what do you mean by "made up their own set of accounts"?
Every self employed client of mine has a full set of accounts produced... Doesn't everyone do that? (genuine question).
Before starting the Self assessment I will walk through he accounts with the client explaining every field and get the client to sign off the accounts. They get to keep a signed copy and I get to keep a signed copy.
For the self asessment I do the return from the accounts (and other information such as P60 if applicable), PDF a copy with any necessary explanations to the client for approval, I accept acceptance to file by email and store that but then print two copies for signing. One kept by the client one for my records.
All clients are now on standing order but previously I would expect payment on signing of the accounts which comes before the filing of the self assessment which is a good reason where possible to keep a month between the two.
HTH,
Shaun.
__________________
Shaun
Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
When you complete a self-assessment tax return on-line for a client as an agent do you just print off a copy for them to sign before you submit it?
I've noticed that some accountants have made up their own set of accounts and then got the client to sign that.
Which way do you do it? and which is the best way?
Thanks
Are you talking about submitting via the HMRC page? If so there is a page you can print out for this purpose. It isn't easy to find. I think it is actually part of the submitting process so you have to start and then pause submitting. There is a reference number printed on this which matches the return. If there are then even the slightest change to the return this reference number will change.
__________________
Never buy black socks from a normal shop. They shaft you every time.
That would seem to lead on to another question in that is any business that does not need a set of accounts really a business at all?
__________________
Shaun
Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
That would seem to lead on to another question in that is any business that does not need a set of accounts really a business at all?
The ones I do it for even refer to "wages" and "payslips" so they're not after full accounts. I've no idea how they're not classed as employees. But it is a large company and they've worked in this way for them for years so they must have been inspected by HMRC at some point.
__________________
Never buy black socks from a normal shop. They shaft you every time.
Just been considering an MLR report so getting a separate signature for turnover was at the forefront of my mind.
If using commercial SA software, I like to print and date a Balance Sheet OR P&L on the reverse of the authorised signature page whether or not they have signed the balance sheet.
Am I going to file an MLR report? Well the books indicated T/O of 125K. Her interpretation was the actual amounts should total 102K. After second interview in two days and analysing the underlying records, I'm satisfied the numbers should add up to 109K. The ratio's now look sensible too so a close shave but no report.
I normally email a copy of the SATR to the client, ask them again if there is any other income they are aware of. Then if they are happy get them to reply to the email with confirmation that I can submit.
Then when i return their paperwork, I get them to sign the accounts (if applicable), and the declaration, printed off from the HMRC SATR submission page.
Not all SATR require a set of accounts to be produced. For example investment only income.
I prepare the accounts and from that the tax return.
Then email a draft copy of the accounts and tax return to the client for approval.
On approval I email them the accounts and tax return via HelloSign which they can electronically sign. I then electronically sign the accounts and then submit the return online with HMRC.
Then email the client the electronically signed accounts and tax return and print out the electronically signed accounts as well as the filed tax return for my file as well as keeping a soft copy of both in the client file on my server.
