Member Since: 28th Nov 2005
23rd Jun 2021
Each to their own I would say.
As others have identified, we probably all provide some free information to clients, either in the initial conversations to get them signed up as a new client, or on a day to day basis for existing ones.
I agree you can usually tell quite quickly whether someone is fishing for free advice, different to free information.
Some aspects of what we do take longer to discuss and inform, even in the round, before embarking on chargeable work. For this reason, where it's clear there is a likelihood of some good solid work coming out of a query, I would generally accept that some of my time will not be chargeable initially. How much depends on the circumstances, as I'm sure we all have experienced.
7th Apr 2020
An earlier version of the HMRC guidance piece did include certain tasks that it saw as being non-statutory, but these have now been removed and instead there is next to no specific guidance on what is or is not statutory duties.
Take a look at s.171 - 177 of CA2006 if you want the full run down of what are the statutory duties we are all banging on about. Problem is, most of this is what you might call 'common sense' and doesn't include a tick list of tasks included - that would be really handy right now...
Suppose a director, sat at home, picks up the phone and takes a call from an unknown number. Maybe it's HMRC, or Companies House, or a new customer? The first two would probably be fine as statutory duties go, but what about the third one? At what point do they make their excuses and refuse to carry on the conversation, maybe they just hang up, or something in between both? Far fetched as this may seem, I still find it hard to see how a director of a one man band company can comfortably furlough themselves and still undertake work that they did the week before without causing themselves a headache?
And how will it be policed????
7th Aug 2018
At the risk of being shouted down by those wishing to fight the good fight for their clients, this has always been the case, and trying to reverse engineer a claim (late or otherwise) for CGT disposal relief without being able to obtain at least £1 of income tax relief on the subscription in question can't work. I suspect that the FTT should've made it clearer at the time that although there may be a mechanism for late claims, this wouldn't be successful base on the information presented.
I agree that perhaps the legislation was intended not to penalise those who have no income tax liability to relieve, but unless the rules are changed, they are the rules.
I have tried in the past to argue with HMRC on a similar point involving dividends (when the 10% tax credit franked any basic rate liability) and where no income tax was due, but the concept of eligibility and availability when it comes to an EIS claim don't cut it - you must be able to obtain the relief.
Look at the order of the tax calculation process at s.23 ITA 2007 - EIS tax credits are given at step 6, after the tax due has been calculated, so if there isn't any tax due, relief isn't obtained.
18th May 2018
* - other mint flavoured sweets are available....
1st Nov 2017
Generally, advance assurance is requested for both SEIS and EIS at the same time on the same application unless it's specifically stated that this isn't the case.
Perhaps this has been part of the reason for the confusion when preparing the formal compliance statement in these cases?
Previously, assurance had to be sought separately but in recent years, a combined form is used.
I agree that it's vital to ensure that the correct paperwork is submitted, so that it matches the facts.
26th May 2017
I was speaking to a Technical Inspector this morning, and I have to say that while he was unable to give a specific answer to my query (it's on Any Answers at the moment with around 100 reads and no comments either!), he was very helpful in his approach.
I suspect he was from the 'old school' of HMRC which probably explains his hands on and friendly technique albeit that we couldn't arrive at a definitive conclusion.
10th Mar 2017
If you're looking for someone to help with design and rebranding, you might want to check out Behance (https://www.behance.net/) - it's like LinkedIn for designers and creatives. They publish there portfolios online so you can get a feel for what they can do. Just a thought....
1st Aug 2016
Many clients wish to undertake advance assurance prior to the actual SEIS/EIS application being made. The advance assurance paperwork provides for both SEIS and EIS, so only one form is required.
Perhaps, if the SEIS and EIS forms were combined, this may prevent the risks outlined, as you would need to specify which type of relief you were applying for, rather than assuming the paperwork being completed was for the correct relief. Obviously, no guarantees this would prevent similar errors?
I agree that the rulings do seem harsh, but this predicament highlights the fundamental concept of 'SEIS before EIS'. If an advisor is not clear on what type of shares have been issued, they should clarify this before going down a route that clearly cannot be reversed.
1st Aug 2016
The HNW Unit have been know to issue letters, confirming that they are satisfied with the return and that they will not be opening an enquiry into it. This does give the agent and the client some comfort, and so far, I've not had to test the strength of such a letter...
10th Mar 2016
Anyone seen the last Terminator film? Software that's being used to link up everything we do tries to destroy the human race, and wins -well, sort of.
Is this where we're heading?!
Some aspects of Digital Tax Accounts (DTAs) are already happening in other countries for things like bank interest and salaries, but those countries still require a tax return to be submitted. Despite the headlines about the end of tax returns, it does look as though there will still be work for us all to do, checking that all the relevant information has been recorded etc. in one way or another.
It'll be interesting to see what will happen to the self employed person who comes to your office on 28 January with his bag of paperwork in hand, never having thought twice about what they should've been doing for the last year...
Roll on Budget Day 2016!