Member Since: 4th Oct 2006
26th Jul 2019
Way too cheap - don't forget the legal profession are subject to Solicitors accounts rules which you need to build in to your bookkeeping routine, ensuring client account rules are observed, regular bank reconciliations on both office and client account, regular management accounts, reconciliations of legal aid statements and if they are contract funded, you need to determine who processes the monthly claims. Need I say the endless chasing for documents because an invoice has been placed on a case file instead of handed to cashiers, or the fee earner did not think cashiers needed to know about an agency invoice they raised for emergency work they did at the weekend and the first you know of it is when the money drops into the account. Furthermore, solicitors often use the accounting module attached to their legal software instead of the usual accounting software as the SRA rules mean that each client must have a client account and a summary of the office transactions - i.e bills issued, disbursements paid out, payments against bills and disbursements etc and the legal software integrates all of this into the accounting function. So unless you can organise remote access you could end up spending a huge amount of time on site. My advice is rather than quote an all in annual fee, quote for the accounts prep, tax returns etc and put the bookkeeping on hourly rates and bill for the time spent during the billing period.
11th Jun 2019
CIOT notified their members last week that HMRC were carrying out scheduled maintenance on MTD on 8/9 June, again on 15/16 June and Monday 17 June.
3rd May 2019
Probably more than you think - there is a very rare pressing of Bob Dylan's Freewheeelin' that sold at auction recently for £25K (the first pressing with four songs that were removed and replaced for the main release) and the lower number Beatles White Albums regularly sell for several thousand - Number 000001 previously owned by Ringo Starr was sold at auction last year for £55,000, and numbered White albums below 100 regularly sell for £5K upwards. True they are fairly uncommon, but you never know what is lurking in a collection. Recently a rare reel to reel tape of Bowie demos with previously unreleased material was sold for £49K - the person who sold it was totally unaware of it's value as it had been sitting in a box in his attic for donkeys years. Before the days of stadium rock bands used to regularly stand and sign album covers, concert programs etc - signed copies, if authenticated can give premium value on top of the actual value of the vinyl. There are specialist vinyl auctions and dealers out there and the vinyl market has been on the up for a few years now so I suspect there may be a few more questions of this ilk coming around. Auction houses are latching on to the Vinyl trend now and some have started hosting specialist vinyl auctions so rather than seeing sad boxes of record collections selling for a few quid as used to be the case, the more valuable records are picked out and sold as individual items driving the collectabilty of those albums and pushing the values up. Yes I am a vinyl collector, have been since my teens - but a sensible one!
3rd May 2019
There are a lot of extremely valuable albums out there - it is not difficult to have a collection that you paid a few pound for in the 1960's and 1970's that in good nick will now bring megabucks - anything on original Vertigo (spiral), Dandelion or Neon labels tend to attract big money and if you are lucky enough to own something like an original Leafhound or Red Dirt you can be looking at a couple of thousand in return for your few quid. It does not take a huge collection to build up big money if you are lucky enough to have them.
25th Jul 2018
I have had a similar experience with Veriphy reports and after raising a query with Veriphy I was told that the PEP search they do is on name so it will 100% match with a name on the sanctions list that is exactly the same, but it does not necessarily mean that the name it has matched to is your client. Unfortunately you will need to do some further due diligence to satisfy yourself that the sanctions match is not your client.
20th Jul 2018
Yep - Debit the window, Credit the door was my accountancy tutor's mantra.
Not sure how that works at the moment though - the window is directly in front of me!
30th Mar 2017
Unable to log in but can still submit through our software.
24th Jun 2016
Have you looked at VT+. I run bookkeeping for several clients on this and find it much easier and quicker from an input and reconciliation point of view and also much cheaper than Sage. It may not have all the bells and whistles that Sage seems to have but copes with most of what I need it to do.
18th Aug 2015
re Blank P45
No I don't think it does - certainly in my client's situation that is not the case as he has had taxable earnings in the periods between Jobseekers sign ons. I think it is more than likely because they have used a W1/M1 coding because of him going in and out of employment.
17th Aug 2015
I have the P45's (all parts) issued to the client at each sign off but there are no figures whatsoever on them, only the week number of sign off on each one - and according to the HMRC operator there is one missing but he refused to provide me with any dates for me to go back to my client with. I don't know why there are no figures on the forms but they are what they are. Until I can sort out the total amount of benefit at each sign off my client will not get his tax calculations run for 2013/14 or 2014/15 ergo no tax refund either. This is really annoying as I have seen spurious tax calculations issued by H M Revenue and Customs with some ridiculous amounts of estimated bank interest on them creating non existent repayments for clients and issuing cheques with the calculations that subsequently have to be returned to them. HMRC have often, where the repayment has been below a certain figure, been carefree and bountiful on such cases but in this particular case my client is experiencing hardship and they are definitely playing hardball.