Jon Stow Consulting – Tax Solutions

Most business owners will tell you what they think their accountants do: they prepare the accounts and do the tax return. They probably think of this as pretty much a process. There are two misunderstandings implicit in that sort of thinking; the first is there is a sort of sausage machine at work and that you put in the figures and get a certain result, and the second is that there is no room for manoeuvre.

Most SMEs, by which I mean the larger ones within the official definition down to much smaller almost micro-businesses, are owned by families or family … Continue Reading

Complaints about accountancy charges from SMEs and small business owners trading through companies are common, but often the answer lies with the businesses themselves. I would be the last to deny that some accountants are lazy in looking after their clients and in ensuring that they are getting good value from the services they provide. In our profession as in any industry we get those who are not serving their clients or customers well and are surprised when their clientele vote with their feet.

There is another reason why accountants may charge quite a lot, and that is because they really … Continue Reading

Last Spring I wrote a piece entitled “Render unto Caesar…” which pretty much sets out my view concerning tax avoidance and those who are reluctant to pay tax. For the record I reiterate that I have no objection to people taking sensible uncomplicated steps to pay less tax. That is no different from choosing to fill your car with petrol, diesel or gas at a particular establishment which charges a little less than the one down the road. Daily essentials everyone buys on price because the value is the same. Complicated and artificial tax avoidance schemes really have … Continue Reading

Sometimes we know what is going to happen but we just carry on anyway to see if we are right, even if we get nothing out of it except the satisfaction of being prescient. So it was the other night when events unfolded as expected.It began with a telephone call from the wife of a former client whom I had dug out of a big hole he had got himself into. She said she was starting a business and was worried about tax issues. Could I visit her? “The initial consultation is free isn’t it?” I already knew … Continue Reading

The Revenue is introducing a new requirement to force agents to submit company accounts on-line in XBRL format from April 2011. Let me quote from their website:“Company Tax Returns and XBRLXBRL stands for Extensible Business Reporting Language, which is an international standard designed for business financial reporting. At the moment accounts and other attachments to online CT600 returns can be sent in PDF format. From April 2011 (and for all CT600 returns due after 31 March 2011) we expect that all CT600 returns will have to be sent online, and will have to … Continue Reading

I heard something this week in the course of business that really upset me, and it has spared you, until I get around to it, a commentary on what activity might constitute trading and what might not.I saw one of my clients this week to collect her books and those of her husband as they are both self-employed. Mrs. Y works with children. Times have been hard and generally people do not want to pay for luxuries and extras even for their children; hence Mr & Mrs Y as I shall call them have both been struggling … Continue Reading