Member Since: 28th Feb 2012
9th Sep 2020
Seems very unreasonable if there was no loss of revenue to the VATman!
I agree that it seems very unreasonable.
8th Sep 2020
We have done this work for free - because it does seem the right thing to do and is in line with Martin Lewis' plea to his viewers to show forbearance. After all, we are the ones who continue to get paid (and are ahead on our work schedule this year so may get some time off out of lockdown later).
But we were exposed to an unexpected liability. Due to a communications error one 'director only' client claimed that we should have furloughed him when we believed that he was working. By this time the window had been missed and no claims could be lodged (including part-furlough and for August to October). We had our trousers down (lesson learned) because we remembered the conversations but the only physical evidence - an email - went against us.
This long-standing client got VERY nasty (I think he's off his meds), especially when I pointed out that examination of his bankings showed he HAD been working. At the moment it is a stand-off - I'm still willing to compensate him for what looks like my professional negligence (too small to claim on the PI policy, I would take it on the chin) but he won't answer the reasonable questions I have asked about his behaviour - such as sight of the sales invoices.
It's very noble of you to offer to do this work for free.
I just couldn't see how we could commit to dealing with say 200 claims a month for free. Swallowing up huge resources for something so important to clients that they would happily pay a small fee for the work done. The risk of error is always a factor that means that in your case not only would I be working for weeks with no pay but actually paying for the privilege.
I'm assuming you only have a handful of furloughs to deal with?
8th Sep 2020
I was amazed at the rapid growth and buy up of firms by Baldwins. All different sizes and all over the UK.
I wonder whether things are starting to unravel
I wonder what clients will think of having a huge European firm dealing with their affairs- especially the smaller clients.
8th Sep 2020
I've learnt a while back that when doing things for free the client doesn't appreciate it.
They assume it was an easy task and think no more of it.
We charged for furlough work and only had one grumble. That grumble was because their friends accountant didn't charge for the furlough work!!
At the minimum I would charge them a reduced fee if you felt you wanted to help them out and show the discount. That's my opinion anyway.
1st Sep 2020
I just can't see this ever happening to be honest.
Surely, the biggest issues are with the larger firms promoting tax avoidance schemes to their wealthy clients. They would already be qualified so this would do nothing to address that.
19th Aug 2020
When making the claims under CJRS, we kept track of the employers NI and didn't claim for the first £4k as we assumed that this would be claimed as normal through the payroll.
Is this now incorrect?
16th Jun 2020
As things stand, you get a huge pay-out even if your profits are only £100 down. That can't be right. For some firms, this has been a real gravy train. Makes me wish I hadn't incorporated now!
As an aside, are these SEISS grants subject to Class 4 NI contributions? I suppose not, as they are not earnings. There will have to be a separate line on the 2020/21 tax returns for them. Bet they haven't even thought of that one.
I agree that they should have quantified a reduction in profits to be able to claim. I would think most accountancy firms, if that's what you mean, would be over the £50k profit so would be no claim anyway.
I've assumed that it will be liable to class 4 NI as the income is just added to profits like a grant for example.
15th Jun 2020
'Accurate recording of the timing of trading conditions and costs for the business will be crucial, as the second SEISS grant can only be claimed if the business is adversely affected on or after 14 July 2020'.
I'm surprised by this as this grant surely covers June, July and August? Unless they are saying that at least half of this period must have been affected?
2nd Dec 2019
Would be interested to know who submitted the R&D claim, was it solely the company, with the help of their accountant, or a specialist R&D claims company? It’s about time that these ridiculous R&D claims were stamped out.
I've been dubious about some of these claims I've heard about and hope that HMRC really tighten up on this area of tax.
27th Nov 2019
At least there's no
- hike in corp tax to 26%
-Dividends taxed at income tax rates
-Capital gains taxed at income tax rates
-Hike in tax rates for £80k plus and £125k plus by 5%.
-Abolishing of ER
-Hiking of inheritance tax
-16 year olds earning £10 per hour!
-Promise of free broadband!
If labour get into power then anyone earning a decent living will be hammered.
I have no issue paying say an extra 1% if everyone pays it but I disagree with targeting the small Ltd companies and higher earners.