Member Since: 5th Aug 2009
13th Dec 2021
Hi the above statement is in relation to having to amend returns. A question was asked about returns filed after 5/4/2021 - see below:
Q: Hello, I am tax agent. I have reported all CJRS payments received as companies income and calculated corporation tax due on them. However I have not included them in the boxes 471 and 472 . Do I need to send amendments if it does not change tax due ? I mean corporation tax returns field after 06/04/2021
A: You don’t have to correct your return if you’ve either already repaid all Coronavirus support overpayments or you've already been assessed before filing your tax return, and there’s no overpayment due.
So I would not think you need to amend any CT600s already filed (so long as no overpayments were due). However, all future returns should include the CJRS + EOTHO figures RECEIVED in the accounting period (not accruals basis). It would be great if HMRC could give us this figure like they do for SEISS grants claimed through the Digital tax account, or our tax software populated these figures in the CT600 based on the accounts prepared, as it is clearly identified separately on the TB.
3rd Dec 2021
*** Update following on from HMRC's webinar ***
"You don't need to amend your return, provided you've declared your coronavirus support grants or payment as taxable income AND you’ve either already repaid all Coronavirus support overpayments or you've already been assessed before filing your tax return, and there’s no overpayment due".
29th Nov 2021
Thanks Luke. I have signed up to that webinar too and am sure we will be all asking the same question! Hopefully they give a clear answer.
29th Nov 2021
I am now pulling out my hair, being none the wiser after receiving the HMRC email you refer to.
I read it simply as "if you have received CJRS and/or EOTHO" then they want it shown in the 3 boxes. If you have also had any overpayments, then complete the additional 3 boxes. AND that it is treated as other taxable income.
It is an administrative nuisance as they clearly have this information from the furlough and EOTHO claims, just like they have the SEISS grant amounts.
Does that mean (going on the senior HMRC officials' view) that we only need to complete those 6 boxes if there was an OVERCLAIM only?
24th Sep 2021
Never look a gift horse in the mouth, time is very precious!
So the MTD sprint just turned into an MTD marathon. Welcome - yes, annoying - oh yes. It's like preparing a great feast for guests you don't really like, only for them to cancel last minute. The pros and cons will slowly come to mind, but for now I will be booking some well deserved MTD-free time off!
23rd Sep 2021
Hi, check out www.countingup.com
Came across them at a conference recently and for the really small clients who cannot afford anything or are not tech savvy enough, it is a bank/ basic book-keeping package in one. That way he just logs into his "bank app". He gives you access as an accountant. No chasing for bank refresh feeds, as it is the bank therefore constant feed. Can do some small amount of sales invoices, auto match feature. Free banking for them for 6 months and then continue free banking if volume is less than £400 money in /month, then goes up to £5/m and then £10/m if above £4k money in. The monthly charge is effectively bank charges and monthly transactions are monitored and they will increase/decrease charges depending on transactions, so you don't have to keep an eye on the "subscription" level. All clients need a bank account, and it is MTD vat ready and hopefully will be MTD ITSA ready, so win-win situation i think!
13th Aug 2021
Depends! Quadrupling would be ideal - but this is unchartered territory so only time will tell. Most webinar polls I have seen suggest 10%-30% as a fee increase.
Yes we will be collating the information more often, so our four molehills will become the mountain we normally submit, however, the normal time taken will be divided in four only for the actual data entry time. What will be the nuisance and eventually determine if we got the pricing right, is the additional time taken to re-open that work (4 times a year), remind / chase / send queries to the client (4 times a year) as opposed to once. Most of the clients are micro in size and there is a fair deal of small talk, which used to happen once a year and now will have to be four times a year! So there will definitely be an increase in time spent as it is not all transactional work.
HMRC in a recent webinar said they would accept best estimates and allow corrections. If push comes to shove, you may want to keep things simple for landlord clients and submit the known recurring income and expenses on an excel sheet and submit quarterly (via bridging software) and do full / final year review + adjustments on the EOPS...
17th Dec 2020
We have used it for all the reasons stated above, but also have created training vidoes (using MS stream) and uploading to the relevant channel (group) within Teams. It means newer members can just watch this as and when they join so you are not repeating yourself. Also with everyone working remotely you do not always find a suitable time to have a training session and record the meeting.
Although Zoom has been around and easier for external attendees, MS Teams has come a long way since beginning of this year and external attendees can be added via a link that they can access through their browser. Other useful features is the meeting add-in for outlook.
19th Nov 2020
Checked with our VAT helpline, turns out the vale rule will follow the main supply, so a 90% and 10% split of food and alcohol on the bill, means the service charge needs to be split too and the related vat rate used!
Good luck doing the maths on that!
23rd Oct 2018
Check your Engagement letter wording carefully there may be a paragraph like ours below, which states if they don't sign but ask you to start the work it is deemed acceptance. If not take him to court out of principal:
"The terms set out in this letter shall take effect immediately upon you confirming your agreement as requested below. If we are instructed to start work before receiving your confirmation we will treat that as acceptance of all the terms of this engagement letter, unless we hear from you to the contrary within 14 days of you giving that instruction."