Member Since: 12th Dec 2011
24th Apr 2015
Easiest way to solve it
your limited company needs three customers / clients with no more than 70% of sales going to one client. Failing that all income for ltd company is treated as salary. If you are genuinely a small business fine, if not you are an employee.
23rd Jul 2014
Is this evidence admissible in a UK court
Can HMRC use this information in a UK court as it was obtained through theft and not a warrant or search order?
15th Jul 2014
It would be interesting to know how many accountants actually did a business plan before starting out in practice. I did a few 'back of the envelope' calculations and had a vague idea of target market and just cracked on with it. I think the approach taken by Clarand is the right way to do it i.e. keep it a living document, not just using it to start a business but to grow the business as well.
In a previous job I looked at about a 1000 business plans of clients over a number of years and I can say in only one case was the business plan a reflection of what subsequently happened in the business. This left me with an impression that really in most cases they were a waste of time. However if it is a living and dynamic document that changes with the business then it is a worthy exercise I think.
10th Jul 2014
My experience as well Paul
The more my clients use Xero the more adept they are getting at doing the things the accountant used to do such as journals and VAT returns. The same clients are also running their own payrolls now as well.
@justsotax knowledge of creditors, prepayments, debtors etc is not rocket science and the bank rec facility in Xero makes it really easy for clients to do it themselves and like Paul says the longer the clients use Xero the better they get. With accounts production in Xero it will be far easier to prepare AFS than it is currently.
I agree with Paul that accountants need to think beyond form filling, journal posting etc as this will become less and less inportant going forward.
8th Jul 2014
Great additions to Xero
These are all great additions from Xero but the writing is on the wall for accountants - your services will have to add value and cannot simply be compliance, as it is getting easier and easier for clients to do this themselves!!!
29th Apr 2014
Degree of sympathy
I am not a rich man and have little hope of ever dealing in the sums mentioned in this case. However if I did have that kind of money I would do everything legally possible to reduce my exposure to taxes. I don't buy this 'moral obligation' argument to pay more tax than I am legally expected to pay.
If the man has done something illegal then try him in a court of law and then imprison him. If his case is 'legally watertight', leave him alone. The failure here is not in the man's morals but in the ability of the govt/HMRC to ensure suitable laws are in place to prevent this kind of thing happening. I know there are grey areas which are open to interpretation by HMRC and the courts and sometimes the tax payer wins and sometimes he loses. If you want to inhabit the world of grey areas thats fine, but don't cry if you get caught. If its grey, stay away!!
'Legally watertight' doesn't sound like a grey area to me so leave Bernie alone.
21st Feb 2014
How about a "Fair Value Mark"
for government departments that use tax receipts in the most efficient manner possible?
If there is a moral obligation to pay tax then there is a moral obligation to use that tax as efficiently as possible which means politicians need to make decisions that are in the best interest of the country and not decisions that are aimed at ensuring the get re-elected.
24th Apr 2013
The interesting bit of the article is ...
"The drafting of the relevant schedule in the 2002 rules was hotly debated, but the judge concluded, “Parliament cannot have intended... to let one company drop out of charge without the other inheriting the liability.”
- the judges are increasingly focusing on the spirit of the law and not the letter.
19th Apr 2013
for me thats the killer - and one reason I like Xero. There is no point in having the latest software if they aren't going to help you.
I like the idea of iris - all integrated etc but they need to get on with it and offer it all on the cloud and offer the support to go with it.
the first fully online system - accounts, tax, payroll and practice management that is well and trully integrated and sync'd will have my pounds.
Obviously you need to work and have clients that have access to proper internet otherwise the whole business model collapses.
30th Jan 2013
Starbucks should email this to
the PM and tell him to be quiet.