Member Since: 12th Aug 2009
21st Apr 2021
Picking up on the earlier point about holiday lettings.
I was about to complete on a Holiday let purchase, and was aware that the seller, as the ratepayer registered on 1 April, had been given the £8000 Restart grant. These grants were made to help businesses prepare to reopen, and cope with initial slow demand, so I pushed hard to have the grant handed over, because I was one who would effectively be doing the reopening. The seller took offence and cancelled the sale.
My point is - this person has probably had the best year ever, because the business rates grants were at least as good as her normal income, but without the letting hassle. She will now not spend the Restart Grant because she is remarketing, so we have a situation where an individual is legally entitled to a grant, but is clearly not using it as intended.
The grants have been lifesavers to many, but as accountants we will be finding many others who have had the best year ever - its the luck of the draw.
13th Apr 2021
No problem - I also get annoyed with reviews that are clearly done by the suppliers !
13th Apr 2021
Thanks - I think !
Whilst you are of course completely correct - it has not helped with my actual question ? :-)
8th Apr 2021
Thanks - interesting aspect that I hadn't considered.
I will take a look at the FCA requirements, and advise accordingly.
8th Apr 2021
The Trading Account is in a private name, but the payments from customers have come into the company - so total mix up !
(via Google I see there are a couple of providers that accept corporate accounts)
On that basis I could probably argue that the transactions belong to the client personally, or to the company - but either way the intent was definitely to make profit, and the client informs me that further trades have occurred after the company year end, so it moves out of the realms of Hobby - I believe it must fall under either Company Tax, or Self-Assessment.
8th Apr 2021
Thanks for comments so far.
I am confident with HMRC's tax treatment guidance, and the guidance from ICAEW on how to account for Crypto's - but yes - Money Laundering and Business Expense rules are key considerations when there is no supporting documentation.
I have indicated to the client that, whilst I am not doing an audit, I still can't be party to a set of accounts with unsubstantiated transactions - so I need something concrete to show that the expenditure has actually been made, and that the resulting product has been delivered to the customer. I await their response !
2nd Apr 2020
Initial view is that it is quite "clunky" and not appealing to the eye, although it will probably do the job. With just CT included, I will give it a miss. We use a very cost effective combination of Xero for those clients which justify it, Kashflow for a few who don't, and exel for the really small. For tax we use TaxFiler which is a great product, albeit that I am now paying extra for something that is called Practise Manager, but is really not (we use Xero PM whch we get free as Silver partners. For Accounts we stuck with VT. Yes - there is manual data transfer, but it is nevertheless costs effective, and each tool is best for its particular task. We are also reluctant to go for any of the "all in one" offerings, preferring to stay flexible.
26th Jul 2019
£1140 a year ?? and they think it is expensive ?? I would charge at least that just to do end of year accts/tax, self -assessments, and basic tax advice (assuming they have no other complexities on their self-assessments such as property income). Bookkeeping would be additional, and I would suggest an hourly rate initially until the business is up and running, and then agreeing a fixed rate once you have some knowledge of the level of activity.
25th Jul 2019
We are using a product called A2X - which exports summary directly to the accounting software (Xero). It works fairly well, although one has to do some tweaks to make sure the data all ends up in the right place, with correct Vat etc.
My be worth a look - I am not sure if if will also do direct data dump to exel, or if it also links to other accounting software.
23rd May 2019
Moneysoft Payroll Manager. Its not cloud based or modern in appearance, but it is simple to use, does everything well, and is very cost effective.