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Broms Cobb

New tax are they trying to kill us off?

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just been advised on new tax regulations

MONTHLY

The announcements in July 2017 around Making Tax Digital placed VAT firmly at the vanguard of the proposals. Finance (No. 2) Act 2017 includes legislation providing for the introduction of MTD for VAT (section 62 – as well as other clauses for income tax). On 13 September 2017, HMRC also published further detail in a legislation overview of the VAT proposals, as well as draft Regulations and Notices for income tax.

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My accountant is set up - were starting this month to do 'dry runs' so I and they get up to speed, but the is an added burden on all our businesses what with the pension fiasco that we now pay into, two of my staff say they will be retiring at 71 ffs

Am told as this gets going were going to be paying 'Upfront' whatever that means?

So increases on paperwork with accounts etc. Glad i'm the age I am this is only going to get worse

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So....what is everyone using?  We have just used spreadsheets up to now but wondered what others are using successfully.  Quickbooks, sage?

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4 minutes ago, Simes said:

So....what is everyone using?  We have just used spreadsheets up to now but wondered what others are using successfully.  Quickbooks, sage?

one of my customer's has said switch to 'Quickbooks' 

Another expense......

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21 hours ago, k4mrc said:

My accountant is set up - were starting this month to do 'dry runs' so I and they get up to speed, but the is an added burden on all our businesses what with the pension fiasco that we now pay into, two of my staff say they will be retiring at 71 ffs

Am told as this gets going were going to be paying 'Upfront' whatever that means?

So increases on paperwork with accounts etc. Glad i'm the age I am this is only going to get worse

Are you Broms cobb. 

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On 1/5/2019 at 6:06 PM, x minit uk said:

Are you Broms cobb. 

Yes

but, reason is sometime ago one of the staff put something on (I leave logged on) so I now do both - then I know if it's not me? if that makes sense?

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I still do my books in a handwritten cash book.

No staff, no VAT, half hour once a week, but was thinking of looking at Quickbooks.

I tried Sage a couple of years ago but was massively overboard for my business, was wondering if Quickbooks was the same?

Anyone that uses it have any pros and cons?

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Quickbooks is fairly straightforward to use and seems designed for small businesses, we use QB essentials online although they've increased the monthly payment 20% this year - they have a self employed version which may be better for some?

 

What it does well is VAT, invoicing, banking integration and reconciliation these are all faster then they used to be so still worth the £18+vat a month. Plus if we have any technical queries or issues they respond and fix very quickly.

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2 hours ago, petercoulson said:

Quickbooks is fairly straightforward to use and seems designed for small businesses, we use QB essentials online although they've increased the monthly payment 20% this year - they have a self employed version which may be better for some?

 

What it does well is VAT, invoicing, banking integration and reconciliation these are all faster then they used to be so still worth the £18+vat a month. Plus if we have any technical queries or issues they respond and fix very quickly.

Thanks, we are VAT registered so it's definitely worth a look.

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 With Quickbooks do you still have to use an accountant to verify everything and submit your tax returns or is it all calculated and sent through to HMRC?

I was just working out the maths as if you pay a monthly fee then still have to pay an accountant anyway then it's really not worth it at the moment, at least until they say we all have to use digital everything!!

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Surely if it makes it easier it's worth doing?  In addition, it's always worth talking to an accountant to make sure you are completing the books in the most tax effective way and not overpaying ;-)

 

We are all TAX collectors on behalf of the government in the long run.

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