Member Since: 22nd Apr 1999
8th Apr 2016
does it matter to hMRC
If someone is taxed on something that they shouldn't have been taxed on? I somehow doubt it...
From my point of view -at the almost retiring end of the profession it doesn't really matter to me that much, but it should to anyone who is trying to build up a stable income stream for the future.
Also having spent the last two hours trying to get my home broadband (out in the sticks so dont really matter much to BT etc) when we try and call them they simply say "Who else are you going to use?" While we still have BT on our side messing up the system i cant see much of a threat at all to the status quo of bookkeeping etc etc.
7th Apr 2016
so does that make an accountant a CPI?
Client Personal Interface?
7th Apr 2016
these changes will affect bookkeeping and accounting in
less time than you think.
Accountants only exist as translators to make clients records fit into the systems imposed by HMRC etc etc.
With a fully integrated system where the bank always balances and is by definition complete (as opposed to the old description of "incomplete records" which also analyses the spending pattern etc etc - where does the accountant fit except as a conduit to point businesses at fully integrated systems that do automatically what accountants are supposed to have been doing for years, particularly with an accounting system that is supposed to be digital (going forwards) that HMRC can link directly into and also already have the authority to take any tax liabilities straight out of the bank account.
All this matched with the digital tax account means that we are not that far from monthly.weekly or even daily tax returns, none of whihc have involved the touch of a human finger...
7th Apr 2016
funding greek tobacco farming
Surely the simple answer to that is because it is a smokescreen to distract us from all the migrants traipsing through Greece, collecting the contraband smokes on their way :)
As far as do we count any more because of the lack of democracy? Arent we just looking at delegated democracy where we trust (if that can ever be the right word with politicians) enough to put them in a position where they can choose to vote whichever way they want on our behalf without any kind of penalty to them) maybe they should be made to sit in Taser chairs so that we voters can zap them if they do something that we disagree with...?
7th Apr 2016
This speed of finance doesn't surprise me.
One of my clienst had a finance request turned down by an OSL (Old School Lender) for £50k, went home got his smart phone out and went onto a crowdfunding site.
Having put his details in he has the whole £50k within 5 minutes. The downside is he cant remember what the terms are and whether it was him or his company who borrowed the money and no he cant remember his user name or password... :(
It just seems like the wild west with crowd funding at the moment. You only need enough people out there prepared to lend say £1,000 at 15% to get up to silly numbers with little or no security.
Cant see thsi ending well at all, client has now run out of crowd funding money and had to go back to a different site to get enough to cover the repayments which are pouring out of the bank account now.
Ok for a quick fix but wasn't that what credit cards were all about?
4th Apr 2016
let me give you a scenario
HMRC significantly over complicate the tax rules and systems and paint the non tax payers as bad guys and put rules in place that allow HMRC to dip in and out of the miscreants bank accounts to gate the tax etc. Hooray everyone says they cant hide it anywhere now, but what about if they don't declare everything?
HMRC then say that every business has to have a digital accounting system that allows HMRC to dip in and out of their accounting records to compare them with other businesses that say they have traded with them.
The Government then insist that Broadband coverage is not good enough in the UK and upgrade it to bring the UK up to speed with the rest of the planet.
Public opinion then comes along and says that The government and HMRC have put too big a financial burden on the businesses by making them go out and buy a digital accounting system that is HMRC compliant.
HMRC Then bring out a free version of the digital accounting system which will be totally compliant and what is better FREE? Taxpayers and businesses can then use that and save themseleves hassle and money by constantly being in contact with HMRC and also report monthly on the income that they have received and HMRC can then dip in and take the tax that it thinks is due.
So where is the accountant in all this, as always the unpiad lackey of HMRC setting up the taxpayers/businesses thinking that HMRC are still their best buddies making it easier for them and their clients...
You can probably see where all this is going, anything digital does not need human intervention and will in all probability mean that the tax take is sooner and more "real time" giving HMRC another one of those windfall things that keep popping upBUt you say the tax system is far too complicated to simply take the live figires from an accounting system and base the tax figures on it.
Is everyone ready for the tax simplification wave which comes once the UK is so robust that HMRC can now afford to give up the reliefs and allowances that many businesses have benefitted from over the years, such as farmers averaging, herd basis etc etc.
4th Apr 2016
As with anything that looks like good news from the EU
I think you will find that there are strings attached to this...
4th Apr 2016
I saw this and thought - that is rubbish so i made a stab at
going through everything so that i could pick it apart, point by point, but after about three paragrpahs i got so totally confused - and bored - that i now concur.
The disappointing tying si taht the clients wil blame us for not explaining the system adequately to them...
Usual February discussion "What do you mean i haven't paid enough tax? I haven't changed anything since last years return was done and i never paid anything like this kind of tax before. I still only earn £49,950 and it is hard enough to live on that now i have moved to Scotland!"
Life will just get better and better what with having to explain to the client why his ancient Excel schedule doesn't count as a digital accounting system and also that HMRC want him to pay his tax monthly now by allowing them to tae the money directly out of his bank account, just before wages day no doubt...
Methinks now may be a good time to leave the building...
24th Feb 2016
i will hold my hand up and admit
that i have no idea how the accounting system of the EU works but with the level of data collection that goes on i cant see why benefits being paid to immigrants (sorry other humans born in other EU states) is a problem.
If they are entitled to benefits because it has been verified that they and their myriad hoardes of children, back home, are entitled to benefits that then get sent back to their home country. Why cant that be recorded in the many server racks and then treated as part of our contribution to the EU.
We are in effect paying twice for the same thing Multi million pounds of contributions (to be re distributed for the benefit of the rest of the states) plus paying benefits to johnny foreigner to be spent in a totally different country.
Surely the simplest thing to do is allow them in, fingerprint them, retina scan them, frisk them (if you think you need to), DNA test them and their children. Then track the contributions they make to the UK (tax and NI etc) and also the benefits they take out.
That would mean that if they want benefits then they have to hold their hands up get admitted like normal people and we know who is supposed to be coming in the country and that we are only looking at accounting entries rather than bigger things like treaty changes etc...
As far as should i stay or should i go? If the decision is go then that is surely the next money making band wagon "Let us show you how to sort your systems out to deal with..." Please form an orderly queue...
10th Feb 2016
we have had experience recently of a client being approached by an ex HMRC offering to get them a better deal than we can when dismantling a DOTAS scheme because he can get his mate in the tax avoidance section to give a preferential rate of settlement.
When we did the usual "put up or shut up" argument, the ex HMRC came back with a "settlement opportunity" it was nothing more than give in, settle up and we will only charge you interest.
We explained to our client at the outset that the days of "special deals" were long gone - only to have the client fire across at us the recent Google deal. Doesn't help when HMRC or the government have competing agendas...