Member Since: 2nd Feb 2009
Overt sarcasm may ensue
19th Jun 2019
"Where fair value gains are presented as a separate component of equity, some professional bodies are advising against calling the reserve a ‘Fair value reserve’ which is what some automated accounts production software systems are referring to the reserve as by default. Instead, they are advising member firms to call it a ‘Non-distributable reserve’..."
I'd love to see a reference to this as I hadn't picked this up from commentary by other experts.
Given the FV adjustment on investment properties is similar to FV movements on other investments I don't see the issue on the naming convention.
11th Jun 2019
"But again, the professional bodies raised concern that these sanctioned members could still operate without being a member of a professional body."
I know of a few instances where this has happened in my locality.
In fact, one such, has just had a big splash in the local press bemoaning how terrible it's been restoring their reputation after being removed from a PB for fraud. Their time bar on being a director (because of the fraud) has just passed and they have been appointed MD of the firm they have been consulting to (which miraculously started at a similar time to being struck off) whilst they paid their dues to society.
If this were to happen in say the medical profession - the only places to seek to trade after being struck off tend to be evangelical groups in the USA.
As others have said there are good and bad accountants, whether qualified or not.
If the market worked more effectively and standards could be improved that would be better for everyone involved - improving respect and value. If regulation through PB's or legal protection is required then pathways should be made for QBE practitioners to enable them to participate in the market and not lose out.
10th Jun 2019
Not really QAD responsible for quality assurance at all ICAEW firms which extends to multiple areas, but audit covered by FRC for PIE audits.
7th Jun 2019
This kind of thing already happens in other countries. So whilst HMRC aim to be the most digitally engaged tax authority in the world, they are some way behind others (in surprising places such as Brazil and Turkey).
This first phase of MTD, which as others say doesn't change the information submitted to HMRC, is only the start of what I expect will be numerous phases of change requiring greater levels of detail to be submitted at each phase. Some of which is already laid out in the details published for the implementation of MTD 4 CT/IT.
7th Jun 2019
Precisely, because the big firms are regulated and reviewed by FRC not QAD at ICAEW...
4th Jun 2019
"Tax agents should not attempt to circumnavigate these restrictions by setting up a client’s PTA themselves. Agents who are members of one of the professional bodies which formulate the professional conduct in relation to taxation (PCRT) code are specifically advised to avoid knowing or using the client’s personal access credentials. In practice, this restriction applies to all agents, as HMRC takes a dim view of any agent accessing a client’s details in this manner."
Does this apply to BTA's as well given that many agents, particularly with the inception of MTD for VAT, are avoiding the use of ASA's when possible?
22nd May 2019
"The client had upgraded to new software to comply with MTD and was enthusiastic about its apparent simplicity: “I only have to press a button,” he said, “and the VAT return goes to HMRC without me having to do anything at all. It’s incredible.”"
This isn't an MTD problem - it's a system set up issue. After all you've been able to only press the button for years if your software has been capable of filing VAT returns. MTD simply mandates this process.
I've experienced similar problems in the dim and distant past with clients moving to Sage 50 and getting the set up wrong.
As for where to lay the blame - why bother? You could argue the client should have been aware and sense checked the increased liability but maybe they were having a good quarter. The advisor should have been aware and helped client transition to a new system or offered to check the return before submission but as we all know clients like to do their own thing until it's too late or goes wrong and maybe this was the case here!
9th May 2019
No surprise this number has grown so much.
There are so many accountancy software providers that most people expected to get up to speed.
Also, the bridging software isn't overly complex to design so lots of people jumping on the bandwagon.
2nd May 2019
Oh goody, another ICO - the new realm for the snake oil salesman, ponzi scheme proponent or get rich quick promoter
11th Apr 2019
A bit of journalistic licence taken to describe H&B as a health food store. I think a more appropriate description is sugar pill salesmen! Maybe they hope the placebo effect will help their late payment issues...