Member Since: 8th Aug 2019
20th Oct 2021
I assume that no SATRs have already submitted for the relevant years.
In which case I would definitely opt for disclosing all years under the Let Property Campaign- however, if HMRC have already issued notices to file I believe he is out of luck.
In my experience the Let Property Campaign team are very reasonable, and in cases where it was accepted to be 'careless' then our offer of 10% penalties were accepted.
You can more often than not get through to the Let Property Campaign team on the phone in under 5 mins, and I have always found them to be very helpful.
I wouldn't say it is a significant amount of work over and above simply preparing the tax returns, but it will unfortunately be something that drags on. It will likely take two months from submitting the LPS until it is actioned, and then if they reject the offer and ask for amendments then you have added another two months at least. Although - you could easily experience these delays dealing with the Self Assessment side of HMRC in any case.
16th Jul 2021
The wording on the email I had is as follows;
"add on Analytics Plus – at no additional cost until 31 January 2022. After this date, the standard pricing of £5 for Analytics Plus will automatically be added to your existing monthly subscription fee."
Slightly ambiguous, but I am reading this to mean that you can optionally add 'Analytics Plus' to your account, which will be free until January 2022 - thereafter you are charged.
I have just gone in to a client to look at the 'Business Snapshot' page, and can see at the top right it has a button 'Upgrade to Analytics Plus'.
I believe it is not being forced on anyone, and is actually opt-in.
I do take your point about Xero becoming arrogant in their approach though, I have felt that more & more over the past couple of years.
14th May 2021
I've just found a formula in Excel that looks like it is a very simple solution for your case, but it would appear it only works in the latest version - I seem to be a couple of version behind so can't test it myself.
13th May 2021
Assuming the 'code number' is always unique on 'Tab One', then I would tackle this with an INDEX MATCH. If there can be multiple entries with the same 'code number' then you'd have to use some kind of array.
On 'Tab Two' I would suggest using cell A1 as your input (type the code number you want to search for), then in cell A4 use the formula as follows;
=INDEX('Tab One'!A2:E5,MATCH('Tab Two'!A1,'Tab One'!E2:E5,0),1)
The above will search for the 'code number' you type in cell A1, and return the data from the first column in the table (date).
In cell B4 you can past the above formula again, but at the end of the formula replace the 1 with a 2. That will now return the data in the second column of the table.
Paste the formula in to cells C4, and D4 - but replace the final number with a 3, & a 4. That will then return the data from columns 3 & 4 of the table.
I hope this helps.
11th Aug 2020
I believe the term 'Employee Shareholder' refers specifically to a class of employees who gave up certain statutory rights in exchange for shares.
I have never come across these myself, but do recall these being a short-lived scheme.
The Rossmartin article appears to contain a lot of detail on this;
16th Jan 2020
I have two suggestions;
One - Are you using multiple currencies? The old style 'Supplier Invoice Report' defaults to GBP only, whereas the newer style 'Payable Invoice Summary' includes all currencies by default.
Two - On the 'Payable Invoice Summary' have you included a filter of 'Status' to show only; Active, Approved, Billed, Current, Paid, Declined? By default this report includes other invoice types, ie draft, deleted, void etc.
If neither of the above then I am out of ideas.
2nd Jan 2020
Investment property cost is 563/1
The revaluation is 563/5
I renamed code 970 to 'Non-distributable reserves'
Then renamed 968/5 and 970/5 both to 'Fair value transfer', and use these to transfer the gain/loss on revaluation (net of deferred tax) out of the regular P&L reserves to a separate code to keep track of them.
2nd Jan 2020
Q1) I faced this recently and disclosed the net movement.
Q2) The way I have been dealing with the P&L effect of the fair value adjustment is to post to Iris code '410 - Gain/loss on revaln of assets'. This shows as a separate heading on the P&L.
10th Oct 2019
Very good point.
This is something Xero introduced on the new MTD style returns, so it is not available on the old style VAT return.
10th Oct 2019
You could post a bill/invoice in the latest quarter to include the VAT amount owed to/from HMRC, and set nominal to suspense. This will include the VAT amount on the return.
Then post a credit note against the invoice/bill for the same gross value, but VAT set as No VAT.
Then post a journal between suspense and VAT to clear the suspense & reverse the double counted VAT.
I'm assuming accruals scheme - if cash basis then you would need to pay off the invoice/bill via a dummy bank account rather than use a credit note, and then transfer the same out against suspense/VAT.