Many thanks - I hadn't looked at that section because it was headed capital receipts. Not sure where underlying legislation is so will try to track that down.
Thanks Kevin, that was my impression from the trial, especially as in my experience clients don't use the portal for storing documents to refer back to. What is your experience as a practitioner of the product?
Apparently it used to be free for accountants up to a certain amount of storage. With GDPR, IRIS saw the value of their product and started charging. Some customers are apparently still lucky enough to have the free product but new customers must pay unless they are using an IRIS product.
Just called Iris and unfortunately Open Space is no longer free and costs £1K + for non-customers of Iris. Any other suggestions?
Thank you but I am not an Iris customer. I may be able to subscribe as a non-customer but does it work well?
I'm thinking of moving from Digita to TaxCalc. Can you expand on what was better about Digita's PT product compared with TaxCalc? On brief overview TaxCalc interface etc seems much more straightforward and guidance/help easier to follow. After a couple of years' use, what are your views now? I find a lot of important input screens on Digita are effectively 'hidden' but it looks like it might be similar with TaxCalc. Preparing and amending reports and information requests seems much easier on TaxCalc.
I've struggled with Onvio for three years now and am about to throw the towel in and move elsewhere. It has been and still is anything but user friendly. Promised improvements take months and years to arrive. It is dreadful with e-signing because you cannot dictate where the signed documents are filed. The only e-documents I can send have to be prepared on Cute pdf writer rather than Microsoft. The system sends out numerous emails (including when documents are moved between folders) which really winds up clients. I could not recommend as a practical and flexible system for a small practice. Oh, and only about a third of my clients are happy with it. Some loathe it.
Thanks for feedback and BrightPay suggestions, however, it seems quite expensive for a total of 26 payments a year. I am not VAT registered so the cost is £300 a year, which is over £11.50 a payment (plus the cost of my time). Is there anything cheaper out there?
I think you are right. It looks their estimate of his income is not correct and has not identified he's a higher rate taxpayer. The adjustment would be correct if it was operating for only half the tax year. I've just looked at a couple of codes for h/r taxpayers where there are tax arrears and the coding adjustment is less.
I had this same issue with a client, albeit the figure was only £50K but just as silly. I took advice from several people and spoke to Companies House and was advised that the only possible option was to have a Board meeting and to pass a special resolution to reduce the share capital. The reduction of share capital required a Solvency Statement under s642 CA206, statement of compliance under s644(5) and subsequently completion of SH19.