Thanks Di. I have the 64-8 but will i need then an additional authority from client to set up a dd? I suppose I will have to bite the "unpaid" bullet and ring both the client for all their details and circumstances, get written authority and then ring HMRC. But how will HMRC know I have authority to set up a dd?
Erm I just did and I still think the idea is iffy - you're not supposed to pay yourself or your wife or your kids or any other shareholder, dividends out of non existent profits - the govt is backing loans here not providing income. Point out to me where I'm wrong don't just tell me to read things again ffs
My goodness There are an awful lot of peeps here having a pop at the writer. This is most odd imho. Clients are notoriously (in the nicest possible way) a) ignorant of tax and accounting detail and b) eager to save money. For the last year or so they have been bombarded with adverts for software that is not only going to make sure they are on the right side of HMRC but also going to simplify their accounting and save them money. Software developers are in heaven as businesses sign up thinking "expensive accountants" are a thing of the past. lol. Even I struggle to set MTD up. Never mind having the mindset or will to check and understand what VAT system I am or should be running. Full marks to the article writer. And HMRC has a temporary windfall. Hopefully the client will write it down to experience and next time ignore all the hype and gloss and happy clappy adverts and get someone to do it for him while he gets on with his business. Accountancy is our bread and butter. The software people and HMRC need to back off a bit.
Not sure that any tax should be made simpler imho. Each case should be treated on it's own merits and for that to work there need to be trained and valued experts who get paid for their time and a common set of rules (like we already have) so that it's not (all) going to be down to which tax inspector and which judge had a bad night, has an overfull court schedule or sees easy pickings and needs to reach a target.
Tax by it's very nature is complex. Perhaps you would like heart surgery to be simplified as well? Tax needs to be complex to deal fairly with different situations and circumstances. Once size fits all approach is a true copout and a dangerous one.
My answers
Thanks Di. I have the 64-8 but will i need then an additional authority from client to set up a dd? I suppose I will have to bite the "unpaid" bullet and ring both the client for all their details and circumstances, get written authority and then ring HMRC. But how will HMRC know I have authority to set up a dd?
Neil I was under the impression that only the client could do this?
Erm I just did and I still think the idea is iffy - you're not supposed to pay yourself or your wife or your kids or any other shareholder, dividends out of non existent profits - the govt is backing loans here not providing income. Point out to me where I'm wrong don't just tell me to read things again ffs
Erm because that would be against the Companies Act or whatever it's called - you can't pay a dividend out of non existent profits?
My goodness There are an awful lot of peeps here having a pop at the writer. This is most odd imho. Clients are notoriously (in the nicest possible way) a) ignorant of tax and accounting detail and b) eager to save money. For the last year or so they have been bombarded with adverts for software that is not only going to make sure they are on the right side of HMRC but also going to simplify their accounting and save them money. Software developers are in heaven as businesses sign up thinking "expensive accountants" are a thing of the past. lol. Even I struggle to set MTD up. Never mind having the mindset or will to check and understand what VAT system I am or should be running. Full marks to the article writer. And HMRC has a temporary windfall. Hopefully the client will write it down to experience and next time ignore all the hype and gloss and happy clappy adverts and get someone to do it for him while he gets on with his business. Accountancy is our bread and butter. The software people and HMRC need to back off a bit.
Good article Thank you John
Not sure that any tax should be made simpler imho. Each case should be treated on it's own merits and for that to work there need to be trained and valued experts who get paid for their time and a common set of rules (like we already have) so that it's not (all) going to be down to which tax inspector and which judge had a bad night, has an overfull court schedule or sees easy pickings and needs to reach a target.
Have to say imho this is deffo a pro blue article. Praying for a hung parliament - time for teamwork again!
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Tax by it's very nature is complex. Perhaps you would like heart surgery to be simplified as well? Tax needs to be complex to deal fairly with different situations and circumstances. Once size fits all approach is a true copout and a dangerous one.