Tag Archive | "accounts"

Online accountants can see iXBRL software in action


Accountants in the Birmingham area may benefit from visiting an event to be run by HMRC.

On November 3rd, the Revenue will be holding the last of its iXBRL events. This event will showcase accounts production and conversion tools that can convert existing data into iXBRL format for the filing of Corporation Tax returns.

HMRC has already run a couple of similar events in recent months, however the London event in June was probably held a bit too early as working versions of the software were not readily available at that time. People really have to see the program to appreciate the way it works, a programme manager from Carter commented.

The accounts/tax software production industry should have more commercially released products to show by the time the Birmingham show comes around. Forbes Computer/Absolute Accounts, TaxCalc and QMS have already launched iXBRL software and IRIS and Thomson Reuters will be launching products in the not too distant future.

A survey conducted earlier this year by CCH showed that many accountancy firms were not prepared for the new online submission system. As from 1st April next year, corporation tax returns must be filed in in-line eXtensible Business Reporting Language. This could cause problems for accountancy firms that file clients’ corporation tax returns from third party data as this is often in either paper or pdf format.

If you want to go to the Birmingham event, HMRC would like you to telephone the bookings team on 0845 603 2691 so they have an idea of the number of visitors who will attend the morning and afternoon presentations.

© 2010 All rights reserved. Reproduction in whole or in part without permission is prohibited.

Image: no, it’s “lolercopter!” by laszlo-photo

Posted in newsComments (0)

Plumber’s taps


They say that a plumber’s taps are always dripping. That’s because what he does for a living gets left behind when he stops work, and fixing a dripping tap is the last thing he’ll want to do.

I thought of that when I got three different communications this week reminding me I hadn’t done something important for my company. OK, so we can all forget to do things – except I’m basically a Project Manager by trade. Organising things so they don’t get forgotten is what I do. For example, even in the current gig (let’s just say if you wanted to represent it as a painting, you’d need Edvard Munch to do it justice) I manage to keep five work streams running and not dropping things.

So, I was more than a little irritated to have to do company work at home after a ten hour day.

First was Companies House. I got a letter a month ago saying I had not filed my annual return. No worries, I did it that very weekend. Online filing is really dead simple, most of the information is already filled in after all. And I know where I filed the magic numbers to let me log in so it only took 40 minutes to find them. Job done. Today I get another letter: file or we strike off the company. Say what? Cue frantic digging around and no sign of £15 going from the company bank account. Check the email history. Seems I signed up for PROOF (whatever that is) but no confirmation of filing a return. Hmmm… So I do it all again – pausing only to ponder just why I have to fill in “None” in a box about share restrictions when I’m the only shareholder – and this time I get all the confirmations. Phew.

Which rather begs the question though; just what the hell did I do last time round? I didn’t get any error messages, it all seemed to go as planned but clearly I missed a step somewhere. Most odd…

Next one was a VAT return. Second time I’d done one of them on line. Only took 20 minutes to find the log in details this time and once I fathomed my way through the mysteries of the Government Gateway login process I was away. No problems at all.

Then I had to do a form for the accountant. Only six months overdue on that one. And one reminder, saying this is the last reminder I’ll get. Charming, I thought, I pay your wages mate. Anyway a matter of moments to fill in the form. Didn’t even have to hunt for the log in details, I can remember my email address and company number almost every time. Although since 99% of what I just filled in is either in my company details or my accounts, why can’t the accountant look it up for himself and fill it in for me?

OK, so two hours after getting home and it’s all done. It’s time for a large vodka and tonic and collapse in front of something mindless on the telly (there’s plenty of choice, sadly). Bliss…

Oh bugger, haven’t done the blog yet. What the hell am I going to write about this week?

Alan Watts can found at LinkedIn.
© 2010 All rights reserved. Reproduction in whole or in part without permission is prohibited.

Image: ich liebe das leben wasserhahn by loop_oh

Posted in alan's blogComments (0)

Tax clampdown could have costly side effects


HMRC has netted an extra £12.6bn from its investigations into large company’s corporation tax over the last 4 years.

This has prompted the UK media to speculate that the 69% increase helps to support claims made in the Lib Dem manifesto that a crackdown on tax avoidance can reap in yet more billions.

The Liberal Democrats want to see a general anti avoidance principle that would block any arrangements that are designed to sidestep the payment of tax liabilities.

Research from UHY Hacker Young suggests that HMRC raised an extra £39.5bn through crackdowns between 2005 and March 2009 and they believe that more companies are using offshore contractor accountants to escape the intensity of the revenue’s investigations in the UK.

Small businesses are also coming under increased pressure from HMRC. The revenue raised an additional £359 million in 2009 through its investigations into non-compliance by SMEs, limited company contractors and freelancers. The PCG ran a series of advertisements in the national press last week to highlight the issue of IR35, and what they define as an opaque and unfair tax measure.

© 2010 All rights reserved. Reproduction in whole or in part without permission is prohibited.

Image: Declare the pennies on your eyes by bcymet

Posted in news, tax avoidanceComments (0)

Late payments continuing to be a burden for small businesses


71% of small businesses have received at least one late payment over the past year according to a new study by NatWest.

They have discovered that the cumulative value of unpaid invoices currently stands at £62.87 billion of which £15.7 billion is for debts over 120 days old.

The NatWest study also showed that whilst 45% of SMEs have taken steps to protect their businesses only 11% have hired a credit controller to help chase debtors.

Although the problem has alleviated slightly since the end of the recession, fundamental difficulties are still apparent.

Steve Hughes, an economist at the BCC is urging businesses to run “clear and efficient” invoicing practices to minimise the risk of late payments. He stressed the need for companies to have agreed terms of payments with businesses that they supply.

The government had taken steps to address the problem and earlier this year pledged to pay public sector bills quicker. They have also enhanced and prompted the Prompt Payment Code.

Most of the leading contractor accountants already have web-based accounts receivable systems and processes set-up for their clients, to help keep track of outstanding invoices.

© 2010 All rights reserved. Reproduction in whole or in part without permission is prohibited.

Image: this morning i was expecting to be late, in fact… by manwithface

Posted in newsComments (0)

As a new record is set, contractors are warned of a fresh scam


A last minute rush resulted in a record number of individuals using HMRC’s website to submit their self assessment tax returns in 2010.

Figures from HMRC showed that 6,429,899 people, including many contractor accountants, used the online facility in advance of the January 31st deadline. This is a 12% increase on last year and accounts for 75% of all returns.

The data further showed that staggering 384,638 people waited until the last 24 hours before submitting their tax return, with the busiest period between 4pm – 5pm on 29th January. Anyone who missed the deadline faces a £100 fine.

The downside of the online system is that a number of taxpayers have been targeted by ‘phishing’ crooks. The government has issued a warning for taxpayers not to respond to e-mails offering tax rebates.

According to HMRC, a number of people, including contractors, have been sent e-mails saying they are entitled to a tax refund and must complete an online form with their personal details, in order to obtain the funds.

The government has warned that anyone who responds to such correspondence faces having their bank accounts and credit cards “emptied”.

“We only ever contact customers who are due a refund in writing by post,” an HMRC statement explained.

Taxpayers were also told that the department “never uses emails, telephone calls or external companies in these circumstances” and were “strongly urged” to forward any suspect e-mails to HMRC to investigate.

We would also like to take this opportunity to stress to all our readers the importance of ignoring all emails that ask you to divulge personal information such as bank account details.

© 2010 All rights reserved. Reproduction in whole or in part without permission is prohibited.

Image: 225/365 – scam by B Rosen

A last minute rush resulted in a record number of people using HMRC online tax return facility to set their tax records straight this year.

Figures published on Monday showed that 6,429,899 people filed online ahead of the January 31st deadline. This is a 12% increase on last year and accounts for 75% of all returns.

Financial secretary to the treasury, Stephen Timms, said: “More people than ever before are now filing their tax returns online.

“It’s easier, quicker and HMRC processes your return faster, so any money you’re owed is repaid more quickly. If you haven’t yet made the switch from paper to online, do so, and join the millions who are benefiting already.”

The figures also showed that 384,638 people waited until January 29th to file, with the busy 16:00 to 17:00 period attracting almost 40,000 taxpayers to the online service. Anyone who missed the deadline faces a £100 fine.

The downside of this online system is that a number of taxpayers have been targeted by online ‘phishing’ crooks. The government has issued a warning for taxpayers not to respond to e-mails offering tax rebates.

According to HMRC, a number of people, including contractors, have been sent e-mails saying they are entitled to a tax refund and must complete an online form with their personal details, in order to obtain the funds.

The government has warned that anyone who responds to such correspondence faces having their bank accounts and credit cards “emptied”.

We only ever contact customers who are due a refund in writing by post,” an HMRC statement explained.

Taxpayers were also told that the department “never uses emails, telephone calls or external companies in these circumstances” and were “strongly urged” to forward any suspect e-mails to HMRC to investigate.

We would also like to take this opportunity to stress to all our readers the importance of ignoring all emails that ask you to divulge personal information such as bank account details.

Posted in newsComments (0)


  • Switch Accountants for FREE

    Switch Accountants for FREEAt K&B Accountancy Group we have introduced a simple and straightforward approach to changing accountants. We’re offering contractors, consultants and freelancers the opportunity to switch to K&B Accountancy Group for FREE without the need to pay for any ‘catch up’ or retrospective accountancy fees for the previous year’s accounts and corporation tax return* *T&Cs apply

our top 5 twitter posts

twitter

contractor accountants

contractoraccts



twitter Join the conversation
Free Telephone Advice