Member Since: 16th May 2008
3rd Nov 2021
Maybe it's time for a re-think of how auditors are appointed.
Perhaps firms that require audits by law should pay annual "fees" to a central body which then appoints registered auditors on a rolling basis to carry out audits. Firms that provide other services for the relevant businesses will be excluding from being appointed auditors by the central body - the auditors will be paid by the central body not the companies themselves!
29th Sep 2021
It's the age old dilemma that the big audit firms seem to have: do you bite the hand that feeds you, do you qualify the accounts or even refuse to sign them off?
21st Apr 2021
If profits are usually around say £25000 and these are reduced because of lower turnover and increased costs to say £13000 BUT, they received the business rates grant of £10000 which effectively means they have a taxable profit of £23000, can the 4th SEIS still be claimed?
20th Jun 2018
Maybe all audited firms should pay their audit fee (based on turnover) directly to the "Crown Auditor"?
20th Jun 2018
When auditors are paid their million pound fees by the companies they audit, what chance in the real world do you have of them refusing to sign off their accounts? Maybe there should be a "Crown Auditing Service"?
29th Mar 2018
Why not use this as a chance to simplify the system?
Vat is supposed to be a tax ultimately paid by the consumer. In that case just charge vat on sales. Don't mess about with reclaiming vat on purchases - the gross will simply be a cost against profit instead of the net. All prices will be shown as NET + VAT so the consumers (members of the public) will know how much of the price they are paying is going directly to HMRC!
2nd Feb 2018
Just out of curiosity and not really anything to do with the original post, given the fact that for several years, the EU's accounts have NOT been signed off by the auditors because of unexplainable irregularities, yet, there are very many companies (public and private) whose accounts ARE signed off and later found to be somewhat fraudulent and worthy of civil or criminal investigation, do you think this indicates that the bureaucrats in charge of the EU's accounts and the EU's accountants should be hauled up before some sort of "Grand Jury" and made to explain the irregularities?
Does this alone not indicate that the 17.4 million Brexit voters were correct to not want to be part of such an apparently fraudulent entity?
27th Apr 2017
Personally, I have no political allegiances - I vote for whichever party seems to be addressing the issues that I believe to be the most important of the current time we are in. If no party seems to address the issues I am concerned with, I will vote for the local independent candidate.
In terms of tax simplification, I would vote for the party that truly believed in tax simplification - ie the starting point would be a flat rate of tax on ALL sources of income. (No more National Insurance cons) You can take lower earners out of tax by having a personal allowance, but any excess over this is taxed at a flat rate of (say) 32%. I would also consider whether or not to abolish corporation tax on the proviso that dividends are paid to shareholders net of the flat rate of tax. Basically, if a company wants to grow then taxing its profits with which it can grow seems somewhat backward.
A growing company (theoretically) will employ more people who will pay tax. If the company is profitable then the dividends paid to its shareholders will be bigger and therefore the shareholders will pay more tax (at source). In this instance a parent company shareholder is not exempt from the tax on its dividend.
All things considered, I would vote for a party which truly wanted to simplify the current tax regime and make it open and transparent.
8th Jul 2016
If corporation tax is ever scrapped, then simply bring in tax deductions at source on dividends paid so everyone, irrespective of where they reside, receives a net dividend.
22nd Apr 2016
"Get rid of the class system"
If you think abolishing the monarchy will get rid of "the class system" you are living in cloud cuckoo land!
The reality of life is that there will always be some sort of "class" system. You might officially do away with the old fashioned and somewhat outdated notion of "upper", "middle" and "lower" class (which, these days is already defunct) but, as George Orwell said: "all animals are equal, but some are more equal than others".
An unelected figurehead with no political power and an elected government running what should be a meritocracy is what I would go for every time!