Member Since: 3rd Nov 2006
Worked for Inland Revenue for 11 years in the 70s and 80s before I saw the light!
Progressed from working for medium sized firms of accountants to starting my own practice in 1996 and havent looked back since, with hubby joining me in partnership 7 years later.
16th Nov 2020
Musicians aren't the only ones to receive royalties. So do actors.
We have an actor client who is VAT registered and his agent issues VAT invoices for any royalties he receives for past performances. My understanding is that it is treated as business income (though not necessarily VATable if income is below the threshold) where it relates directly to the individual (NIC is also due on them).
Another client receives royalties inherited from his father, who was an actor, and it was confirmed many years ago by HMRC that these are definitely NOT treated as business income but "other" income and so not subject to NIC (or VAT).
19th Oct 2020
Paul Crowley wrote:
And yes they were not HMRC back then
Customs were a different organisation
Ah those were the days! I was a TOHG when it was still Inland Revenue. Took me several years to realise they were only promoting the men and I was going nowhere (I was even asked if I planned to start a family!).
5th Oct 2020
I do like subway, but never heated! Never realised there was so much sugar in the bread though, which has put me off!
5th Oct 2020
No-one seems to have pointed out that residential lettings are now supposed to be dealt with on a cash basis, not accrual. I switched all of mine over from 2017/2018. The only difficulty I have is that letting agents often send out statements in April showing receipts and payments in March, which get missed but should be included in the earlier year.
14th Sep 2020
I certainly would apply for retrospective exception, having done so in very similar circumstances for a client recently and had it accepted. The key is whether your client knew at the time, or had good reason to believe, that they would not exceed the registration threshold in the 12 months following the month in which they went over it.
1st Sep 2020
I've just been asked by a client what the maximum pension contributions she can make this year will be. She still has an April 30th year end, so her taxable income will be based on the April 2020 accounts but does anyone know if we can include the SEISS grants, which are taxable in 20/21 regardless of her year end?
27th Aug 2020
Low fees don't necessarily mean low quality work. I work from home, so have low overheads and some clients (though not all) assume that means low prices. If I try to charge more, I have found that those clients will go away and do it themselves after one or two years. I am almost certainly undercharging in those cases and it probably doesn't help that I like to explain to the client how I have arrived at the figures, so that they can genuinely say they have "checked" the return if there are any HMRC queries.
26th Aug 2020
the more I read the happier I am that I am a retired accountant
..and with MTD for landlords looming I will be getting out before April 2022! I'm too old for all this hassle.
26th Aug 2020
Since I wrote this I have been on the phone again and am pleased to say that for once HMRC got something right...although I was cut off yesterday apparently the guy I spoke to did work out what I needed and has arranged for the correct form to be sent out. Now I am just waiting and hoping it gets here in time.
26th Aug 2020
I have been trying since the second week of August to get hold of one of the paper forms for a client who sold his property on 4th August. I have spoken to HMRC 3 times and none of the agents had a clue what I was talking about. The first call did result in a form being sent out but all the client received was a set of CG pages for a tax return. Half the time HMRC are not answering the phones and yesterday I got through after 30 minutes but was cut off while waiting for the officer to come back to me, as he had put me on hold to investigate! How on earth are we supposed to cope with this legislation!