Thanks for your comment. There was a great deal of work involved going over the income generated by the business to in order to confirm all the figures supplied were legitimate and the consultant took a very active involvement in helping with this which helped to push the deal through.
Thanks for your response and I am aware how EIS relief works. I don't understand your comment that the gain disappears i thought the whole point is that it is deferred. ie..if a higher rate taxpayer disposes of his residential rental property in 2016/2017 realising a gain of £500,000. After the annual exemption his gain would be 488,900 and tax at 28% would be £136,892. However if he invests £488,900 in an EIS shares which he later sells for £488,900 the deferred gain would be taxed at 20% (£97,780), a saving of £39,112 as opposed to disappearing.
This is the way it is detailed in various examples by providers and tax articles hence my question if other accountants had clients deferring residential gains in the same way.
Pretty much have the same reaction as everyone else. In the past we used PTP as a simple tax product without any issues and good support. Once PTP was aquired by IRIS we noticed an immediate drop in the level of service and increased costs and after a great deal of convincing from IRIS sales we moved to the IRIS cloud product IRIS Opentax as it was sold as the future. This proved a very bad move as the product had many bugs and issues and very poor support having to leave messages with no call back and we were not surprised to hear they ceased the product last year. We moved to taxfiler as a result and have been very happy to date and we were very disappointed to hear that IRIS has swallowed up another small competitor and can only hope it doesn't lead to increased fees and reduced support as previously experienced.
I've recently called HMRC to chase up a repayment from loss carry back by amending a CT600 online and have been told it has to be done manually and the expected time for the responsible team to deal with it.....12 weeks. If only our clients were happy for us to reply to their requests within that time frame...not likely!!
Agree with general consensus below that by sending an email confirming you have received the clients email and giving a realistic time you will deal with it normally keeps the client happy.
Thats for all the responses. I dont have much information other than what my client has told me as she was concerned that her sister was ignoring the letters from HMRC. I will tell my client that she should inform her sister that this needs to be dealt with ASAP and that HMRC wont just go away and she should speak to the legal representatives and hopefully she will do so before HMRC gets more aggressive.
Thanks for comment and I agree that it is unlikely HMRC will just walk away without investigating where the proceeds have gone. I have asked my client to see if her sister can get as much paperwork together as possible relating to purchase and sale and hopefully with the various reliefs available the gain can be reduced significantly.
He would be advising on both.
Great. Thanks for the advice....I will do as suggested.
The gross supplier invoice should be entered including the retention so that the full amount is entered on the profit and loss in the year the invoice was issued and this will leave the retention showing as creditor to the company on the balance sheet. When the retention is paid it will clear down the creditor balance.
yes...we do use dropbox to
yes...we do use dropbox to allow our clients to send us their accounts papework. The query was referring to backing up our exchange sever (emails) and SQL databases as shirley has mentioned.