Member Since: 14th Apr 2002
3rd Aug 2021
Good luck with this approach
29th Jul 2021
I lose no sleep over the alleged move from 'compliance' to 'advice'. Perhaps people in bigger firms and with bigger brains than me do, but for many of us, 'compliance' is all that our clients care about and need. I see the trend to ferreting out things that need 'advice', quoting for the 'task' and then charging for it as insidious.
I only see the new digital technology as an opportunity to do our work better, faster, more efficiently and with a better sense of satisfaction. Self Assessment was an opportunity, not a threat, though that was not how it was portrayed at the time.
21st Jul 2021
Could we be told more about these Deeds of Assignment? In all my experience, I have never heard of a blanket document being lodged with HMRC covering all refunds - in the rare cases where a refund has been paid to us there has been a specific authority on each occasion
16th Jul 2021
When I was with the Inland Revenue in the 1970s there were stories of staff who had submitted false repayment claims and stood outside the door at the false addresses and met the postman to get the cheques. Small amounts were made in total, spread over many occasions so the 'workload' must have been immense. I always wondered why someone would throw over a career and pension for so little reward.
Then again, in this case perhaps the hotels were the tip of an iceberg?
15th Jul 2021
More messing about. I'm an Excel user since 1 November 1984 and the useful upgrades peaked around 1995, if not before.
25th May 2021
Since you inherited a client who had been badly advised in the past, you are making my point for me. Unless a new adviser can work some magic, the poor client has a big liability down the line.
Techniques I have employed include partial migration of the business into a company (where distinct operations can be separated), allowing some current income to be kept in the company until later and self-employed profits to decline to a level at which the Overlap Relief covers the extra charge resulting from the cessation.
20th May 2021
For a start, Overlap Relief should not exist, it was only brought about because the Accountancy Profession (for their own selfish reasons) resisted a harmonisation with the Tax Year. Those who kept 30 April should have foreseen that 20+ years later, a figure that was not indexed nor a proportion of profit would be inadequate to offset having to pay tax on up to 23 month's profit at current rates. It is not just inflation but natural growth in a businesses' success that causes this problem.
I inherited a client who had this issue - sadly he hanged himself (for other reasons!) before I could manage him out of it. There are tactics that can be employed but not if the business ends suddenly for such reasons as death, retirement or moving into employment.
As for paying extra tax because of SEISS, how many will this affect? Those who were on over £50,000 could not qualify so Higher Rates are unlikely for most clients - unless of course they have PROFITED from it because it has pushed their income up!
19th May 2021
You mention a time bomb that I have been banging on about for years. We changed all clients to 31 March/5 April back when Self Assessment came in. Took a lot of work but I have slept well since.
I view all playing about with accounting dates as tricky-dicky and am pleased to see that the community is pushing back against this silly article.
13th May 2021
ANOTHER replacement for Excel, a regular headline in AccountingWeb
If only the spreadsheet market really was competitive. Numbers is a toy and Open Office amateurish. I write as a user of Excel (when it was called Multiplan) since 1 November 1984
23rd Apr 2021
If anyone should have a hotline to the Prime Minister, it should be Sir James Dyson, a wealth creator who has ended up £20 Million out of pocket in the whole thing.
The article starts off tongue in cheek - fair enough - but descends into nastiness. Labour are scratching around to allege sleaze and have in their sights the lady who got us the vaccines and was not paid for her work! 'Jobs for the boys' are in some cases selfless national service, but don't let the truth ruin a good story.
I do think that the procurement process was awful. The answer is to improve the functioning of our civil service so that we meet the next challenge properly. This is a responsibility shared by all politicians.