Cost and admin are what will occur it seems. Great!
Re QBE being phased out, I think you're right but I would be amazed if HMRC made current QBE with requisite experience (call it 5 years for arguments sake) you have a small business sit exams in order to continue.
Would be an outcry!
New to accountancy? - take the exams.
Already doing it and no issues etc over 5+ years - you're QBE for this transitioning phase.
I hope so anyway.
I just won't have the time to study and work and do life. I doubt I am alone!
Moving of the goalposts, when committed career-wise, would be disgraceful.
My interpretation is that HMRC are not saying you can't be QBE.
What they are saying is QBE will need to be supervised probably via professional body, where (I agree) there may be a lower entry point than currently for QBE just to say they monitor and ensure certain standards.
But I still don't know what QBE is- 1 year? 5 years? 10 years?
And if I am practicing with no issues then why should I have to change anything bar a monthly fee to be member of a prof body?
I know people may not have the answers!
But it's a cause of anxiety for me and I guess the other circa 35% of Accountants who are QBE who were happily (as happily as can be with the HMRC service levels and the dog droppings that is MTD still being banged on about) going about their business until this was announced.
I know you're just giving a view (which I appreciate!), but if you can be qualified by 'equivalent number of years of experience' then how can I be at risk?
I have hundreds of current and former clients that can attest that I do a good job..
- No CGT on 1968 home if sold and then move to 2021 home
- CGT would be applicable on period between 2021 home and move-in date.
For simplicity, let's say that's 2 years.
9 months PRR and the usual CGT thresholds apply?
There may not be any profit in the 2 years but lets say there is..
My answers
I guess I have trust issues when it comes to HMRC and this government.
I wonder why..
No, if you take the paper as red then yes, my question has been answered.
Cost and admin are what will occur it seems. Great!
Re QBE being phased out, I think you're right but I would be amazed if HMRC made current QBE with requisite experience (call it 5 years for arguments sake) you have a small business sit exams in order to continue.
Would be an outcry!
New to accountancy? - take the exams.
Already doing it and no issues etc over 5+ years - you're QBE for this transitioning phase.
I hope so anyway.
I just won't have the time to study and work and do life. I doubt I am alone!
Moving of the goalposts, when committed career-wise, would be disgraceful.
p.s. very good advice about CPD.
Thank you.
Thanks for the response.
My interpretation is that HMRC are not saying you can't be QBE.
What they are saying is QBE will need to be supervised probably via professional body, where (I agree) there may be a lower entry point than currently for QBE just to say they monitor and ensure certain standards.
But I still don't know what QBE is- 1 year? 5 years? 10 years?
And if I am practicing with no issues then why should I have to change anything bar a monthly fee to be member of a prof body?
I know people may not have the answers!
But it's a cause of anxiety for me and I guess the other circa 35% of Accountants who are QBE who were happily (as happily as can be with the HMRC service levels and the dog droppings that is MTD still being banged on about) going about their business until this was announced.
I know you're just giving a view (which I appreciate!), but if you can be qualified by 'equivalent number of years of experience' then how can I be at risk?
I have hundreds of current and former clients that can attest that I do a good job..
Appreciate the response.
Nice of HMRC to just drop in 'equivalent number or years' re QBE without any definition of what that is!
Appreciate your time.
Thanks.
Alright mate, calm down. Just sounded too good to be true..
Fair dos - apologies.
They know they have two years and I believe they sill move when sold, that my understanding
Thank you.
So, back to the OP and Qs:
- No CGT on 1968 home if sold and then move to 2021 home
- CGT would be applicable on period between 2021 home and move-in date.
For simplicity, let's say that's 2 years.
9 months PRR and the usual CGT thresholds apply?
There may not be any profit in the 2 years but lets say there is..