I agree. I went to a seminar recently where they said that it was by no means sure that agents and/or independent bookkeepers would be allowed to keep these digital records on behalf of their clients. What HMRC want is for the taxpayer themselves to do it regardless of their ability or wants. I have a client who keeps immaculate written records and has absolutely no desire to be anywhere near a computer (she has no mobile phone either!). That is why she uses our services.
What will happen with clients who are elderly (I have an 84 year old client whose main source of income is rent) and do not have mobile phones let alone computers!
Annual accounts Presumably the requirement for companies to report to HMRC on a quarterly basis will not do away with the need for annual accounts with accruals, prepayments and all the rest of the adjustments for Companies House and other users?
Agents able to do quarterly submissions? I thought that HMRC were now making it impossible for agents to send this information to them on behalf of their clients. Something about HMRC software being able to determine which computer was sending it?
Non-Company accounts Am I the only one who has clubs and associations amongst their clients who ALSO have to submit CT600s and accounts to HMRC. Their accounts are non-standard and I can't produce them with my paid for software!
Clubs and associations I use IRIS software for all my company CT filing but do the accounts for an unincorporated association that pays CT on its non-mutual income. I can't process these accounts in IRIS and do them in Excel and submit them to HMRC through their aforementioned clunky software (swearing all the time!). So, what do I do in future? Get the client to register and then use their log-in? It seems to be an unnecessary work round when it is no skin off HMRC's nose to allow agents to use the new software. There must be many clubs and associations and other unincorporated bodies who use agents to submit their Returns.
Drowned in T&Cs The fact that T&Cs are so lengthy and convoluted means that people rarely read them. They tick the box to say they have and therefore are bound by them when the likes of Facebook and Google sell their details to all and sundry or change the T&Cs. It can mean that Google have a right to access all your emails or Facebook has the right to change your privacy settings without notice!
2 Personal Allowances While doing the 2014 Returns I had one case of a client who retired from the Local Authority (Education) at the end of August, started receiving a works pension in September and also started working part-time for the Local Authority in September. This resulted in both the part-time working and the pension payer picking up details from his P45 and both giving him a full personal allowance. To compound matters, he is a higher rate taxpayer but both of them treated him as paying tax at basic rates! He was not charmed when I told him how much tax he had to pay now as a result of these errors!
My answers
I agree. I went to a seminar recently where they said that it was by no means sure that agents and/or independent bookkeepers would be allowed to keep these digital records on behalf of their clients. What HMRC want is for the taxpayer themselves to do it regardless of their ability or wants. I have a client who keeps immaculate written records and has absolutely no desire to be anywhere near a computer (she has no mobile phone either!). That is why she uses our services.
What will happen with clients who are elderly (I have an 84 year old client whose main source of income is rent) and do not have mobile phones let alone computers!
Annual accounts
Presumably the requirement for companies to report to HMRC on a quarterly basis will not do away with the need for annual accounts with accruals, prepayments and all the rest of the adjustments for Companies House and other users?
Agents able to do quarterly submissions?
I thought that HMRC were now making it impossible for agents to send this information to them on behalf of their clients. Something about HMRC software being able to determine which computer was sending it?
Non-Company accounts
Am I the only one who has clubs and associations amongst their clients who ALSO have to submit CT600s and accounts to HMRC. Their accounts are non-standard and I can't produce them with my paid for software!
Clubs and associations
Forgot to say that I attach my non-standard accounts as a PDF to the Return.
Clubs and associations
I use IRIS software for all my company CT filing but do the accounts for an unincorporated association that pays CT on its non-mutual income. I can't process these accounts in IRIS and do them in Excel and submit them to HMRC through their aforementioned clunky software (swearing all the time!). So, what do I do in future? Get the client to register and then use their log-in? It seems to be an unnecessary work round when it is no skin off HMRC's nose to allow agents to use the new software. There must be many clubs and associations and other unincorporated bodies who use agents to submit their Returns.
Drowned in T&Cs
The fact that T&Cs are so lengthy and convoluted means that people rarely read them. They tick the box to say they have and therefore are bound by them when the likes of Facebook and Google sell their details to all and sundry or change the T&Cs. It can mean that Google have a right to access all your emails or Facebook has the right to change your privacy settings without notice!
Is there anything in the legislation about compensation for the taxpayer if HMRC get it wrong?
2 Personal Allowances
While doing the 2014 Returns I had one case of a client who retired from the Local Authority (Education) at the end of August, started receiving a works pension in September and also started working part-time for the Local Authority in September. This resulted in both the part-time working and the pension payer picking up details from his P45 and both giving him a full personal allowance. To compound matters, he is a higher rate taxpayer but both of them treated him as paying tax at basic rates! He was not charmed when I told him how much tax he had to pay now as a result of these errors!