As an accountancy practice, the scenario you talk of is very possible every time.
We receive the payroll information and process the payroll on a Monday for a Friday payday and email the reports to the client, we won't submit until they respond that they are happy and it is all correct.
It can be Thursday before they let us know so we can email the payslips out and although we would submit the RTI on the Friday, the day the staff get paid. For all we know the employer could pay them on the Wednesday because they are having a few days off. We wouldn't know unless they tell us. ( We make it clear the report has to go in on payday or the day they are paid.)
This doesn't make sense to me, when RTI came out, we were told about the 'on or before' rule, which specifically stated that the FPS had to be submitted the day they got paid if this was before the pay period day. So if monthly pay is due 31st December for a pay period up to 31st December, but they were paid on the 22nd December (early), the FPS would have to be submitted on the 22nd December.
Thanks. When a client has made a loss in the 19/20 year, my software adds it back and applies tax to it if I put it under the coding for grants. So I am using a separate code within the trading income section now.
I know, but with this JRS being a Grant for income purposes, but not trading income I am just wanting to be certain with the JRS grant being new, that they are not treated differently in any way.
Thanks Lisa
It's a good idea, but my experience is the client forgets and then I am working on the job and can't gain access and have to wait for a time when the client is back in the office and can provide the information.
I think the main problem I am trying to convey out there, is that Nat West are hindering accountants unlike others with their mindset that they won't provide limited access to business accounts to agents without making a charge when others are doing this without charge. The world is now a digital place and accountants are utilising the entries digitally more than ever before.
Lionofludesch, I would like to log in online and view bank statements and also set up bank feeds in Sage for 2 clients who bank with Nat West. But its not possible for me to be set up with online banking via Nat West unless I want full access, which I don't. And they won't want to pay for bankline to achieve it.
Currently in Sage, the client would have to call into my office and input their log ins for the bank to set up bank feeds ( they are some 35 miles away) so I have to manually enter all the transactions into Sage, and they have to email me csv's of bank statements.
My answers
As an accountancy practice, the scenario you talk of is very possible every time.
We receive the payroll information and process the payroll on a Monday for a Friday payday and email the reports to the client, we won't submit until they respond that they are happy and it is all correct.
It can be Thursday before they let us know so we can email the payslips out and although we would submit the RTI on the Friday, the day the staff get paid. For all we know the employer could pay them on the Wednesday because they are having a few days off. We wouldn't know unless they tell us. ( We make it clear the report has to go in on payday or the day they are paid.)
This doesn't make sense to me, when RTI came out, we were told about the 'on or before' rule, which specifically stated that the FPS had to be submitted the day they got paid if this was before the pay period day. So if monthly pay is due 31st December for a pay period up to 31st December, but they were paid on the 22nd December (early), the FPS would have to be submitted on the 22nd December.
I never submit a furlough claim until I have done the following:
1. Emailed client with calculations for all employees and total claim to be made.
2. Ask them to check them over and confirm if they are happy to submit them on this basis.
3. Receive email giving authority to submit on their behalf, as having been checked and agreed by client.
As other posters have said, it is impossible to add every scenario into an already comprehensive engagement letter.
Thanks Sarah
Absolute Tax. It took it away in the tax comp, which increased the loss to carry forward, then proceeded to tax the grant amount at 19%.
Thanks. When a client has made a loss in the 19/20 year, my software adds it back and applies tax to it if I put it under the coding for grants. So I am using a separate code within the trading income section now.
I have now been advised to code this the same as trading income so it offsets in the tax comp. Thank you for replying earlier.
Hi Matrix
I know, but with this JRS being a Grant for income purposes, but not trading income I am just wanting to be certain with the JRS grant being new, that they are not treated differently in any way.
Thanks Lisa
It's a good idea, but my experience is the client forgets and then I am working on the job and can't gain access and have to wait for a time when the client is back in the office and can provide the information.
I think the main problem I am trying to convey out there, is that Nat West are hindering accountants unlike others with their mindset that they won't provide limited access to business accounts to agents without making a charge when others are doing this without charge. The world is now a digital place and accountants are utilising the entries digitally more than ever before.
Lionofludesch, I would like to log in online and view bank statements and also set up bank feeds in Sage for 2 clients who bank with Nat West. But its not possible for me to be set up with online banking via Nat West unless I want full access, which I don't. And they won't want to pay for bankline to achieve it.
Currently in Sage, the client would have to call into my office and input their log ins for the bank to set up bank feeds ( they are some 35 miles away) so I have to manually enter all the transactions into Sage, and they have to email me csv's of bank statements.