Member Since: 25th Apr 2013
3rd Feb 2017
Little unclear how the data will flow say for a micro company
Will data flow from the Clouding accounting software to Accounts Production software then to Corporation Tax Software or will the data just flow from the Cloud Accounting Software to Accounts Production then to HMRC to file a Corporation Tax ?
What software will be free - will it be the data capture and cloud accounting software. Is HMRC subsidising the software development companies
I didn't see any mention of the software developers e.g freeagent, quickbooks. Is HMRC just dealing with a few software companies ?
28th Apr 2016
I agree it does look bleak for those clients who are Tech savvy. However it may take for them to realise how easy it is - I bet some of them could easily complete a self assessment return now
I think the high street accountant will start to see a drift as price of a tax return will be a factor too. It may create an opportunity to train clients and organise them.
Some will leave but sure something will come along to keep the work ticking by. I have already start planning a few things that will keep my head above water. I know I will never make a lucrative living from accountancy due to MTD and competition but as long as it keeps me busy and earn a fair amount then I am happy. I guess there are other more important things in life to worry about than MTD.
28th Apr 2016
I don't have a problem with Receipt Bank the software as its good in parts but I do with the company itself. They simply do not listen to accountants i.e Pricing. I don't get a good vibe when dealing with Receipt bank as if I am not wanted and they are doing me a favour.
Not sure RB actually like accountants apart from the fact they can access their clients but this maybe a mute point in future.
Of course the accountant will be bypassed in due course, its dog eat dog and neither HMRC or the software houses will need them or particularly care for that matter.
21st Oct 2015
Having checked for jobs on some websites, I see many employers decreasing the salary range knowing that there are still many accountants looking for work.
I supposed if you have Niche skills then there will always be a demand
I think supply will always exceed demand at the lower end of the market whatever the surveys say which tend to be biased.
13th Feb 2015
Well I agree with the report findings, fraud is rife. Its really a ME culture and trying to get whatever they can. It does make me sad that people do not care
I saw it at first hand in my previous organisation. Growing company lacking in controls and so many people taking advantage and making large sums of money on the side, Management turned a blind eye to certain things. It was disheartening to see even though it was not my money at stake. Certainly, it was an eye opener and only good thing that resulted from the fraud is that I can advise my clients to make sure they put in controls at the earliest and be more suspicious of odd behaviour like if their employees insist in using certain suppliers
Organisations should be trained on how to prevent and detect fraud.
6th Jan 2015
learning the hard way
Its not possible to check every transaction but obviously you can concentrate on the risk areas and spend time on those areas. Unless you do the book-keeping you are dependent on the client booking everything correct but what I have found most have a casual approach hence the errors and I do correct or clear up where I can and the amounts are material but not possible to do everything. I seem to pick up clients that are either behind with the book-keeping then with deadlines approaching they just quickly manage to do the book-keeping over six weeks and then there are so many errors.
From 2015 I have changed my approach for new clients and be in control. I perhaps have been little pressurised to meet their deadlines in the past and been naive. I have taken on clients which I needed being still relatively new to practice but have been totally disorganised hence causing me problems
However, now its going to be my way or the highway. I have changed the engagement letter so clients know what is expected. I will try to educate them more from the outset and be even more involved in their business. Try to anticipate potential problems, be wiser if this client is going to be lax with record keeping which mean more risk of errors. Scrutinise the accounts and take more time over them.
I noticed sole practitioners seems to be more meticulous than larger practices who seem just to be filing service and do not really spend any time looking at the accounts and picking up errors. I recently picked up a client from a smallish practice and they just filed the accounts without asking any questions to the client. I normally have at least 10 questions.
15th Dec 2014
About time too but a bit draconian
It has always been so easy for any international companies trading in the UK to shift profits overseas and pay no tax whatsoever through legitimate means. What a layman understands if you are trading in or with the UK then you should pay tax on any profits generated from the UK while the tax treaties and domestic rules say something differently hence the massive tax gap that exists.
Any company that has a UK and overseas presence seem to know how to avoid tax in the UK which is so easy. In fact many do not end up paying tax anywhere - who will know. There needs liaison between the tax offices starting within the EU
With a number of extremely profitable internet businesses again trading with UK it has become more difficult to position the taxable profits and again many just pay tax in low tax jurisdictions. Not sure how the diverted profits tax will manage this situation. In fact, this tax is going to be applied at the whim of HMRC. Not idea how on what basis you can tax profits of a international company as it just refer to the double tax treaty where is states no tax is applicable in certain circumstances
I agree this tax is premature but glad the government see this as a major problem of international companies avoiding UK tax. The OECD must come out with clear rules quickly as I cannot how this tax will work.as it depends on the opinion of HMRC who do not have sufficient knowledge in international tax matters
13th Nov 2013
Is this really true
I do question some of the accuracy of these salary surveys.
I just don't think 60K plus 10% bonus is an average (apart from in London) when I see accountants salaries advertised around the 40-45K mark. Surprised employers are giving 13% increases to accountants when there are still many unemployed accountants and the economy isn't exactly buoyant. Most people would be lucky to get pay increases that cover inflation.
30th Sep 2013
Stupid not stupid at all.
We all have opinions good and bad but none of us would patronise fellow accountants by labelling it - stupid. I don't think the comment was stupid at all - you just disagreed with it which is perfectly fine. Thanks Lear's fool
I stand by my comments that HMRC have been under-resourced and therefore weak hence many have decided its upto HMRC to catch them. If I know the probability of getting caught is high then I wouldn't you think twice of avoiding paying tax ?
Some have blatantly decided not to pay tax and we know the black economy is huge and for some its just ignorance. A more powerful HMRC should encourage more to put their tax affairs in order otherwise some disorganised individuals without accountants will just make the same error time and time again
Only now the government due to partly the huge debt has started to put pressure on HMRC hence the increase in surveillance which is not a bad thing. When I pay my taxes but then I see other people not paying taxes then it does make me so angry. We all come across clients that do not pay taxes and personally I try to make sure they do.
I have dealt with tax authorities in many other countries e,g US, Russia, Turkey and they are far tougher than HMRC. Of course we will all get unreasonable investigations and curse HMRC for being too aggressive but again you will get horrible people in every walk of life but doesn't mean the rest are horrible too.
27th Sep 2013
About time too
I am glad HMRC has finally got its act together and making an effort to get people to pay tax when the rest of us do. I like the fact there are numerous campaigns, advertising and investigations. Probably good news for us accountants too.
HMRC have been far too lenient in the past. It is obvious most people who do not have accountants either spend time avoiding tax or make elementary errors in their favour of course and then claim ignorance.
Some people I know are just putting their head in the sands and hope HMRC will not bother them which is infuriating to say the least.
Even if HMRC does not get much tax the campaigns etc will prove a deterrent as more people will have the "fear" factor which has been lost in the past 10 years.