Member Since: 11th May 1998
3rd Dec 2021
In case you were not aware, your company name appears above, so this is not anonymous.
3rd Dec 2021
No, not without them checking your figures with the underlying accounting records and correcting any errors that you have made. If the figures turn out to be different to the ones that were submitted within your self-assessment tax returns, these would also have to be amended. As most lenders will want to see the HMRC Tax Year Overview that shows whether or not you have settled the tax, any additional tax that becomes payable will also need to be paid. This could delay the mortgage application.
3rd Dec 2021
SA Individual Return submitted earlier -still pending
23rd Nov 2021
We still use a T-Card system www.tcardsonline.co.uk, which has all clients on the left and then we move the t-card along as the accounts progress. There is room on the card for the date the records came in and the initials of the person working on them. It helps me to see exactly where we stand with work in progress and helps staff to see the unstarted jobs. We have columns headed Not in, In incomplete, Ready to start, Started, drafted, ready for review, reviewed, client seen, sent to client, submitted. It works for us.
27th Oct 2021
A general practice accountant cannot possibly hold every piece of tax knowledge in his head. We often have to research matters especially matters that do not come up very often. I am not therefore surprised that when you make contact with an accountant, he/she will not know all the answers. However, we do know how to find the answers and this may include working with a specialist such as yourself. You therefore need to keep accountants on-side. Suggesting that we are mostly incompetent is not the way to go.
21st Oct 2021
You need to provide the partnership accountant with details of the personally incurred practice expenses on an accounting year basis. He will then incorporate this within the partnership return and your client should then get the benefit of the personal expenses as they should be deducted in arriving at his share.
12th Oct 2021
Apologies Carol. I thought your comment was actually made by the OP. I shall try harder next time!
11th Oct 2021
Please explain what you mean by "the taxman is being obstructive". I thought you only wrote to them on 5 October according to your comment at 16.36 that day - surely you have not already received a response?
5th Oct 2021
I assume you will correct 2019-20. If the net effect of the errors for the the other in-date years is less than £200, this would be de minimis as, to quote the ICAEW "In the opinion of the professional bodies it is reasonable for a member to take no steps to advise HMRC of isolated errors where the tax effect is no more than minimal, say up to £200, as these will probably cost HMRC and the client more to process than they are worth to the Exchequer."
23rd Sep 2021
Per impact statement:
"Businesses, self-employed people and landlords will be required:
to operate MTD from 6 April 2024 in relation to their trading and property income chargeable to Income Tax and Class 4 NICs if their gross income from these income sources for a tax year exceeds £10,000"
This suggests that landlords must be liable to pay Class 4 NIC if it is to apply to them!