So if I were to watch the monthly updates with Ashley (which I do) and attend the free events around the country what extra would I receive for my payment to attend Xerocon each year.
The only reason for quarterly updates is so that eventually there will be quarterly tax payments for amounts not paid under PAYE.
Once HMRC have the information they can estimate the tax due and then take it from your bank account - yes you will have to sign a direct debit to them.
Paying tax quarterly instead of 6 monthly will greatly increase the cashflow which is the ultimate aim.
The only reason for quarterly updates is so that eventually there will be quarterly tax payments for amounts not paid under PAYE.
Once HMRC have the information they can estimate the tax due and then take it from your bank account - yes you will have to sign a direct debit to them.
Paying tax quarterly instead of 6 monthly will greatly increase the cashflow which is the ultimate aim.
There is a site which has software which is free for up to 3 properties at the moment. http://www.landlordvision.co.uk/
Not a recommendation as I have not used it but maybe worth a look for the small landlord.
Dong a 3 monthly return for your clients instead of a yearly return should not take more total time, and should avoid the issue with 50% of the workload for an accountant being in 1 month of the year. Most people have enough brain power to cope with change, the rest seem to be clients of accountingweb members....
Really?
4 returns = more than 4 times the work. Until we can "train" our clients to let us have the information in time for the return we will have to chase for it 4 times a year!
There will be an increase in the admin work necessary just to process the information. Who is going to pay for that?
This will eventually go down when everything is online and banks and companies will send us all details about our clients electronically or we will be able to down load the information from the HMRC web site! Still have to cheeck it though as HMRC seem prone to errors for some reason.
What's behind this is that the Government want more tax to be paid earlier.
If you are self employed you pay tax up to 9 months after the year end. If you are submitting "real time" information quarterly you will then be asked to pay tax at the end of the quarter based on that income. This brings tax receipts forward by potentially up to 21 months. That is a big cashflow advantage.
The treasury are also looking to tax small company director/shareholders directly on the company profits by "look through". This has been put forward as an idea by OTS in their document Small Company Taxation Review. Published earleir this month. OTS are saying it should not be compulsory but once it is in it is difficult to see how that cannot be the eventual aim.
The Cambridge online dictionary defines a customer as: "a person who buys goods or a service"
This means that they have a choice to buy or not. When will HMRC get rid of this condescending tone. Tax payers are not customers - they have no choice in the matter. They have to pay tax, and they have to pay it to HMRC.
Given the choice a customer has I am sure most would not chose to pay tax, especially to HMRC.
My answers
Hi Gary
So if I were to watch the monthly updates with Ashley (which I do) and attend the free events around the country what extra would I receive for my payment to attend Xerocon each year.
Anyone care to explain why Xero feel the need to charge to attend what is in effect a large marketing exercise for their product.
If you want me to use the product then make it easy for me to find out about it and don't make me pay for the privilege!
BTW I am already a Xero user but don't attend XeroCON due to the fact that they charge for me to be there.
The only reason for quarterly updates is so that eventually there will be quarterly tax payments for amounts not paid under PAYE.
Once HMRC have the information they can estimate the tax due and then take it from your bank account - yes you will have to sign a direct debit to them.
Paying tax quarterly instead of 6 monthly will greatly increase the cashflow which is the ultimate aim.
The only reason for quarterly updates is so that eventually there will be quarterly tax payments for amounts not paid under PAYE.
Once HMRC have the information they can estimate the tax due and then take it from your bank account - yes you will have to sign a direct debit to them.
Paying tax quarterly instead of 6 monthly will greatly increase the cashflow which is the ultimate aim.
There is a site which has software which is free for up to 3 properties at the moment.
http://www.landlordvision.co.uk/
Not a recommendation as I have not used it but maybe worth a look for the small landlord.
Cartoon says it all - includes naughty word!
http://giveupinternet.com/2008/12/24/sorry-your-password-isnt-long-enoug...
no more time?
Really?
4 returns = more than 4 times the work. Until we can "train" our clients to let us have the information in time for the return we will have to chase for it 4 times a year!
There will be an increase in the admin work necessary just to process the information. Who is going to pay for that?
This will eventually go down when everything is online and banks and companies will send us all details about our clients electronically or we will be able to down load the information from the HMRC web site! Still have to cheeck it though as HMRC seem prone to errors for some reason.
What's behind this?
What's behind this is that the Government want more tax to be paid earlier.
If you are self employed you pay tax up to 9 months after the year end. If you are submitting "real time" information quarterly you will then be asked to pay tax at the end of the quarter based on that income. This brings tax receipts forward by potentially up to 21 months. That is a big cashflow advantage.
The treasury are also looking to tax small company director/shareholders directly on the company profits by "look through". This has been put forward as an idea by OTS in their document Small Company Taxation Review. Published earleir this month. OTS are saying it should not be compulsory but once it is in it is difficult to see how that cannot be the eventual aim.
Customer?
The Cambridge online dictionary defines a customer as: "a person who buys goods or a service"
This means that they have a choice to buy or not. When will HMRC get rid of this condescending tone. Tax payers are not customers - they have no choice in the matter. They have to pay tax, and they have to pay it to HMRC.
Given the choice a customer has I am sure most would not chose to pay tax, especially to HMRC.
who me?
No - just a really bad typist!