Jekyll and Hyde
Member Since: 20th Apr 2010
1st Dec 2020
I think I have answered my own question - period of grace.
3rd Jul 2020
We have had similar discussions in our offices. A concern I have when applying NMW to a director that has no employment contract, is that you are potentially arguing against yourself in connection with a low salary high dividend arguement in the future.
18th Mar 2020
BT shares should be up, at the rate I am on my phone this week!
10th Dec 2019
I have considered this also and revert back to renewing my AAT membership, however my thoughts on why I keep ACCA is:
1) Investment activities, I refer to mortgage advisors and always tick this as a standard.
2) AML, I would rather have ACCA then HMRC, ACCA are just not proactive enough, whereas I would not want HMRC scutilising me (not that I do anything wrong).
3) Mortgage reference letters and now rental reference letters.
4) The hope that one day our industry will become regulated in a similar way IFA's did a few years ago.
The cost of ACCA is stupid for what they actually do. Their techincal resources are no where near the standard of ICAEW and their marketing/image does not achieve the AAT's.
It is my opinion that ACCA is a qualification of the past as the AAT is taking over this non ICAEW sector and is growing, whereas ACCA is restracting. I can see ACCA only having another 15 year life span left in UK. I have an AAT qualified member of staff who wants to do ACCA and I keep telling him that there is no benefit, whereas if he wants to develop then perhaps CIOT.
4th Feb 2019
They generate more revenue this way.
17th Jan 2019
I took specialist tax advice at the time and was informed that HMRC were right. However as this was also just before the sole trader was selling the assets to a newly formed Limited company then I would be able to sell the assets for £1. Thus achieving a similar result, but in a later period. At the time of sale the sole trader was a 42% tax payer and hence it was more beneficial for my client overall.
Spoke with the inspector at the time of the enquiry and he was happy for me to do this, even after I said it was madness as my client would be gaining from it, he agreed, but hinted that they were the rules.
The end result was my client understood the situation, realised they were with a useless accountant before, we were able to introduce a far better goodwill valuation on incorporation and they ultimately saved tax.
They are still one of my better clients 5 years on and the company has gone from strength to strength. They never question my advice to them. Why do I say this! at the time I was regretting amending the accounts, opening up a hornet's nest, HOWEVER right decision to do so, even if it did cause some initial issues.
Hope this helps, but remember we are 5 years on from this thread.
25th Sep 2018
I have not used IRIS for some years now, but have used tax calc for 3 years now. Every couple of months it gets better.
My question for you, is what part of IRIS do you use that tax calc could not do for you? How important is that part of the system and what cost would you pay for it.
Personally, I would save the money and go with tax calc.
18th May 2018
The book keeping system shows a monthly dividend, misposted in P & L. Why not set up a new nominal account under equity for dividends and get the client to post his dividend payments there.
I do see there being 2 issues here.
1) are those monthly payments actually dividends, on the face of it they are, so don't post them to DLA post them to dividends.
2) does the client want the bookkeeping system used as a management tool, so he/she can assess what they believe their try monthly profits are. I have a client that wants dividends included within his booking system in the P&l so when he produced his month by month P & L it is clear for him to see. MTD may change it but we are not there yet.
27th Feb 2018
Its a no from me.
Question is whether you are going to include this charge narrative on your engagement letters when you first sign the new client up and if not how would you legally enforce this unsolicited charge
20th Feb 2018
Thanks everyone so far.
I have downloaded it onto our server (remote access) and I have 3 of our team playing with it at the moment. It intially looks like it will cater for the multi office, single remote server option, which is very important to us moving the practice forward. So sadly initial thoughts are that we may be moving away from payroll manager next tax year.
First impressions on Brightpay is that it ticks 99% of our boxes and again integrates P11d, CIS and payroll.