Nichola Ross Martin
Member Since: 26th Jun 2009
Nichola Ross Martin FCA, heads up www.rossmartin.co.uk a unique practical tax database with Virtual Tax Partner support for accountants.
Director of Tax www.rossmartin.co.uk
5th Mar 2019
The trouble is that we have a tiny tax base in the UK, its PAYE or VAT. It's easier to collect tax via PAYE, and hard to monitor compliance under IR35. No one wants to spend money on tax compliance.
26th Apr 2017
15th Feb 2017
Lol - I work in the virtual world. In reality that means that I work about 90% online, with a dire internet connection and a poor mobile phone signal. It is honestly like swimming through concrete sometimes and I don't believe for one second that MTD will make our lives easier.
On the practicalities, even if my phone worked I will not be doing my bookkeeping everyday: its a total waste of my brain, my time and energy. I could be inventing new stuff online, employing more people, growing my business and that is definitely what I will continue to do. Robots will do the bookkeeping in the future and when they do I will engage one as my daily bookkeeper.
Don't forget that HMRC have promised a MTD pilot, they are also looking at exemptions and they are also testing. Keep writing to those MPs although do remember that they will almost certainly be exempted from MTD reporting!
13th Feb 2017
On the topic of small clients, I showed HMRC the sort of bookkeeping that we deal with - a note book full of stapled receipts. Client's computer skills so bad that they tried and tried and failed to get their Government Gateway, totally unable to file online, smart phone - you are joking!
13th Feb 2017
To be accurate and of any use book-keeping should be done each week or month. This is not a difficult thing to do using bank feeds etc. Cloud based book-keeping systems are designed to be used every day, every week or every month, when they are used properly they give the business meaningful .
I think you have missed the point of the article! Why on earth do your bookkeeping every day? Every bookkeeping systems is designed to be accurate and computer based ones are designed to automate the process. Whether you chose to do it each day is down to you and won't affect how the software works. It won't help you determine your tax bill, despite the hype.
So far I have found just one self employed individual who is enthusiastic for regular contact with HMRC, this is only because his income y0-y0s and he has difficulty finding work.
In the old days I would simply say to all my clients, save 20% of what you invoice and that will pay your tax bill and give you a little more for a rainy day. Will it be any easier if I look at my phone and see that this week I save £185.15, next week I save £352.63..etc? With daily bookkeeping you can save tax daily! What fun, what a joy! There will be a weird moving total. That would just muddle the hell out of me.
19th Feb 2016
Will have a look for you - saw that you emailed me too.
10th Feb 2016
Hold on, hold on...
if you know your clients its pretty easy to work out who to contact.
It's another excuse for a marketing campaign (as if we are short of those at the moment). But, hey, think "brand awareness".
You can send out new LOEs and put your fees up at the same time.
We have had very short notice on a lot of things in recent years and have managed.
Are we not already writing to clients about changes to savings tax and allowance, dividend tax and allowance, buy to let finance costs, rent a room, replacement furniture relief, VAT Moss, Entrepreneurs relief, transactions in securities, the end of significant disclosure opps (LDF, Channel Isles), the ongoing rental disclosure opportunity, new SDLT rates, non-resident CGT, the ATED, as well as the usual end of year tax planning, changes to car fuel, new employer obligations for expenses and of course reminding them about CGT PRR elections and planning for IHT etc?
I appreciate that we are all overworked and unlike those junior doctors no one gives a hoot about that aspect of our life, however, in this job we are there to keep our clients up to date, and it probably is time to review LOEs so the timing at the beginning of a year is not that bad.
Black marks for the lack of consultation. Black marks on politicians all round who took so long to realise that there is $X zillion of untaxed cash in Bermuda thanks to the activities of a few. Sadly, the low hanging fruit is attractive to government.
6th Nov 2015
Us v them?
I can see why members of the group could be a bit fed up with listing to an all male panel, particularly as there are so many high profile women in tax to chose from if you are putting together a panel. Seems that there is little excuse for anyone to create all male or all female panels after that revelation.
5th May 2015
Its a rubbish system!
Had to go all through this last year with a new scheme that started in March and HMRC did not register it until after 5 April - this is how we found out the hard way that some software won't do EYUs, and I think it was my bleating to HMRC that lead to the 30 day concession.
1st May 2015
New scheme - yes
the main problem is if you are using software for a new scheme that does not do EYUs, as you then have to enter it all again on HMRC's or change software.