I dont really like payrolling, the once a year method seems easier to manage somehow, however as soon as payrolling was announced I expected it would become mandatory so I am not surprised at all
I also think that you firstly need to be able to step back and question what this really is.
Is it the feeling we all get at times that we are under so much pressure we don't know if we can cope, but in reality it passes in a few weeks when we get the work done.
Could it be in that case that we could do something practical to alleviate the pressure? A chat with a colleague in a similar position can help, or other practical changes to the business.
On the other hand it could be a sign that there are more serious issues, and there are concrete ways of knowing that by asking ourselves specific questions about our behaviour patterns, personally I would have liked the author to deal with that which would have been more helpful
I have previously been shot down in flames by fellow AW members for my views on this but I state once again that it is totally ridiculous to have such a delay between when money is earned and when you pay your tax. That has to change and will change.
There is an inherent problem with HMRC/OTS consulting stakeholders when HMRC/OTS think they have a good idea, the chances are the stakeholders will disagree.
For example it would have been so much better if HMRC could have consulted a representative panel of accountants in practice before announcing anything to do with MTD, and I mean the accountants not the PBs, but there is such distrust between agents and HMRC I very much doubt that would have been productive unless it really was a genuine Working Together (now theres a good idea)
The same applies here - HMRC have already decided they will have the data so OTS are going to ask, do you you think its a good idea for HMRC to be given all your data, erm let me think about that for a minute.....well, even the prepopulated data we get from HMRC PAYE themselves is unreliable, HMRC themselves hold data they do not easily release to agents to make SATR prep easier (eg CIS deductions), so what kind of meaningful response do OTS expect?
So, the taxpayer has told HMRC they have ceased trading which means they do not qualify for the grants, and yet HMRC are going out of the way to double check that?
Not sure why I see any need to bash HMRC for that, quite the opposite in fact
No of course it does not need to happen , however there does come a point where you might say to a client, look its easier for everyone concerned if you put this through a dedicated bank account.
No - that wouldn't solve the problem.
All four landlords would need dedicated bank accounts receiving a quarter of the rent.
I think you are over complicating it, 1. you need to be able to account for the property income and expenses, that might be easier if you have a dedicated bank account but is not essential 2. you need to be able to submit that data split 4 ways, we do not yet know exactly what and how that will be but if you solve item 1, item 2 flows very simply and quickly from that
No of course it does not need to happen , however there does come a point where you might say to a client, look its easier for everyone concerned if you put this through a dedicated bank account.
My answers
I dont really like payrolling, the once a year method seems easier to manage somehow, however as soon as payrolling was announced I expected it would become mandatory so I am not surprised at all
One man's scope creep is another man's built into the price wiggle room.
I agree, imo not the most helpful article.
I also think that you firstly need to be able to step back and question what this really is.
Is it the feeling we all get at times that we are under so much pressure we don't know if we can cope, but in reality it passes in a few weeks when we get the work done.
Could it be in that case that we could do something practical to alleviate the pressure? A chat with a colleague in a similar position can help, or other practical changes to the business.
On the other hand it could be a sign that there are more serious issues, and there are concrete ways of knowing that by asking ourselves specific questions about our behaviour patterns, personally I would have liked the author to deal with that which would have been more helpful
Has there ever been a recommendation by the OTS that has actually been implemented?
I have previously been shot down in flames by fellow AW members for my views on this but I state once again that it is totally ridiculous to have such a delay between when money is earned and when you pay your tax. That has to change and will change.
There is an inherent problem with HMRC/OTS consulting stakeholders when HMRC/OTS think they have a good idea, the chances are the stakeholders will disagree.
For example it would have been so much better if HMRC could have consulted a representative panel of accountants in practice before announcing anything to do with MTD, and I mean the accountants not the PBs, but there is such distrust between agents and HMRC I very much doubt that would have been productive unless it really was a genuine Working Together (now theres a good idea)
The same applies here - HMRC have already decided they will have the data so OTS are going to ask, do you you think its a good idea for HMRC to be given all your data, erm let me think about that for a minute.....well, even the prepopulated data we get from HMRC PAYE themselves is unreliable, HMRC themselves hold data they do not easily release to agents to make SATR prep easier (eg CIS deductions), so what kind of meaningful response do OTS expect?
I agree, bizarre
So, the taxpayer has told HMRC they have ceased trading which means they do not qualify for the grants, and yet HMRC are going out of the way to double check that?
Not sure why I see any need to bash HMRC for that, quite the opposite in fact
Quite possibly, I am a very simple person....
I think you are over complicating it, 1. you need to be able to account for the property income and expenses, that might be easier if you have a dedicated bank account but is not essential 2. you need to be able to submit that data split 4 ways, we do not yet know exactly what and how that will be but if you solve item 1, item 2 flows very simply and quickly from that
No of course it does not need to happen , however there does come a point where you might say to a client, look its easier for everyone concerned if you put this through a dedicated bank account.