Member Since: 12th Aug 2009
28th Aug 2020
Does anyone know if there is an appeal option for anyone who missed the 31 July cut off ?
Despite all of our regular communications about furlough, and the barrage of information in the media, we have one client who has just realised he can claim. However, we are beyond the 31 July.
Any guidance welcome !!
9th Apr 2020
I agree with Charlie Carne above - there is much value in sticking to what you can do well, and not adding sub-standard extras, especially if you are forcing people to pay for the !
The description of Practice Management is optimistic. It is basically a task manager for a narrow range of tax jobs, and ignores the multiple other non-tax tasks that take place in a practice. It also lacks the facility to hold non-tax related client master data.
We use Xero Practice Manager which can do all of that, and comes free as part of our Silver Partner package. The Xero tax offering is poor, so we retain Tax Filer just for what it does well - tax returns.
We resent being forced to pay extra for a module we do not use. The module should be an optional add on, with its own price.
If Xero gets its act together and improves it tax offering, it will be farewell to tax Filer.
6th Sep 2019
I think many small businesses (including companies), and others with non payroll income, do struggle with planning for tax payments. There is therefore some merit in having a system of provisional payments being made during the tax year. However - I would strongly disagree with applying a witholding process - this will surely be hugely complex. I thought one of the main drivers of the Making Tax Digital initiative was that it would - in time - include quarterly submission of profit data by all. This would allow quarterly calculation of tax, which would allow quarterly payment - all managed by the business owner/landlord, and with the annual tax return being a final tax reconciliation. Surely this would be the better way to go ?
29th Nov 2016
If HMRC think the % are wrong, why don't they just change them ? Why build in yet another check that has to be done, making more work.
Or - why not just rule that a business must go onto standard vat if they don't pass the test, why have another % ?
As we go into MTD, and wider use of software, vat is much easier to cope with, so we don't really need FRS anyway !
27th Jul 2015
Company vs Sole Trader
I have yet to find a good sole trader/company comparison calculation that allows for the proposed new rules - so I did my own in exel.
As far as I can see - if one is looking purely at the profit tax angle - the limited company still offers a worthwhile benefit, despite the new dividend tax, at profit levels between £50k and £140k per year, especially if the Employers Allowance on NI is available to cover owners NI. The position improves further as company tax rates fall looking ahead.
Taking into account that Ltd offers other commercial benefits, and also the ability to "park" income - I believe Ltds are with us to stay in most cases.
Am I missing something or does that sound correct ?
(my graph across levels of income looks like the Alps, as the influence of the £5000 dividend cap, the reduced personal allowance, and the 45% marginal rate kick in !)