the item for which Wanderer provides a link
says PSC will still have to send in a FPS with the payment to the director shown as payments not subject to tax. My sole public sector client caught up in this will have to pay a monthly fee for her payroll support and a fee to me for her annual accounts. Do these produce a corporation tax loss as she has no income other than the public sector fee payments which are received after tax & Nic. The 5% to cover costs is abolished so does she have to pay this effectively out of her own pocket?
You are right. The no gain no loss has to be in the circumstance of a husband / wife transfer or some such, not just a gain that happens to be nil by reason of not selling the house for enough money to generate a gain in excess of costs and allowable deductions. I have received a letter from HMRC dated 30 January 2017 telling me that my appeal, dated 8 September 2016, is not accepted. It's taken nearly 5 months for them to reply. I understand from other contributors to this forum that HMRC are ruthless in their application of penalties so my client will need to pay up.
So just to be doubly clear. The sale of Vat-able goods to the USA are zero rated not exempt, so there is no problem with the reclaim of input tax. The decision to register for VAT is a voluntary one (despite actual turnover being well in excess of £83K) and recovery of input Tax would seem to be the main reason for doing it.
My answers
Thanks for that. I've been looking at the Microsoft Excel help and it seems to me that I need to name the cells in my Client's spreadsheet where he's worked out his VAT as VATbox1; VATbox2 etc. I've then need my VAT template spreadsheet to find the data. I've found a link on Microsoft's Help https://support.office.com/en-us/article/create-an-external-reference-li... which tells me how to do this. Am I on the right track here?
Thanks for putting a word in for me. I am a Chartered Accountant sole practitioner seriously looking for some suitable and affordable Bridging software and I have no connection with this or any other software house. I did query the price and £36 is for a client version. I couldn't find any add on charges. Of course an agent version is more money and how much more depends on how many clients you are taking a licence for.
If you have the magic software solution I would be pleased to know what it is.
If you have the magic software solution I would be pleased to know what it is.
I am struggling to find bridging software that you describe. I have lots of small clients who use excel spreadsheets. Generally they export their bank accounts into a csv file (maybe once a month or a quarter) and then copy and paste columns as necessary into a bank page on their excel spreadsheet. They type a description of the item in a separate column and there is a balance column that I have previously set up with a dragged down formula that needs to agree to the balance on the bank statement. I also insert a pivot table that they can refresh as often as they like to give them year to date figures. Where do I find software to bridge from here to the HMRC website? I don't think paying a one off £40 plus VAT would be a problem but don't see the point in annual charges for cloud based systems. Who is offering this please? I think that VT and the neilson bridge software would work for bigger clients but what about the client who is only just managing to figure out how to do a list on a spreadsheet?
My client has now received a refund of £900 daily penalties by not £400 fixed penalties. HMRC says it doesn't have discretion on the latter. The refund of the daily penalties is as a result of a review of representations arising from HMRC's customers and agents. So keep up the good work everyone who posted helpfully on this blog.
How churlish that they couldn't repay the whole penalty for a disposal so early in 2015/16!
Wanderer's link on the gov website says that the primary employment of the director is with the PSC and secondary employment with the public sector fee payer who will operate a BR tax code. What is my client to live on if her income suddenly drops by having 20% tax deducted from the full payment?
Point 15 of the item for which Wanderer provides a link
says PSC will still have to send in a FPS with the payment to the director shown as payments not subject to tax. My sole public sector client caught up in this will have to pay a monthly fee for her payroll support and a fee to me for her annual accounts. Do these produce a corporation tax loss as she has no income other than the public sector fee payments which are received after tax & Nic. The 5% to cover costs is abolished so does she have to pay this effectively out of her own pocket?
You are right. The no gain no loss has to be in the circumstance of a husband / wife transfer or some such, not just a gain that happens to be nil by reason of not selling the house for enough money to generate a gain in excess of costs and allowable deductions. I have received a letter from HMRC dated 30 January 2017 telling me that my appeal, dated 8 September 2016, is not accepted. It's taken nearly 5 months for them to reply. I understand from other contributors to this forum that HMRC are ruthless in their application of penalties so my client will need to pay up.
So just to be doubly clear. The sale of Vat-able goods to the USA are zero rated not exempt, so there is no problem with the reclaim of input tax. The decision to register for VAT is a voluntary one (despite actual turnover being well in excess of £83K) and recovery of input Tax would seem to be the main reason for doing it.