Member Since: 22nd Jul 2010
26th Jul 2019
I’m not against the changes. It’s just that the lack of information, combined with the short time scale before implementation means that smaller businesses are unlikely to be prepared properly. If this was to start next year, then both software providers and clients should be able to sort out what is needed to be fully compliant.
26th Jul 2019
Surely it would make sense for MTD to bed in properly before adding any further complexities in?
None of my small builder clients were aware of this change before we alerted them to it. Most have expressed concerns about how they will manage their cash flow for the first couple of VAT periods.
They tend to work on small margins anyway, so it may make some decide to pack it in or downsize so they fall under the VAT limit. Surely not the result that HMRC envisaged.
17th Sep 2018
It’s nice to have confirmation that I have been correct in allowing all the costume claims for my burlesque dancer clients. After all, how many of us would wear a feather boa to go shopping?
6th Jun 2017
Could have just put it in one sentence really. 'We don't know what will happen, but whatever does happen, it may change or not change things'.
6th Feb 2017
We had this with a chippy owner too but after the first meeting with HMRC, he made sure one of us went to the subsequent ones. All his records were accepted as being OK and the figures were in the GP margins for the type of business.
They went to his shop anonymously and bought meals, which resulted in their verdict that his portions were too big. They asked about how he had financed his car, the new driveway to his house (thus showing they had Googled it), and what proportion of his income was sent to his relatives abroad.
After about 6 months of extensive and almost intrusive further enquiries, the best they could come up with was to alter his profits to include an estimate of £2 per day for the leftover food he may have consumed.
A total waste of time for all concerned; the only one profiting was us.
10th Jul 2015
stevemuzo - I sincerely hope your number skills are better than your English ones.
10th Jul 2015
Annoyingly I've just had to rejoin the ACCA as we've had a flurry of mortgage lender requests in that won't accept my other membership bodies.
It was cheaper than paying the fees of another accountant to sign them off, and the sole reason I have done it. ACCA does not give any real value to it's members once they have qualified.
Accountancy qualifications should be viewed like degrees - you still get to use the letters after your name if you took their exams. After all, they will have rinsed enough money out of us during the training by way of course fees, exam fees, & textbooks.
I can do without the too frequent emails and the awful monthly magazines too, and would prefer to pay a lower fee as a result.