Member Since: 6th Feb 2013
23rd Nov 2021
That is very unusual to be given such a definitive answer by ICAEW. What happened to the 'You can't rely on any advice that we may provide', or worse still 'we cannot advise you on that matter' which is what I always get.
Who did you speak to? I'll ask for them in future!!
18th Nov 2021
Variation on the theme. I left HMRC as my AML supervisor a few years ago, yesterday morning I received a very threatening email telling me that I hadn't updated my online supervision account with risk assessments, written policies, controls and processes. Further I had a regulatory obligation to have all those in place blah, blah, blah ...penalties etc.
Knowing HMRC I simply ignored their email. 6 hours later I received a further email apologising for their earlier email sent by mistake! We are sorry for any confusion or concern this may have caused.
Fine for me dealing with them on a daily basis and well aware of their utter incompetence, but for a client receiving similar emails they would be very concerned. At least it is all digital, so no chance of any mistakes?!
12th Aug 2021
The good news is that the VAT software writers have been handed the task of writing the software for MRD-ITSA!!
Look how well the managed with the Reporting Capital Gain tax portal?!!
14th Jul 2021
Out of interest, what breed of dogs are we talking about here?
23rd Jun 2021
and a file!
23rd Apr 2021
Will pass on both recommendations to client and hopefully one of them will work. Many thanks
7th Apr 2021
Precisely. If you tried to assist a client with an SEISS application, the question popped up immediately from HMRC 'Are you an agent? In which case you cannot complete this application on behalf of a client' or words to that effect.
Therefore nothing to do with us Guvn'r.
HMRC cannot now demand that we police the previous applications by clients.
I commend NE Accountant's suggestion to the House.
24th Feb 2021
One of my security questions to a call from HMRC was 'What is the client's favourite flavour of ice cream?'. It was with great glee that I told them they had failed security and put the 'phone down.
That kept me chuckling for weeks, and I am still smiling as I type this.
If every accountant receiving a call from HMRC came up with a spurious reason as to why not to take their call, they might just get the message. The alternative is to ask HMRC for anything in writing and advise them that you anticipating replying to their letter in October 2023.
1st Feb 2021
On the cash basis, the combined cost of interest on all loans and the incidental costs of obtaining finance are subject to the £500 cap.
Payments of interest on purchases used in the business are not subject to the £500 cap provided the purchase itself is an allowable expenses. So the interest charges for hire purchase or leasing of plant or machinery is outside this restriction. (Morely & Moore 'A-Z of Business Tax Deductions' published by Bloomsbury Professional)
What HMRC states in incorrect, but it does reduce the allowable claim somewhat if you follow their guidelines.
26th Jan 2021
When I first started my accountancy training we had a similar incident. The bags of receipts/dross were dropped on my desk and I was told to enter all the data. In this instance the receipt was for £15k. Same question to client, fee income or transfer of funds? Couldn't remember was the reply.
We put it down as income to which he squealed, and a partner told us to take it out and put it as funds introduced to a) appease the client and b) reduce his tax liability.
HMRC duly enquired into the funds introduced and lo and behold it turned out to be funds genuinely introduced ..........from an undisclosed offshore account in Jersey.
Cost the client an absolute fortune in the resulting enquiry, I don't know whether or not he was prosecuted because he changed accountants, apparently unhappy with the advice from the partner. If he had declared it as turnover he wouldn't have been caught was his rationale.
How we chuckled!!