Member Since: 8th May 2000
5th May 2011
Paperless office and VAT inspections
We are only just started on our paperless journey. Part of what we do is operate a bookkeeping bureau. All incoming client supplier invoices are received in scanned format that is then attached to the accounting entry within our software. In this way one can review say a purchase day book list and double-click to recall the invoice scan.
We have just received notification of a VAT inspection on one of our clients. The notification letter says:
"If any of the records are held on a computer, please make sure that there is someone available to access them during the visit. We are not allowed to operate customers' or advisors' computers".
Is this correct in that we really have to tie someone up the whole morning to babysit the VAT inspector the whole time she is here? Obviously the original plan was just to sit them down at a terminal and off they go.
Can any paperless veterans help with how you deal with VAT inspections?
Many thanks in advance
16th Nov 2004
NCIS took 2 months to acknowledge my initial reports
The latest report they acknowledged 21 days
My big beef is as already mentioned here that their acknowledgements name both me and the reported person/entity
My understanding was that I give each report a unique reference number and NCIS ONLY ever use that reference e.g. "we acknowledge receipt of report ANON/11"
One day I am sure either:
(1) a client/staff member will see the NCIS letter in the post tray
(2) I will feel the need to report a client against the wishes of one of my fellow partners. Thanks guys!
14th Oct 2004
The control test is by both ownership and management votes.
So in a 2 partner firm the "audit" partner would need to own and control 51%
The "non audit" partner would not be an RI (responsible individual re signing audit reports). The "non audit" partner may be the "contact partner" but also cannot be the "audit engagement partner"
3rd Mar 2004
Possible Methods of protest
AWEB can draft a protest letter to President Blair, that registered AWEB users sign online?
Form an Association (a la PCG & IR35):
The group lobbies parliament incessantly.
Members have access to articles and advice line.
Members pay a (bulk discounted) insurance policy that give paid legal representation on NCIS approach. In this way NCIS have to expend the max. time & resources to get a prosecution.
I suggest that we all file exclusively Limited Value Intelligence reports:
Surely a court would not jail someone who has reported but used the wrong form?
NCIS actually have to look at the reports and write to us if they think the wrong form has been used (time & resource expense)
After a year hopefully they will recognise that total rubbish is being received and either:
a) amend POCA to exempt LVI reporting; or
b) bring in the de minimus level that common sense cries out for.
I would make clear that if I suspected any of my clients to be involved in terrorism or drug smuggling, I would make a full report with no thought to the time involved nor that I will not be getting paid for it.
It is the POCA that is the problem. If this bankrupt government wants to reduce the black economy then they simply need to reduce taxes as demonstrated by study after study and as seen by Nigel Lawson. Its not rocket science!
4th Oct 2001
An efficient market cannot allow cartels and monopolies.
Why should an entity have the right to hide these activities via abb accts?
3rd Oct 2001
Freedom of information
Accounting software produces abb accts from the full accts at the touch of a button. No extra costs / fees are incurred & therefore not an issue.
The issue is entirely secrecy.
A competitor may realise you are more efficient but does he know your business processes that make you so? Does he know whether you are more or less profitable in the last 10 months?
A competitive market requires full information to be available to all parties at the same time.
A company's bankers and commonly major suppliers and credit reference agencies recive the full accounts - why give them an advantage?
The downside would perhaps be competitors using negative publicity "Don't use them, their turnover is only £150K" type stuff