I seem to have the wrong clients....none of mine have gifted me £89,000:-(
I'm pretty sure the latest version of QB desktop is MTD compatible.
I don't think Mark's firm's fees are an issue, they are transparent and potential clients/clients have a choice, so I cannot see how it can be considered a 'con'. Like me he probably offers what clients perceive to be value for money services, yet I charge more than most local accountants. Clients are 'happy' (through gritted teeth, but in some cases actually happy!) to pay because they think I am better for some reason.
...."the reality is the next day the sun still comes up and life goes on".....Sorry, I thought you lived in the UK! Where else is MTD being introduced - the Caribbean?:-D
To take a live example....Xero, which we admittedly do not use unless forced to...staff scratching head trying to reconcile bank on Xero, 'Bank Statement' tab on bank rec feature nowhere near correct balance, even though bank feed is used by client. Can't phone Xero, have to e-mail them. They send automated response e-mail back - response time expected to be 7 hours. If we have a further query another 7 hours?
QBO, using their bank rec feature we reconciled 11 months of bank statements in 10 minutes. If there had been any problems we could phone their support line and get an immediate answer or screen share to resolve.
To be fair to Xero, the client has probably entered manual transactions to the bank and messed it up, but how can something be called a 'Bank Statement' when it isn't and doesn't agree with the real bank balance? And why is it necessary to wait 7 hours for an answer? Xero and QBO cost a similar amount so why no UK phone support?
I'm not saying QBO is so wonderful, all software has flaws and I'm sure Xero is better in some areas, but to me for the price QBO does the job better than most and the UK phone support clinches it.
I imagine the Editorial team wants or gets paid for these articles/blogs, they allow plenty of these self-promotions.
Recommending Xero to clients would be the last thing I would do. The support is dreadful, often taking 24 hours to give a wrong answer and only e-mail support, so if the answer is wrong you have to ask again and wait another 24 hours. Reporting is also inferior in many instances to QBO.
I must be an abnormal accountant because I do offer advice and tax planning to those clients that can afford to pay me (and a few that can't)!
As Keith correctly states, HMRC has known about these arrangements for many years and such arrangements were so widespread they could reasonably be believed to be acceptable as far as HMRC was concerned. There was no public statement denouncing them and on this basis if you are offered the opportunity to pay less tax and NI under what appeared to be accepted and widely used arrangements who would not take up the offer?
For HMRC to then retrospectively decide that the arrangements, which were widely known and used, were not acceptable is very unfair. Most taxpayers would have spent whatever their net income was several years ago, in many cases on their families, education, housing, etc and are now faced with financial hardship and potentially bankruptcy.
Fully agree, I find QBO more intuitive, they also have telephone support, which is far superior to Xero's unbelievably slow and useless e-mail support and QBO reporting is, in my opinion, much better than Xero. But it is obviously horses for courses, if you're a Xero lover then you're used to Xero's ways and vice versa for QBO. All have room for improvement!
I've had no problem connecting the most banks to QBO. HSBC, NWB, Virgin, Santander, Lloyds TSB, Barclays, etc all work fine, plus most credit cards can be connected.
Xero spend zero on customer support in the UK, at least QBO has phone support that can deal with issues pretty much immediately in the vast majority of cases. Xero only has e-mail support takes 24 hours to e-mail back from them, then the suggested solution doesn't work, have to wait another 24 hours to get another response, etc. As an accountant I can't work like that, I need my team to get accounts out efficiently. QBO reports are also far superior to Xero in my opinion.