Yes you do have to restate at 1/1/15. This is advice from 3 Mercia courses I've been on plus the institute technical team webinar!
Touch with a barge pole. [comment moderated - ed]. As others have said, set up on your own and build up from there. if you go down the franchise route you might as well spend an hour shredding a few grand!
Stop moaning and grow up!
I would happily go for a meetup. But I suspect it is full of whingers and moaners. I don't hide behind my keyboard; I use it as a shield from the idiots.
It often surprises me just how many people moan and complain about this site. It's free, it's informative and it's a means of getting support.
Some people need to get a grip and stop whining! its a few technical glitches - nobody is dying!
For your responses. We have 6 straight forward medium sized companies (all under (20m turnover) and 5 academies. We have proposed fee increases but none of the academies will accept fee increases and only 2 of the other clients will allow us to increase their fees as they themselves are having cash flow problems.
We had a QAD visit a couple of years ago and they found a few issues with our files. It's actually all the protocol involved in closing a file down and planning that takes the time. The standards are not fit for smaller audits in our opinion and to do what QAD expect means spending weeks and weeks on a file only to lose thousands in write offs as the clients can't/won't allow fee increases.
It's literally a catch 22 situation. We are damned if we do and damned if we don't. Either way it's looking like 2 staff will lose their jobs in a few weeks because we can't sustain the losses anymore. When I first started in audit 30+years ago it was more or less common sense. Now it's bureaucratic nonsense that seems to serve no purpose for us or the client.
Thanks again for your input.
No it is not a joke!
The clients computer system was down for 2 days and then the key accounts staff were on holiday.
We have had to significantly reduce this fee because the client is having a difficult time.
Given the comments it looks like we are going to have to complete the audit.
HMRC and cash basis
"HMRC & C allow small businesses/ self employed to submit their accounts on a cash basis"
This is not correct at all. If this is correct where is the authority on this from HMRC - link please.
Definitely Euan McLennan for his answers and Steve Collings for his articles which have helped me over this past year.
No it was purchased goodwill. The technical line said it was ok to retranslate but the reviewer says it isn't. Very confusing.
I think 3 months is a bit too optimistic especially if you consider these proposals are for the very small clients most of which probably don't have a full time bookkeeper and take ages. Most of our clients are like that. What's the big deal about filing in 3 months anyhow? As others have said the proposals are nonsensical to say the least.
Most helpful has to be Euan Maclennan
Least helpful has definitely got to be ronald angus. He is awful.