Anyone see potential problems when this starts next year?
I haven't seen any summary of what the transition from the current system to the new one will be like - or back again but I just get the feeling this is going to be a cause for concern in the years ahead.
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Never buy black socks from a normal shop. They shaft you every time.
I imagine most small businesses will welcome this level of simplification. I don't foresee any major issues, but with HMRC you never know. Where do you think the issues will be?
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I can't quite put my finger on it - maybe I'm seeing transitional difficulties when there are none.
Funnily enough - I think RTI may turn out to be a good thing.
Hopefully I'll be back on here more often. Mother is now out of hospital although needs someone there most of the time. Father is still in hospital but appears even more alert than before he went into hospital back in early June. Every time I visit him I ask him if he knows where he is. Each time he will come up with a different answer - not surprising given the number of times he's changed hospital. One of the times he "thought" he was in the petrol station in the village where he lives. He does know that isn't the case he just thought so. This new alertness brought about an amusing conversation. ME : Do you know where you are this week? DAD : Ayrshire Central Hospital ME : Yes. Finally you've got it right. DAD : Is Ayrshire Central Hospital just before you come into Irvine? ME : Yes DAD : On the left hand side of the road? ME : Yes DAD : Then how the hell can you get lost going home?
Three weeks ago I couldn't see him ever getting out of hospital or care home - now I think it is a possibility. Six months ago we were told he only had two or three days at most left to live.
On the plus side of me having to go "home" to look after Mum three or four nights a week I take along my taxation books and can study without the distraction of the internet. I can't get a 3G signal on my phone and struggle to even get Twitter.
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Never buy black socks from a normal shop. They shaft you every time.
I wonder if this will result in more business for bookkeepers? If a small ltd is using cash acccounting it should make it easier to do the corporation tax return. Maybe bookkeepers could step in and provide a one stop shop for the micro ltd. This could be why ICB introduced the level 4 diploma. But only time will tell.
I wonder if this will result in more business for bookkeepers? If a small ltd is using cash acccounting it should make it easier to do the corporation tax return. Maybe bookkeepers could step in and provide a one stop shop for the micro ltd. This could be why ICB introduced the level 4 diploma. But only time will tell.
Elizabeth
I see the opposite. For many sole traders filling in a tax return will now become a lot easier that they can do themsleves and won't need an accountant or a bookkeeper. And come to think about it - it doesn't apply to Ltd Co's anyway. Only sole traders and partnerships (not LLP).
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Never buy black socks from a normal shop. They shaft you every time.
Standardising, use of home, mileage, interest paid; excluding capital allowances and profit / loss on sale of assets should all make it easier for HMRC to inspect small business accounts. These will all go to making it a 'tick-box' process and I would expect the number of inspections to increase.
I could quite see more done remotely by sending in your working papers.
Obviously, the Revenue would need to make sure that businesses who opt in to the cash basis were not scrutinized any more than those who don't.
Forgot to add that these reforms must be to do with making monthly claims for Universal Credit. In fact self employed doing their own accounts are likely to opt in to this method - the worry of an inaccurate benefit claim being greater than the worry over paying a little unecessary income tax/class 4.
