You look how society has become more fragmented and selfish when authority has no respect. People openly boast about they exploited these loopholes. When money is so freely available of course more than ever people are going to grasp it with two hands. In fact more than two hands as they will use their other bank accounts to obtain additional funds. I saw a report last week that thousands tried to enter Wembley in the Euro Final without tickets. Do you think these individuals would think twice about taking a 50K bounceback loans. Its just the way people are nowadays if its there they will take it irrespective of the consequences or the damage it will cause.
There is no way the government has the resources to recover even a small fraction of what has been lost. More worryingly its the message that this sends to everyone else as crime does actually pay very well indeed. The Richer will become richer and poor poorer. The poor will end up paying more taxes as the result of the government lax controls and incompetence.
Really pleased to hear that you will be pursue these fraudsters. Some unscrupulous IP's will realise these companies will be flush with cash, charge exorbitant fees and cannot be bothered to pursue the matter further as the directors has spent the cash and has no money left or assets. The IP will just close the case.
There are some directors that will try to dissolve the company then realise they can't and just leave the company for ever as is.
There are too many cases of fraud to go after and takes too much time whatever the manpower the government puts into this to claw back some of the tax payers monies. I have had to turn away business as directors have taken too much in bounceback loans or took a loan when the company was dormant to finance the startup of a business which failed but they still took salaries out. I have heard a number of stories from my clients too about their relatives and friends. It was just basically free for all.
It doesn't take a rocket science to realise you can give money but make sure you are giving it to the people who need then through some basic checks.
If I was implementing a system and there were no checks in place do you think and employees carrying our fraud due to lack of controls do you think I would still have a job ? Yes there was the urgency to get money to businesses quickly but there not going to be much effort by carrying out simple checks and have certain controls in place
Is anyone surprised. If you offer people money, they will take it even if it is wrong as non one has any regard of authority. They are willing to take the risk. Far too many people to go after and some have escaped overseas. Each case will take hours to sort out. Could have easily been prevent with some basic checks.
Is anyone surprised. If you offer people money, they will take it even if it is wrong as non one has any regard of authority. They are willing to take the risk. Far too many people to go after and some have escaped overseas. Each case will take hours to sort out. Could have easily been prevent with some basic checks.
The battle seems to be between quickbooks and xero for supremacy and sage is playing catch up due to complacency though the damage may already been done. I just don't see many accountants recommending Sage to their clients.
I really like quickbooks as a company and how they take care of accountants. When I first come across Quickbooks online I liked the design, functionality and ease of use. Though they seemed to have changed design and layout. Furthermore, the new payroll tool is poor as they could have made it much better. It still has flaws. They should really concentrate on making its core offering as perfect as they can before delving into practice management tools which is nice and very basic but risk just being involved on many areas and hence risk being jack of all trades and master of none.
Sorry, was the practice assistant part demonstrated at quickbooks connect where you can ask questions to the software verbally and an answer would be provided (similar to Siri on the iphone) ?
The majority of our clients use cloud accounting software
Some don't use it but we have no idea when to move them when we don't know how the pricing of software is going to work. Someone is going to pay for the "free" software. Who the client or the accountant.
Will clients move. If they could cope with MTD then they also clever enough to file their self assessment return now unless I am missing something.
Its far far too early to discuss software etc with clients when nearly everything is still up in the air and HMRC may change the goalposts which will then mean contacting clients again. I agree you should email clients in very general terms- MTD is coming so beware or be doomed.
Contact clients later when there is certainty as clients will come back with lots of questions which cannot be answered at this stage
I guess they are only interested in looking into personal tax accounts and later they will try to figure how to deal with business tax accounts so many questions but so few answers. Accountants need to know exactly how it works (and costs) now then we can start preparing our clients. This is the ideal time to prepare hence everything should be finalised at this point in time not six months later. Should just put their hands up and postpone it for year.
Do the software providers know what to do ? How can some charge and some won't - doesn't make sense as the sole traders will go to the ones that is free even though the software may not be that great. HMRC must be subsidising the software companies. Maybe its free for the first year.
My answers
You look how society has become more fragmented and selfish when authority has no respect. People openly boast about they exploited these loopholes. When money is so freely available of course more than ever people are going to grasp it with two hands. In fact more than two hands as they will use their other bank accounts to obtain additional funds. I saw a report last week that thousands tried to enter Wembley in the Euro Final without tickets. Do you think these individuals would think twice about taking a 50K bounceback loans. Its just the way people are nowadays if its there they will take it irrespective of the consequences or the damage it will cause.
There is no way the government has the resources to recover even a small fraction of what has been lost. More worryingly its the message that this sends to everyone else as crime does actually pay very well indeed. The Richer will become richer and poor poorer. The poor will end up paying more taxes as the result of the government lax controls and incompetence.
Really pleased to hear that you will be pursue these fraudsters. Some unscrupulous IP's will realise these companies will be flush with cash, charge exorbitant fees and cannot be bothered to pursue the matter further as the directors has spent the cash and has no money left or assets. The IP will just close the case.
There are some directors that will try to dissolve the company then realise they can't and just leave the company for ever as is.
There are too many cases of fraud to go after and takes too much time whatever the manpower the government puts into this to claw back some of the tax payers monies. I have had to turn away business as directors have taken too much in bounceback loans or took a loan when the company was dormant to finance the startup of a business which failed but they still took salaries out. I have heard a number of stories from my clients too about their relatives and friends. It was just basically free for all.
It doesn't take a rocket science to realise you can give money but make sure you are giving it to the people who need then through some basic checks.
If I was implementing a system and there were no checks in place do you think and employees carrying our fraud due to lack of controls do you think I would still have a job ? Yes there was the urgency to get money to businesses quickly but there not going to be much effort by carrying out simple checks and have certain controls in place
Hold on - so they just got disqualified as a director but they kept the money. They aren't going to be bothered over a disqualification.
Sure this is fraud so should be criminal investigation
There are tens of thousands of such cases. It just stinks big time and heads should roll
Is anyone surprised. If you offer people money, they will take it even if it is wrong as non one has any regard of authority. They are willing to take the risk. Far too many people to go after and some have escaped overseas. Each case will take hours to sort out. Could have easily been prevent with some basic checks.
Is anyone surprised. If you offer people money, they will take it even if it is wrong as non one has any regard of authority. They are willing to take the risk. Far too many people to go after and some have escaped overseas. Each case will take hours to sort out. Could have easily been prevent with some basic checks.
The battle seems to be between quickbooks and xero for supremacy and sage is playing catch up due to complacency though the damage may already been done. I just don't see many accountants recommending Sage to their clients.
I really like quickbooks as a company and how they take care of accountants. When I first come across Quickbooks online I liked the design, functionality and ease of use. Though they seemed to have changed design and layout. Furthermore, the new payroll tool is poor as they could have made it much better. It still has flaws. They should really concentrate on making its core offering as perfect as they can before delving into practice management tools which is nice and very basic but risk just being involved on many areas and hence risk being jack of all trades and master of none.
Sorry, was the practice assistant part demonstrated at quickbooks connect where you can ask questions to the software verbally and an answer would be provided (similar to Siri on the iphone) ?
Should it be moneybox on 11th Feb not 1st Feb ?
The majority of our clients use cloud accounting software
Some don't use it but we have no idea when to move them when we don't know how the pricing of software is going to work. Someone is going to pay for the "free" software. Who the client or the accountant.
Will clients move. If they could cope with MTD then they also clever enough to file their self assessment return now unless I am missing something.
Its far far too early to discuss software etc with clients when nearly everything is still up in the air and HMRC may change the goalposts which will then mean contacting clients again. I agree you should email clients in very general terms- MTD is coming so beware or be doomed.
Contact clients later when there is certainty as clients will come back with lots of questions which cannot be answered at this stage
I guess they are only interested in looking into personal tax accounts and later they will try to figure how to deal with business tax accounts so many questions but so few answers. Accountants need to know exactly how it works (and costs) now then we can start preparing our clients. This is the ideal time to prepare hence everything should be finalised at this point in time not six months later. Should just put their hands up and postpone it for year.
Do the software providers know what to do ? How can some charge and some won't - doesn't make sense as the sole traders will go to the ones that is free even though the software may not be that great. HMRC must be subsidising the software companies. Maybe its free for the first year.