Member Since: 17th Nov 1999
18th Nov 2021
I was asked to quote for a job recently. It was a supplier of office equipment. Ltd co, turnover probably £500K. Previous accountants were charging £250 for the accounts. Basically whatever fell out of Xero, that was posted as their accounts, with little further thought. It was riddled with serious errors. The corker was that half of the cost of sales purchases, which as a supplier of office equipment comprises desks, chairs, was posted to the fixed asset office equipment account and depreciated. Its the same old story - people go for cheap, the client doesn't understand the accounts so rubbish gets filed and everybody is happy.
16th Nov 2021
Paul Crowley wrote:
We do not act for LLPs
Get used to LLP's. With the rate of CT increasing to 25%, LLP's are going to become more appealing than companies for many clients.
5th Nov 2021
One of the largest groups affected are the BTL landlords. Taking the simplest example - someone who receives 12 agents statements a year, with deductions for fees, repairs etc, has mortgage interest and out of pocket expenses to claim. At the moment the only solutions seems to be record this lot in Excel, analysing out the agents statements. If clients want me to do this on a quarterly basis, then instead of a few hours work annually, it will be a few hours work quarterly - quadrupling the time spent and therefore the fee. The logistics of doing this for every client within a few weeks every quarter is just not feasible. If someone develops some app that will automate this then I am all ears.
29th Oct 2021
Good luck with applying for an exception. I applied for one last November and still waiting for a decision.
19th Oct 2021
Someone filed before you got paid? Ouch.
Given the rubbish self inflicted position you are starting from, unless you really want the hassle of smalls claims court, I would take this as a very expensive lesson, and settle.
And beef up your systems so this cant happen again.
I would have thought £3,200 is a bit too much to just take on the chin without a fight. It is easy enough to put in a claim. Hopefully the letter of engagement will help.
15th Oct 2021
We have been with Iris hosting for a number of years now. We have about 15 users. It was the best thing we ever did getting rid of our old server - all our IT worries disappeared overnight, and it has been a godsend with WFH. Iris is not the cheap option, but I figured that as we are entrusting our mission critical data with a 3rd party, we needed comfort that they would be around for the long term and have things like GDPR, data security etc covered.
5th Oct 2021
SA302 is a document issued by HMRC, so you cannot generate one from your software that purports to be SA302, rather it is the tax computation. You need to educate the mortgage broker. https://www.gov.uk/government/publications/mortgage-providers-and-lender...
27th Aug 2021
I have heard of solicitors using Xero for the office side and setting up Xero separately for the client side.
5th Aug 2021
In that case FRS102 1AC.35 only requires disclosures relating to: -
(a) owners holding a participating interest in the small entity;
(b) companies in which the small entity itself has a participating interest; and
(c) the small entity’s directors [or members of its governing body]
Other companies in which the directors have an interest do not come under any of these.
4th Aug 2021
Is that FRS102 or FRS102 1A?