What it needs are really effective deterrent measures. Instead of the current interest plus penalty system, something more beefy like penalties of 25 times the value of the late invoice (ie something that will actually hurt) for 1 day overdue would sharpen financially slow operators minds. Doubt it will happen though.
Quite an old article, but relevant to my current question. Does any one have a template of a rental/license agreement contract referred to above, that I could look at?
Correct me if I am missing something here, but on my payroll software, it shows me the totals before I send them, so it is fairly easy to check. If they then make a mistake with it later on, it is a nuisance, but ultimately it is their job to check their own work. They don't pay me to do it. It would be useful to be able to check the figures online, but ultimately, reconciling their own accounts is their job - provided the data is submitted correctly, that is their problem.
Or am I misunderstanding the point of the article?
Doesn't help that HMRC's system for registering for a UTR and then registering as their agent is ridiculously slow.
However, for something like this, would it not be more practical for legislation to require banks to deduct the tax at source and keep such people out of self assessment? Would be a lot easier.
Correct me if I am wrong, but would using g-mail for accounting purposes actually breach client confidentiality rules if you knew it was being scanned?
No backwards claims for opening year losses. No capital allowances (including AIA I guess). Think I can see what is going on there.........
The other point is that this could be largely academic. I doubt a bank would lend based on figures produced in this way, and would probably require the business to have GAAP accounts prepared.
My answers
What it needs are really effective deterrent measures. Instead of the current interest plus penalty system, something more beefy like penalties of 25 times the value of the late invoice (ie something that will actually hurt) for 1 day overdue would sharpen financially slow operators minds. Doubt it will happen though.
Rental/license agreement template.
Quite an old article, but relevant to my current question. Does any one have a template of a rental/license agreement contract referred to above, that I could look at?
Thank you.
Correct me if I am missing something here, but on my payroll software, it shows me the totals before I send them, so it is fairly easy to check. If they then make a mistake with it later on, it is a nuisance, but ultimately it is their job to check their own work. They don't pay me to do it. It would be useful to be able to check the figures online, but ultimately, reconciling their own accounts is their job - provided the data is submitted correctly, that is their problem.
Or am I misunderstanding the point of the article?
Doesn't help that HMRC's system for registering for a UTR and then registering as their agent is ridiculously slow.
However, for something like this, would it not be more practical for legislation to require banks to deduct the tax at source and keep such people out of self assessment? Would be a lot easier.
Correct me if I am wrong, but would using g-mail for accounting purposes actually breach client confidentiality rules if you knew it was being scanned?
No backwards claims for opening year losses. No capital allowances (including AIA I guess). Think I can see what is going on there.........
The other point is that this could be largely academic. I doubt a bank would lend based on figures produced in this way, and would probably require the business to have GAAP accounts prepared.
Turn off the internet and keep open only the 1 computer program you need to do the task at hand. Ignore everything else untill the job is done.