Member Since: 9th Jan 2013
17th Jan 2020
I have a few clients who unfortunately chose Quickbooks (or as I call it (and as has already been alluded to); Slowbooks)
I absolutely detest it personally. I could (and have done in previous threads a couple of years ago) list so many flaws with it.
The one good thing is the price, but Xero (for me) is so much cleaner, quicker, functional and easier to navigate.
13th Jan 2020
It isnt on a whim.
Its not to do with their T&Cs, these just warn you that they have the ability to do it IF required. Just read more carefully what David has put, he has clearly stated why they can do this. They dont have a choice if they suspect you of something they have to act, legally.
No point visiting a branch - their staff are not trained to do anything other than stamp your paying in book.
No point going to HO - unless you live in Scotland.
Which department are you supposed to visit when no-on has a clue which department looks after your banking.
Frankly, as said earlier, you will have had a letter some time ago asking some what might have appeared as bland questions which you havent responded to - find the letter.
You havent answered someone's earlier question about what is actually going through your account.
They havent ruined your life! It might cause an issue for a time, but its not life threatening! Come on, get a grip, calm down. I know this isnt a nice experience but as you have stated you have received some help from family members and will get it sorted. Learn from it - dont just rely on one bank account in future!
As David has confirmed, if this is suspected money laundering, the bank will NOT have sent any letter to the individual.
It is the same as when we suspect a client of money laundering - report and Do Not Tell Them as this is tipping off which is an offence.
13th Jan 2020
Also, you say that the app automatically records invoices and payments in Xero, so which bank account in Xero does it record the payments going into? There must be a bank account in Xero where all the debits have been posted ‘automatically’. Do these debits equal the unreconciled bank receipts?
5th Jan 2020
You are paying to much. We use Taxfiler.
Yes they have been night out by Iris and yes the cost doubled in April 2019, but you will pay circa £300 per year for the full shebang (CT, personal tax, partnerships, plus accounts production). Many people still prefer to use VT for accounts production whilst using TF for all tax work. We use it for accounts production and tax returns.
Your other option, as already stated above is Taxcalc. Fantastic software I believe. Not sure of the cost (I believe it is stepped pricing re. number of clients).
IMO these two are your options.
All the best
11th Dec 2019
Yeah I’ve had my fair share of these type of clients. Interestingly, my worst ever offender was also a beauty salon!
Instead of a polite “I’m sorry I really don’t understand how I can have that much tax to pay, could you run me through it”, you get (with a defensive / aggressive tone) “why is it that much when it was only X amount last year”.
Accountant: yes, it’s because you’ve had a better year this year and you are now required to make ‘payments on account’ because your tax liability is more than £1k etc etc
Client: I only paid £x last year so why is it now more
Accountant: the actual tax is only marginally more, but you have bypassed the threshold at which you have to make payments on account of the following year
Client: but I only paid £x last year so how can it have doubled. It’s not worth me working I might as well close the shop
(Plus they often heard “I thought you were supposed to be reducing my tax”)
You’ve just got to grit your teeth and keep explaining it.
9th Oct 2019
"He didn't appear to benefit from the scheme even if it had gone unchallenged. "
Is that from the prospective client's viewpoint or from following the numbers, because I would find it surprising were it so.
Yes, it is from the prospective client’s viewpoint. He ‘believes’ he paid 20% commission to save 20% tax. I don’t have any figures, but took this at face value. I take your point that the facts may be quite different and most probably are.
The only thing I know is that the company is very small (profits of 30k at the time, now close to 20k before tax & dividends).
I thought that only businesses making hundreds of thousands in profits were targeted By these scheme promoters, not very small companies.
I understand there is no right Of appeal against a follower notice and that the only possible challenge would be as to the validity of the notice.
The guy has been advised to settle (by a tax adviser who he engaged some months ago, in connection with this matter only). Trouble is, even over 5 years, it is £800 per month that he doesn’t have.
I just felt a bit sorry for him. Usually I would have little sympathy with people who join such schemes. Maybe I’m going soft in my old age.
5th Oct 2019
How would you spend the 150k investment?
It is way more than you need.
I agree with previous comments. Go it alone.
1st Sep 2019
Also Accountancy Manager is good for managing deadlines. It's not for everyone, but I can't fault the deadline management function. .
Haven't heard of office 365 Planner
28th Aug 2019
I'm glad it's not just me!
Pathetic! More wasted time
15th Aug 2019
Are you looking for accountants to recommend themselves? Or for us to recommend other accountants?
I'd recommend myself but I'm in Manchester. ;-)