Member Since: 18th Jun 2008
29th Mar 2021
Those reglated thru PB's know what they doing? Unregulated are Cowboys? Um, well the worse case I've come across in the last 17yrs or so since leaving the finance function in industry was from a PB practice, multi partner in 2013, so bad I reported thru to SOCA.
I'm not attached to a PB, HMRC re AML and a member of ICPA who amongst other things I organise my PI cover, fee protection cover for our clients, consultancy support and CPD materials. I also subscrip t other sources such as TaxTv, Tax insider etc
Not sure it's so clear as to the good, the bad and the ugly
10th Mar 2021
Applied for a client's company to be Vat reg'd including Opt to Tax on 21st Oct back dated to 20th Aug. All done online, heard nothing from HMRC until the client rec'd the Vat certificate 15th Feb issued on 4th Feb. Opt to tax came thru on 22nd Feb.
Then we have to start the client authorisation, why can't they do this at the same time when the agent made the application and issue an authentication code?
And then finally we have to activate it for MTD when I thought all new reg'n defaulted to MTD
It just never seems to get any easier, these days I have ponder where to login and which ID to us, may be time to retire? Heavens help me with MTD for Income Tax
29th Jan 2021
Whilst I'm no supporter of HMRC, 46mins in a call queue last week as there is no agent line, I don't think they were going to win either way.
Extend to say 31st March and some of us complain our clients will just turn up last week of March instead of Jan which then has a knock on effect ot our other work.
Don't extend and some of us complain of the pressure
Whilst we don't have the volume of tax returns that some of you have I'm the only 1 in our small practice that does the accounts and tax work so effectively a 1 man band. It's been a tough year for us all and I started the tax season already worn out from supporting our client's and their businesses as well as the 'normal' work.
I work from home anyway, so I've hardly been out for months, hardly seen our grandchildren who live 5 miles away instead of weekly and since Dec 27th have barely left my desk including weekends but today as of an hour ago my last client tax rtn was emailed for approval, a handful or so pending sign off to submit. This of course excludes mine and my wife's which I now must start.
I was expecting the extension to be announced Weds/Thurs and I didn't broadcast it to clients.
Like us all I'm very tired but on the upside I can broadly have a day or two off i.e. the weekend to relax and celebrate my 66th birthday that was on 11th Jan which I spent working and look forward to Feb 1st as I do every year with it all behind me.
Oh and the 6 nations rugby next week :-)
7th Dec 2020
Thanks from me too Helen. Also looking forwrd to part II
Right coffee break over back t work those tax rtns won't do themselves LOL
21st Oct 2020
My wife uses Moneysoft and having tried it out in a 'test' system [copy of a client's payroll] we've found we can edit the PAYE record for thepayroll so that EA is not over claimed i.e. adjusting for CJRS element. It's a bit tedious as it will mean amending each month but probably easier than contacting HMRC from what I've read above and the client has been guaranteed the max EA possible.
Only necessary for those with possible EA under £4k
9th Oct 2020
You make a good point and compassion aside you have to wonder if 'locking down' partially or nationally is the right think to do. Not only is it damaging the economy but also those waiting for treatments are at risk becasue they can't be treated, so a case of saving some people at the expense of others.
The Spanish flu just after WWI was left to take it's course, life went on unchanged for those it did not touch directly or indirectly.
Today we have social media and the mind set that nothing bad should ever happen and if it does we must do something to stop it and for it not to happen again.
With Covid 19 and trying to deal with it, it makes me think of King Canute and stopping the tide comimg in. It just won't happen, the tide came in and ......
I'm sure we all have clients that have been badly affected by all of this and some will not make it thru. Already some staff have been made redundant.
As for CBILS, it would appear to be fine for some but if you are property developer who couldn't sell properties thanks to Brexit then Covid 19 then no matter how little borrowing you have the answer is NO. One such client has been thru 3 brokers as their own bank have withdrawn the Property Development finance facilty and CBILS for the like of them.
25th Sep 2020
CBILS - Well mybe for some businesses but I have a client:
£2.2m in assets
£200k NWB loan secured
£400k P&L reserve
Remaining finance from owner/directors
So far via 2 brokers have been unable to find a bank that will offer anything under CBILS for £197k
Why, well the £2.2m isn't a warehouse of widgets, 5 completed bungalows that ordinarily would have sold but first Brexit and then Covid are not. 1 finally exchanged yesterday and 3 are under offer but that isn't guaranteed funds. Plus the new site circa £400k including works to date
Ordinarily they would use their bankers developer finance facility but they are no longer lending to property developers. Thank you NWB, the clients bankers for 8 years
They are starting work on a new site but progress hampered by lack of cash which means little work for Subbies, less materials required and therefore less jobs for those producing the materials
And they have 3 interested parties to buy on the new site but have had to walk as there is no firm date to complete them due to lack of funds
Government wants new homes, banks won't lend money!
Poor show all round. Best hope seems to be the current properties under offer complete. When they are all sold should have nearly enough cash to complete the new site without the banks. CBILS was a buffer, a just in case
23rd Jun 2020
Yes I cldn't get in yesterday nor this morning until Maddy emailed me guest links, so I missed the 1st 15mins or so. Downloads will be available later.
I rec'd no email reminders for yesterday and only one this morning for today's at 8:45 but then it load the page but on clicking 'enter' it refused me entry to watch!
I've sent screenshots via Maddy to Tech'l
Hopefully the tech issues are fixed by Thurs for P11d's & Kate
22nd Jun 2020
If only I could have watched it, logged onto Acc'gWeb then it seemed to want another login! to watch it. Spoke then emailed Technical. Just trying to find 1pm's webinar. Not receiving confirmation emails
15th Jun 2020
Thanks for this, another very useful article. 'See' you on Weds technology permitting :-)