Member Since: 2nd Feb 2009
Overt sarcasm may ensue
27th Nov 2019
The deemed distribution isn't taxable on the shareholder but would be subject to CT in the company as would the unwinding of the interest over subsequent years. Tax neutral in theory assuming rates stay the same...
21st Nov 2019
Think it's a great idea and one that's easily replicable for accountants willing to embrace the 21st century.
12th Nov 2019
Interesting thoughts but why buy a client base that likely reflects the demographic of the seller when setting up on your own and growing organically is so easy nowadays.
That's not to say there aren't plenty of opportunities to modernise and increase the efficiency in such a client base but recent history shows that this isn't the route most new practices are taking - merger maybe, acquisition no.
31st Oct 2019
Love, love, love this app
10th Oct 2019
Interesting read. I have two clients using Advanced and they're looking to move away to alternate providers.
Both companies have struggled with recent upgrades being buggy which instead of being resolved adequately are being wrapped up in paid for upgrades. In the modern era of SAAS this is wholly inadequate.
12th Sep 2019
Feeling totally chilled about entering the market....(groan)
23rd Aug 2019
For any DIY tax-returner this book may well still be relevant...
19th Jul 2019
If you're a Slack user there's little incentive to switch to Teams until Microsoft turn off the integration taps with Slack which might push more people over to G-Suite.
Microsoft also need to deal with winding down Yammer and transition users to Teams.
Finally, Teams needs to up the integrations it has to compete with Slack including a focus on Zapier/IFTTT rather than Flow (which is the Sage BCA to Xero/QBO).
10th Jul 2019
"Small entities applying Section 1A are required to disclose material transactions entered into with their directors and owners holding a participating interest in the entity that have not been concluded under normal market conditions. Therefore, particulars would need to be disclosed if a loan had been interest-free or
at a below-market rate, if material."
The quote above comes from an ICAEW Financial Reporting Faculty paper on preparing small entity accounts published in Feb 2019. Lots of judgement needed on what is material when choosing whether or not to disclose a credit balance on a DLA...
I think many had assumed that the advent of FRS 102 (particularly 1A) had meant that DLA's in credit no longer needed to be disclosed, assuming they had been under old UK GAAP.
FV considerations for overdrawn DLA's seem to be generally ignored as well.
3rd Jul 2019
Those example accounts are correct. As there's no tax note (not requireed in 1A accounts) you're not seeing the DT charge hitting P&L but it will be part of that charge in the P&L, which is correct. The hyperlink to the notes refers to the same.
I wouldn't religiously follow those example accounts as an operating profit note isn't required - it's a bit misleading as there are some exceptional items, which have to be disclosed under 1A included there correctly. Again see the hyperlinks to the notes.