Member Since: 27th May 2016
16th Apr 2021
Xero has something similar but it is restricted to only accountants.
So NatWest wants to get rid of the smaller accountants. I will no longer ever recommend them.
23rd Sep 2019
This was the original plan but the Law Society persuaded the HMRC that solicitors know nothing about tax .... and that is the role of accountants
18th Aug 2019
In a perfect world the HMRC would only send the threatening letters to taxpayers who had £17,000 or more in box 1. (Obviously an advantage to zero rated or reduced rate suppliers) Then send a more polite reminder letter for VAT registered business with a box 1 amount of less this amount. However ....
As any one seen a letter yet.
16th Aug 2019
Back on 1 March 2019 I said on this good forum
"Filing penalties do not have to have a warning letter sent by the HMRC."
I was politely told that I was wrong.
The press release is now implying I was correct.
VAT regulations 1995 reg. 25A (17)
5th Aug 2019
I am surprised nobody has asked this already.
On what basis can they charge penalties.
As has been argued on here before the only potential basis requires a written warning before a financial penalty is raised. Is this what the letter going to say.
21st May 2019
My views are
1, Bridging software is here to stay
2, However long term it would not be used for general bookkeeping but for calculations most software cannot cope with such as partial exemption, group schemes etc.
3, As more information/taxes become required to be filed under MTD, Excel will become less of an option than for the die hard Excel users. Putting manual record client onto Excel may be a short term gain but a long term pain.
4, Firms should not underestimate the CGT changes coming in next year. For those practitioners who do respond well to change the 30 day reporting and paying of CGT on residential properties from next year may be another "nail in the coffin". Of course we will be at fault if a client gets a penalty, we should of been mind readers.
5, On here we often get the comment I can't get my clients on the cloud as we don't have reliable broadband in our area. 5G is coming (ignore what Trump says it will be g0ing live in the UK at the end of next month).
Finally I have tried to put lots on people on cloud software over the last few years. In my experience I think it is wrong to assume the older generation is not willing to change but all youngsters are up for it. Even clients who work in the IT/technology businesses some try to avoid cloud use as much as possible while others want to be 100% cloud for everything.
21st May 2019
Friends Reunited was sold to ITV for £120 million. I don't think the original owners were certainly failures.
(A mate was offered a position in the company in its infancy. It has some regrets in not taking it!)
21st May 2019
Very surprised at this.
Xero's business plan is to sell/entice their software to the accountants and who then become advocates to their clients (the cult method). Even their TV advert says "speak to your accountant".
Interesting to see if you get a call as we know someone at Xero will read this.
17th May 2019
You do know Xero released their worldwide results to March 19 yesterday. Finally have positive cashflows. Yes they did made a loss but it is a profit after the addback of impairments. UK subscribers now 463,000, 1.8 million worldwide.
There certainly lots of investors gambling on Xero. Their share price yesterday rose 10% yesterday. The best performing share on the Australian market.
Also their TV advert is much better than QuickBooks and Sage
29th Mar 2019
This is not true. Your clients or you on behalf of your client has to formally sign up for MTD. Only when the individual business has told HMRC they are in MTD that the old portal etc for that client is closed down.
(Some of my clients are already on Xero and we have filled MTD returns already. Some clients do not have to or want to wait until they have to and so we are still filing using the portal or the old credentials on Xero.)