Member Since: 16th Aug 2018
4th Nov 2019
Need to cancel my account here. Too many HMRC officers masquerading as commentators. I can't believe the amount of praise and support HMRC gets on Aweb.
22nd Oct 2019
There are a large number of businesses out there that are not able to get the digital links in place. HMRC are finally recognising this but make it look as if it is a small minority.
Will they publish the number of businesses that are granted the exemption ? I would be curious to know. How long will the exemption last ?
Many businesses are using ERP systems that their overseas parent and affiliates use and it is simply not practical (and costly) to modify the software just for the sake of UK's MTD. In addition , how do you consolidate international subsidiaries when you start to mess around with one local software. I have come across some businesses that face this problem.
There are also other scenarios where businesses use customised software and the MTD modification is simply not possible or viable from the point of view of the provider. As usual HMRC are showing their complete lack of understanding of business reality.
The offer of an extension will do nothing except reveal to HMRC the extend to which MTD has adversely affected businesses .
10th Oct 2019
In the real world , Desktop still rules and will continue to do so. I am sure that Intuit knows that.
Almost all medium-size businesses I have been involved with , that are based in the US, currently use Quickbooks Desktop Enterprise. For them , online will never be an option due to the inferior features or lack of features.
In the UK, I have seen clients refuse to go to online simply because they would not be able to continue running their business if they move away from Desktop.
I am aware of the praise for cloud software in the UK ; mainly emanating from small one-man businesses (or small clients with basic simple Purchase Ledgers, Sales Ledgers and basic stock system) and their accountants. Strange that they are able to make big noises and distort the overall picture .
Desktop accounting software will always exist and will always be cherished. The wiser software providers know that. For that reason, I believe Intuit will always be strong and successful. It will , I am sure, carry on producing desktop software alongside online whereas the others are putting all their eggs in the cloud basket.
The discontinuation of payroll on desktop is no big deal. In fact the vast majority of Quickboks Desktop users in the UK never used the payroll feature when it was introduced. They preferred to stick to the stand alone payroll software or use a payroll bureau.
3rd Oct 2019
Justin Bryant wrote:
Isn't this the least of their concerns? Comrade Corbyn and his Marxist cronies want to more or less nationalise the BTL market. I'd be a lot more worried about that if I had loads of BTLs
That is true. It would backfire though, should it happen. Landlords will just put money elsewhere; creating shortage in available private properties for councils to let. Expect more tents around cities .
23rd Sep 2019
Ian McTernan CTA wrote:
I think the solicitor should have a duty to check whether any CGT is due before they release the funds- this will at least ensure that clients know a return is due.
That would be a nightmare scenario. Property owners expect funds to be transferred on completion date; not 3 or 4 weeks later because solicitor is not an accountant and does not have tax info to hand or will not accept the assurances of the client.
If the rules are there (i.e. due 30 days) and penalty system in place , what is it not enough ? Why should tax be deducted at source ? Are we irresponsible children ?
Both my wife and I own BTLs and we have been through many disposals and paid all our CGT(often cripling) on due dates whilst welcoming the time given to pay. Now it is all changing and HMRC what their money 30 days later. At least we can hold that money for 30 days and make it work. I doubt that the government would consider what you propose unless it is a new government that hates the idea of a second homes and BTLs and wants a punitive system in place.
18th Sep 2019
Academics haven't got a clue. They come up with all those standards which makes financial accounts totally useless. Nobody actually looks at them anymore or believe they give out useful information.
Some much time wasted in keeping up with all the new rules and standards. All of which are nothing more than window dressing and page-filling exercises.
16th Sep 2019
It's the world gone upside down.
-Online gambling companies everywhere you look ,including mainstream TV channel
-Loan sharks shamelessly advertising their >1000 % interest rate on TV
-Cannabis , which has a connection with violent behavior, entering the mainstream.
Hats off to any accountant who steers away from those businesses.
11th Sep 2019
There is something very wrong with HMRC. So much so that one cannot help equating HMRC to pure evil. Countless lives are being destroyed. Decent people ( some considered pillars of society) are being set upon with retrospective legislation . In most cases , those taxpayers were following advice of lawyers and accountants.
We have seen the witchhunt aimed at the broadcasters; e.g. Ms Ackroyd having to cough up nearly £500k. Loraine Kelly, on the other hand was lucky and won. Otherwise her life would have been destroyed as the amount claimed was much higher.
I think HMRC has crossed the red line. How can the government allow this way of treating citizens who have not knowingly done anything wrong.
The latest targets are the PSCs working with GSK. Who will be next? Doctors and dentists are already being considered as potential tax dodgers; so have actors and broadcasters. I guess the next target will be church ministers.
If the government wants more money all it has to do is scrap HS2 and save £62 billion and also scrap hundreds of other wasteful projects. Don't rip the heart out of your citizens.
10th Sep 2019
They will probably do exactly the same ; except disguise it all under the umbrella of diversity and inclusivity. At the end of the day , it will be all about money.
9th Sep 2019
What hope is there if the OTS consists of academics who have never had a proper job and have no idea what the real world is like.
Being a landlord, who has had to deal with trouble tenants who don't pay, I do not know where I would start when trying to illustrate to the OTS the inherent problem of PAYE for self-employed and landlords. Even more difficult would be to try and explain to them the benefit of cash flow when trading. Running a business is not the same as being an employee on a regular salary who also has the protection of redundancy money (guaranteed by the govt)