Haha! Thanks. Yes - a very detailed reply.
The 200,000 figure came from a phone conversation with someone manning the settlements helpline. I asked how soon we could expect a response if a settlement pack was sent in. He replied that he had no idea as they were processing 200,000 settlements many of which had only recently come in.
I had a call with HMRC last week and was told they’d received over 200,000 settlement applications. If true that’s a massive payday for HMRC.
My most frustrating question of the week...
“Hi, I was just flicking through my 2017 tax return and have a few questions on it...”
Arrrrggghhhhhh!!! You approved it a year ago!!!!
I've used SaneBox for over a year now. It's cheap and I think it's great. It uses smart logic to sort your emails received into folders so that only the really important stuff goes into your inbox. All the other stuff - newsletters, receipts etc can go into separate folders for you to look at when you're less busy. There's also a black hole folder where you can put spam that gets through. All future emails from that person go straight to the black hole so you never see them again. We both get a $5 credit on account if you sign up using the following link - https://www.sanebox.com/signup/3b7870b4f7
Science to the rescue
I particularly like Point 3 which reminds me of the brilliant studies of Dunning Kruger. As David Dunning observed
"If you’re incompetent, you can’t know you’re incompetent… the skills you need to produce a right answer are exactly the skills you need to recognize what a right answer is"
More info is here http://en.wikipedia.org/wiki/Dunning%E2%80%93Kruger_effect
Read it and everything in life suddenly will make sense.... unless of course you're too stupid to understand it :-)
I'm not sure any debate about multiples will keep Mr Dolan awake at night. And why should it either. He's built a good business and sold it for a tidy sum. Good for him.
From my blog this week...
HMRC have issued a press release this week with details of a plumber who’s just been given a 4 month suspended sentence for tax evasion. Fair enough. The news is meant to be a deterrent to others contemplating evading tax. But is it? In this case the plumber set up in business in 1997 – the same year the Spice Girls were setting up their business. What have HMRC been doing over the years to take so long to find him? It’s not like he was running a complex shadowy off shore operation. Presumably he’s been driving round in a van, advertising locally and, in all likelihood, fixing the leaky taps of HMRC employees,
Occasionally I’m asked to advise someone on how they can evade tax. My reply is always the same – “I can’t help” and “you’ll get caught”. I go on about the sophisticated systems HMRC use to track evasion and how it’s not worth the risk. I’m sure I’ve prevented more tax evasion than this press release ever will.
There’s also a question mark hanging over the tax bill. A sum of £88,000 over 14 years is just £6,285 a year – for all tax evaded including VAT. There’s not enough information provided but if he was busy enough to be VAT registered I reckon his VAT bill alone would be around £6,000 a year. So that’s the other part of my anti-evasion talk scuppered. I always advise that if you evade tax you’ll pay more in the long run as HMRC will aim high with their estimates of the tax evaded. And it’ll be difficult to prove them wrong if you’ve got no records to base your argument on.
So, whilst the news is hardly a charter for tax evaders, taking 14 years to catch someone and then billing them what looks to be a fraction of the tax they owe won’t have too many determined tax evaders trembling in their beds.
@Paul - thanks for your kind comment. I think you've seen one or two accountants websites by now...
@Bob - I take your point however our stats would show that few visitors delve too deep into the site. I bet you're the first to look at the business centre! Of course we could produce better and more original content if we wrote it all ourselves but we have to weigh up the effort of doing that with the payoff.
No need for accountants to be concerned
I've not read the details but any 'tax simplification plan' that introduces two ways of calculating taxable profits and allows you to choose which one to use sounds like something that will keep me in business for a while!
1994 debut for Christopher Eccleston playing an accountant who becomes rather mad.