Member Since: 29th Jun 2004
5th Feb 2019
This article is quite interesting. I do see myself in some of what is written.
However, I would say that 95% of my clients want nothing more than compliance and will be reluctant to pay for "fancy" advice. They are one-person businesses who don't want the hassle of expanding/growing etc. Think of all the extra compliance problems that might bring for them. They just want to earn a living.
No offence taken by me but to suggest that those sorts of clients by their very nature are destined somehow to receive a LAZY service might offend a few out there.
25th Oct 2017
Thanks for the warning. Is there a link to an HMRC statement of some kind please?
Do we know whether this will affect companies at the end of their lives? HMRC allowed paper filing etc. for the sake of expediency.
9th Jul 2015
Class 4 NIC
I couldn't agree more with what Michael C Feltham writes above.
If Class 4 was paid into a nice little personalised retirement pot for the self-employed payer, we wouldn't have had half of the incorporations that we've seen in the last 15 years. Otherwise it is a way of saying that the self-employed pay basic rate tax at 29% instead of 20%.
11th Sep 2014
Sorry if I'm missing the obvious but there are three criteria for determining whether an entity qualifies as a micro-entity. However, the table taken from the consultation document shows only turnover as being relevant in determining which accounting standard can be used.
Does this mean that it is proposed that an entity may qualify as a micro-entity by being within the balance sheet total and number of employees criteria but won't be able to use FRSME as its turnover is greater than £632,000?
Thanks in advance.
28th May 2012
Delay in receiving reminder letters
I received three reminder letters dated 29th April 2012 on 26th May!
Not at all helpful and what a waste of money.
27th Jun 2011
You article deals with enrolment and I don't want to moan about other aspects at this point, but it is what comes after enrolment that concerns me and how soon after enrolment.
Consider your paragraph headed "Who?" please:
"....the meeting I attended made it quite clear that for the initial enrolment, all of those currently practising in tax as a paid agent would be entitled to enrol on the “professional agents” database.". How de we view the use of the word "initial"? Presumably it means that after the initial enrolment, NOT all of those currently practising in tax as a paid agent would be entitled to remain enrolled?
At the said initial enrolment, how will HMRC know who is a "paid agent"? If you study the data set suggested in the Condoc, only the last item will provide conclusive information as to who is a paid agent. So is HMRC going to insist on this irrespective of what we are prepared to provide?
"HMRC has no intention to discriminate at this point...". Does this mean that HMRC intends to discriminate at some later point?
I then refer to the bullet points concerning agent engagement on page 30 of the Condoc. These points (and possibly others) will hit after initial enrolment: Client/Agent performance indicators; Formal Qualification(?); "Bookkeeper" not able to Self-Serve(?); HMRC refusing to deal with agents.
The profession is being consulted, but all of these things could be forced on us very soon after "initial enrolment".
I'm afraid that I don't trust HMRC to handle the Agent View and we should be very careful about what information has to be provided for enrolment.
10th Jun 2011
Nichola: P11D howlers
You refer to s316 ITEPA 2003. Doesn't this section relate to "benefit-type" rather than "reimbursed expense-type" situations?
10th Jun 2011
Use of debit cards
MacDonald9 asked about the use of debit cards in two scenarios. I've always treated the two scenarios differently, but I'm unsure whether I'm correct.
Where a director purchases an item for the company and uses the company debit card, I regard that as the same as paying by company cheque - nothing to report on the P11D.
Where the director pays using his private debit card and is then reimbursed, he is effectively making an expense claim so an entry is required on the P11D
Any alternative treatments?
22nd Sep 2010
Avoidance and evasion of tax
In the past month I have socialised with my closest friends and over a drink each of them admitted that they are aware that they are underpaying tax or have underpaid tax in recent years. One is self-employed and the others are regular employees. The underpayments are due to a variety of reasons, some honest errors, others arise through not understanding the law, and the remainder are just theft.
As a taxpayer, it concerns me that several people (basically selected randomly) are ALL underpaying tax. I wonder what proportion of taxpayers actually do pay the "right amount of tax"?
It also concerns me that HMR&C doesn't seem to have the resources to detect potential underpayments.
I think that I welcome the initiative that has been announced. Hopefully it will deal with and eliminate the large-scale evaders, and in time will move down the ladder and target smaller businesses and individuals.
In my experience, smaller businesses are well aware that they are under the radar, as HMR&C has its sights set on far larger targets. Cash jobs, over-claims of expenses, benefits in kind going unreported etc. are all very very common; much more common than most people would imagine.
Of course, I control my own clients so they are not at risk. But it does make me wonder whether all accountants actually know what their clients are up to.
I'm not attacking the profession, but something somewhere is very very wrong.
10th May 2005
Reply to A W B Ross
I have had this problem and have given a fix by the helpline as follows:
"To resolve this error please Log out of the site completely please make
sure you click the "logout" link even if it appears that you have
already been logged out.
Clear all temporary Internet files to do this, open Internet Explorer
and select 'Tools' from the menu bar at the top of the screen. A drop
down menu will appear, select 'Internet Options', and then in the
window that opens, select 'Delete files' under the heading 'Temporary
Internet Files'. This may be different depending on the system and
browser combinations you use. The length of time that this will take
depends on how many files have to be deleted. Then restart you web
browser and access forms again. It is important, you MUST close down
and restart the browser.
If this does not resolve this please contact us on 0845 6055 999 where
one of our advisors will help you further."
As it happens I didn't need to do it as when I tried to log on the following day everything worked fine. So I can't give any indication whether the fix does actually work. Nor do I know the implications of deleting temporary internet files.