Familiarisation costs: £7 to £100 Re-pricing costs: £25 to £600 Extra bookkeeping checks: £13 to £450 Extra accountancy fees: £25 to £250 System changes/upgrades: £13 to £325
The spread is from small businesses to large businesses. I am not sure whose figure is more wildly inaccurate!
"consider that most small companies do not pay CT, or pay very little, because they need to withdraw most of their profits as salary"
Am I missing something? Not a single one of my companies pay salaries over and above the personal allowance.
The new business payments plan seems to be immediately in effect. One of my clients has already taken advantage of this to settle their corporation tax in instalments. All done over the phone in a single call.
- Big increase in nil rate IHT band - SDLT thresholds increased - No SDLT on VAT element of property purchases - Postponement of increase in SCR to 22% - Further postponement of income shifting rules - Reduction in rate of employers NI
Paid for how?
- Increase in higher rate NIC'ees from 1% to 3% - NI applicable to close company dividends (but not to be announced until March budget in order to reduce ability to start paying out massive dividends in advance of proposals becoming law).
If you say, for a fixed fee, you will prepare accounts, tax returns and deal with all correspondence to and from HMRC then I guess that is no problem.
If you write to all your clients and say for an additional £100 per annum I will deal with an enquiry should one arise, then that is stepping into the realms of insurance.
I believe you will also be offering insurance if you use fixed fees and you differentiate between those for whom you do cover enquiries (at a higher set fee) and those for whom you do not.
Of course most accountants wanting to 'self-insure' their clients in this way will want to differentiate the fee in order to show their clients how much cheaper it is to pay their higher rate rather than take out separate fee insurance with someone else.
And therein lies the problem for those accountants. It's illegal.
..is that your clients are paying for a known product. Accounts and tax return. How you get to that final product is down to you and will vary case by case, year by year.
Dealing with an investigation/enquiry is not a known event. It may never happen.
Therefore you are insuring against an uncertain adverse event.
My answers
Agreed..
I think we are all sometimes guilty of interpreting the way we want to (just think about the application note g debacle).
In this case I am firmly in the yes then no brigade, as I was last year with no employer compliance reviews as yet.
P.S. Dragonfly? Why did the PCG ever back that case!!
And your question is?
I'm not sure that the 'Any Answers' section of this website is the appropriate place to start blogging your articles.
There is a blogs section here. Perhaps you would be kind enough to relocate.
Any news on how this went?
-
Treasury Impact Assessment can be found..
here.
Familiarisation costs: £7 to £100
Re-pricing costs: £25 to £600
Extra bookkeeping checks: £13 to £450
Extra accountancy fees: £25 to £250
System changes/upgrades: £13 to £325
The spread is from small businesses to large businesses. I am not sure whose figure is more wildly inaccurate!
Hmmm..
"consider that most small companies do not pay CT, or pay very little, because they need to withdraw most of their profits as salary"
Am I missing something? Not a single one of my companies pay salaries over and above the personal allowance.
The new business payments plan seems to be immediately in effect. One of my clients has already taken advantage of this to settle their corporation tax in instalments. All done over the phone in a single call.
One should never..
..[***] u me.
My predictions...
- Big increase in nil rate IHT band
- SDLT thresholds increased
- No SDLT on VAT element of property purchases
- Postponement of increase in SCR to 22%
- Further postponement of income shifting rules
- Reduction in rate of employers NI
Paid for how?
- Increase in higher rate NIC'ees from 1% to 3%
- NI applicable to close company dividends (but not to be announced until March budget in order to reduce ability to start paying out massive dividends in advance of proposals becoming law).
You heard it here first folks!!
I guess it depends on how you sell it..
If you say, for a fixed fee, you will prepare accounts, tax returns and deal with all correspondence to and from HMRC then I guess that is no problem.
If you write to all your clients and say for an additional £100 per annum I will deal with an enquiry should one arise, then that is stepping into the realms of insurance.
I believe you will also be offering insurance if you use fixed fees and you differentiate between those for whom you do cover enquiries (at a higher set fee) and those for whom you do not.
Of course most accountants wanting to 'self-insure' their clients in this way will want to differentiate the fee in order to show their clients how much cheaper it is to pay their higher rate rather than take out separate fee insurance with someone else.
And therein lies the problem for those accountants. It's illegal.
The difference, Arnold..
..is that your clients are paying for a known product. Accounts and tax return. How you get to that final product is down to you and will vary case by case, year by year.
Dealing with an investigation/enquiry is not a known event. It may never happen.
Therefore you are insuring against an uncertain adverse event.
This is nothing new.
S392 Jason?
Overlooked by me certainly - what is it in relation to start-ups?