This has been happening for years. HMRC almost always blame the client, leaving us advisors wondering how happy our clients really are?!
In every case we've had there has been no explanation, they simply drop off our online service and often when we call HMRC, the 64-8 has been removed - in all cases there has been no change at our end.
I believe this is either a blip with HMRCs IT which they've yet to identify or a deliberate attempt to remove agents from 'their' relationship with the taxpayer.
We have been using Digita for PTax and Iris for AP/CTax for the past 15 years but Iris priced us out when we needed to extend our user license.
It took two years of research and we finally went for TaxCalc in May 2017. There is some reduction of functionality but it's slight and you get used to it very quickly.
I believe Tax Calc pitches itself above VT, so it should be an improvement on what you've been used to.
TaxCalc is not too heavy that it's complicated to use, in fact it's relatively easy, we've pretty much self-taught ourselves how to use most of it, with the odd call/e-mail to their support desk if we've been really stuck.
We have retained Digita for now, basically because it's a great system and although they have have a superior product, they clearly still value and support their customers - unlike Iris.
The rules are there for a reason. I qualified AAT first then went straight on to do ACCA. Without wanting to offend any AAT MIPs, I have to say that nothing beats the knowledge you gain through following the route to a full ACCA PC, the experience will set you up nicely for your future business.
I advise you to think carefully before throwing away your ACCA membership, you worked hard for it and all you need is an understanding accountant./mentor to sign off your work until you get your own PC with ACCA and can go it alone.
The gain arising is likely to be taxable - the amount of gain is worked out using a specific calculation which considers the portion sold and the market value of the portion remaining. Your accountant should be able to work this out for you/the LLP.
My answers
This has been happening for years. HMRC almost always blame the client, leaving us advisors wondering how happy our clients really are?!
In every case we've had there has been no explanation, they simply drop off our online service and often when we call HMRC, the 64-8 has been removed - in all cases there has been no change at our end.
I believe this is either a blip with HMRCs IT which they've yet to identify or a deliberate attempt to remove agents from 'their' relationship with the taxpayer.
We have been tempted by this in the past but found the perfect answer is simply to get the IFA to pay any commission directly to the client.
Works a treat.
Hi Ultra.
We have been using Digita for PTax and Iris for AP/CTax for the past 15 years but Iris priced us out when we needed to extend our user license.
It took two years of research and we finally went for TaxCalc in May 2017. There is some reduction of functionality but it's slight and you get used to it very quickly.
I believe Tax Calc pitches itself above VT, so it should be an improvement on what you've been used to.
TaxCalc is not too heavy that it's complicated to use, in fact it's relatively easy, we've pretty much self-taught ourselves how to use most of it, with the odd call/e-mail to their support desk if we've been really stuck.
We have retained Digita for now, basically because it's a great system and although they have have a superior product, they clearly still value and support their customers - unlike Iris.
I hope this helps.
The rules are there for a reason - don't give up!
Hi Lorraineb81,
The rules are there for a reason. I qualified AAT first then went straight on to do ACCA. Without wanting to offend any AAT MIPs, I have to say that nothing beats the knowledge you gain through following the route to a full ACCA PC, the experience will set you up nicely for your future business.
I advise you to think carefully before throwing away your ACCA membership, you worked hard for it and all you need is an understanding accountant./mentor to sign off your work until you get your own PC with ACCA and can go it alone.
The gain arising is likely to be taxable - the amount of gain is worked out using a specific calculation which considers the portion sold and the market value of the portion remaining. Your accountant should be able to work this out for you/the LLP.
Some people just won't be told! I would get him to sign a waiver but consider your obligations to report this.
Follow the double entry:
My take on this -
The £0.3m is a discount from your creditor, therefore DR the loan and take the £0.3m discount to the to P+L. This income is taxable.