I am a Chartered Accountant, in private practice as a sole practitioner since 1985
Well, I use VT final accounts,but since I have a load of SA returns to file, I needed a software solution for that as well as the CT600 filing. So for me, the problem was simply resolved by buying Taxcalc which provides the company tax module and the SA module.
I would click on pay, then instead of selecting the bank account, select switch ledger to creditors, and select the DLA. The payment will then just be credited to the DLA. Simplest way really
Wow, all I can say is you've really put your foot in it, John. You've been away for a couple of days, but the criticism has been flowing for two months, and you've not replied to any of it. I assume that the editorial team has no intention of making any further changes, apart from tinkering with irrelevancies (such as the Like icon).
You should enter the amounts that were wholly for business purposes in boxes 17 to 20 of the employment pages of the return, and then you won't be taxed on them (I assume you didn't derive any benefits from them)
Me too. I found with Chrome that nothing happened when I clicked to move from one screen to the next, so I changed to IE, and then i had no problems
Based on the limited information, the answer is yes
I assume the expenses you mention are actually paid out by H & W. In which case, i would treat H and W the same, and so the wife reports income from herself (50%), and the expenses. In her return, the rent expense contras to the rental income. No imbalance then. Or if you prefer, ignore half the rent, and just have H report his half
I think you misinterpreted Paul's comment. I believe he meant that you could include rent as a cost in the sole trade accounts to the extent that it was reported in H's tax return as income, ie income and expense balanced out. Your way would mean £2k cost but only £1k income, which would be incorrect
I have recently used the direct upload facility in Moneysoft. Once you remember to make sure the due date is correct and agrees with what NEST expects, and also make sure the pay period is also in line with what NEST expects, it works very well. One word of caution: MS produces a success result on filing, but don't rely on that. Select the NEST response, which might have a failure notice
Tornado, you have exactly echoed my thoughts on this. The government has tried to portray the (unspecified) forthcoming changes as a way of making life far easier for the small business, when I think we know that the reality will be the complete opposite. You only have to read the case studies published by HMRC in December to realize how out of touch they are with the way the average small business or self employed tax payer relates to his accountant. And subsequent references to getting rid of the chore of the self assessment tax return do make me wonder if they have ever talked to the profession about this. After all, filing a three line report on the SE page once a year, derived from a simple excel spreadsheet doesn't seem onerous to me.
I wonder if the profession as a whole is making a sufficient effort to convey our misgivings to the Treasury. How can we do more?
It would be great if business organisations got involved. But if you look at the Federation of Small Businesses website, there isn't much on MTD, and what there is appears to be pretty much in favour, and very little by way of critique of the proposals, and nothing recent. There are also plenty of accountants websites appearing to praise the coming revolution, or just re-presenting HMRC's view. It's only on AW that I have seen what I regard as cogent criticism
I didn't attend the webinar. I agree with all the criticisms concerning the pointlessness of it all, and the plight of small businesses who don't wish to cope with digital record keeping. What I am beginning to ponder is the situation of medium size businesses, who maintain standard accounting software, often bespoke in nature. How are these going to cope with quarterly reporting? Within the proposed time frame?