Member Since: 23rd Sep 2005
29th Jul 2020
Many interesting points . PPR this could be managed by making the claimant reside in the property for say five years, below that would have to be put in a form of a case to HMRC in a form they require.
The problem with property in the UK is that there is a shortage and thus a big chunk of our incomes are used to buy them. Conversely my brother who lives in north Carolina moved 10 years ago. He recently forwarded a copy of the agents particulars for his "old house". Sale price was $500 more than he had sold it 10 years previously at $100,000.
Solve this problem and PPR exemption problems largely disappear.
I suggested elsewhere that taxing gains can mean that investors invest in tax exempt items wine cars etc but we need investors to buy shares etc to make funds available for industry. So maybe the way ahead is to tax short term gains as income and those who hold assets for more than XX years pay no capital gains tax.
22nd Jul 2020
I personally would abolish it the yield is small and it only effects private investors.
The row about the Entrepreneurs relief looked good on paper but the changes had very little effect on the tax collected.
The online reporting of gains arising from the disposal of real property is as Rebecca says is complex. To make it easier why not have an option to pay say 15% of the tax due (with in 30 days) and to sort out the calculation with the balance being sorted out by extra tax/refund in the self-assessment or CGT only return either for submission by 31 January as currently.
I support indexation of gains. In 1982 we had a revaluation of assets why not another 31.3.2020. The main problem is that one is only required to retain tax records for 3-6 years but many assets are held for much longer periods. So may be rather than a revaluation gains made on assets held longer than XX years should be exempt.
If the chancellor is looking at tax raising get rid of 10% and 18% rates for all except entrepreneurs relief would raise money.
The revaluation at death is a good idea because records in deceased cases seem to be even harder to find.
Taxing gains has a negative effect by encouraging movement into exempt assets where as purchase of shares provides capital to help business grow and employ more (paying tax and NIC)
9th Jul 2020
Very interesting in how the transformation will take place. I agree with Alastair that selling shirts on line is very different from selling on the high street. For me the two top brands were Charles Tyrwhitt and TM Levin but because I have an odd shaped body very long and a little fatter trying a shirt on is very important because it is what the client sees first.
8th Jul 2020
Wow what a dogs dinner. For those on a fixed monthly salary returning 1 day out of 5 should mean an easy calculation 1/5 Full and 4/5 furloughed. I personally dont see why this is not acceptable to HMRC. The furlough claim for July and August will be higher that that for September using HMRC's calculation and hellishly more complex.
Come on HMRC think also about those as indicated above
17th Jun 2020
So having read the above Contract must have considered a number of employees for dismissal and also prosecution for theft.
In realty I hope all the employees except cunliffe would have to make good the stolen fuel and the penalty.
16th Jun 2020
There will no doubt be errors. Should we make them for clients we will amend if allowed and if not make a phone call. In either case a letter will be sent to HMRC just in case its employees or computer system loose the note
15th Jun 2020
As with the 2nd Tranche Furlogh I am concerned that businesses will continue to furlough as long as possible - and run wth reduced staff. Putting more burden on the state
Because there is still the question adversley effected for SElf-Employed I do wonder how many wont rush back and thus be able to claim. Rebecca uses a lady builder. Many small builders dont work much in August so I would imagine that the SEIS will be looked on as a freebie handout
Perhaps a better scheme would have been to reduce % of furlough payments faster except those businesses that cant open Pubs etc
4th Jun 2020
So why do you think that part of the solution is two-factor authentication, which should be enabled for all key services, particularly company emails, as it is commonly used as a second factor of authentication for other software.
Experience tell's us that if you introduce two factor that it is either by mobile phone text or by email. To have it by text means that each staff member has to have a mobile phone or a mobile number that reports to email. If either does not work immediately there is a loss of productivity and frustration by the staff member. Microsoft has been known to take 30 mins as has quickbooks.
I do agree a pssword manager is excellent. We introduce it with training when taking on a new member of staff
28th May 2020
Barclays tried to compare the Bounce Back LOan approvals to their normal lending. Oranges and Pears - just dont know why I stay with this bank.
I was advised that one of the problems was that Barclys had to "Know their clients for money laundering purposes" as part of the Bounce Back scheme but this part of the sytem was either useless or could not connect to the main system or systems. As this is a fairly simple process one wonders why some of the at home staff could not have dealt with this?
18th May 2020
I have just done an application, not for a client but for our odd job man. He is severely dislexic has no mobile phone or email address or computer. He is not a client.
The paperwork says you can get a friend to help.
We found that apart from UTR, NINO and date of birth that he also needed his passport so that HMRC could verify him. Since he is dislexic I would be suprised if he had and credit cards or bank loans.
The application went through ok but it made me wonder how many in a simalar position are being heavily disadvantaged. Because of COVID-19 the library's and the CAB are closed so where would such a person go. To his or her tax agent who cant help!