Member Since: 4th Aug 2011
18th Jan 2019
Part of the trouble is the conflation of issues and that is evident even in the limited number of comments you quote in your article. Is audit broken or merely not doing what is now expected? Or is it the delivery of audit that is broken? Or the public perception of what an audit can achieve that is broken? Or maybe it is just the delivery of certain sizes of audits by certain sizes of the auditors that is failing? It's not surprising to me that we don't have an answer because we don't yet really understand the question.
11th Jan 2019
As regards the amounts involved, we don't really know enough about the root causes. Are the costs, which seem astronomical, justified? Are they the result of excessively complex insolvency legislation? Are they as a result of the need to protect oneself against potential litigation or regulatory investigation? Or the complexity of the business? Or incompetence? Or culture or greed? Or just market forces?
Until these factors can be established and untangled, any comments are simply shooting in the dark.
24th Sep 2018
I was going to say the same thing. What small businesses need is a pay-per-file piece of bridging software at, say £5 a go. The Quickbooks offering seems a complete waste of time for a small business unless Intuit rapidly rethink their pricing strategy.
9th Sep 2018
In general sales taxes (in the country of consumption), employment taxes and land taxes are the way to go. They are least avoidable. Corporation tax is outdated in the modern world.
The answer to have we ever seen anything like Amazon in terms of power is "yes". Try the East India Company. The main difference there, however, is that it was still rooted in a single country which ultimately curbed its power. Powerful companies these days are multinational and will need multinational agreement (doubtful) to deal with.
25th Aug 2018
The need to manually (or timed) refresh for pivot tables and G&T tables is a risk. My motto being "never rely on the end user doing the right thing". I get around it either by having a refresh triggered by the Worksheet.OnActivate and OnChange events or, if that is too slow and hinders using the worksheet, by creating a hash total for the data, and doing a refresh only when that hash total changes.
29th Jun 2018
I wonder how GDPR deletion requests will work with items held in a blockchain which are, by definition, immutable. It will be possible of course to delete all the keys so the item is still there in the chain but nobody can read it any longer. But what if part of the information is still required and only part has to be deleted?
21st Apr 2018
The accounting institutes hardly rolled over. The ICAEW has constantly opposed the mandation element of the proposals. And it was concerted objection to the original proposals that allowed the partial concession to allow spreadsheets. There have been meetings after meetings with ministers on the subject of MTD. The problems highlighted with MTD for SA meant that that was deferred even if the (less onerous) MTD for VAT appeared in its place. And this, in the face of determination by legislators to introduce MTD in some form.
My surprise is that more businesses didn't complain more vocerifously. If they didn't then maybe ministers are right that it is no big deal. It's not the view I'd take, but I guess we will only see over the next few months.
20th Apr 2018
Tell us more. Is this a tax product linking into an existing accounting suite or an accounting package? What size companies is it for and what does it cost?
I am aware of a number of large businesses which have had some successful pilots with fairly complex packages, but I think the concerns being expressed here is around all those smaller businesses which cannot afford expensive products and/or currently rely on spreadsheets.
It is fairly certain, I would have thought, that providers like Sage, Xero, Quickbooks etc all have solutions to roll out. But all of these, as I understand it, will be on monthly subscriptions (more cost to SMEs) and none of the currently free accounting packages look to be providing VAT MTDfB updated versions.
19th Apr 2018
There is no HMRC free software for VAT at present and, possibly, there may not be. Free software depends on software houses providing it and whilst there were a number of firms looking at doing it when MTD was going to be for SA returns, I've not yet heard of any free VAT compliant software coming available.
HMRC's website will be discontinued so businesses will have to use software and, if no free software is available, pay for it.
This is what lots of complaints have been about all along and the last HMRC cost assessment of MTD recognised that small businesses will bear an additional cost for this.
19th Apr 2018
" Hook had to physically re-post the quarterly data into IRIS Personal tax from a printout before they could make the submission. " This surely means that it was not MTDfB compliant?