Accountants Revenue and Covid.

relevanc

The world over wrote: »

A bit late to the discussion, sole practitioner here.
I agree that Accountants need to be more diligent when they arrive at charging fees. Its a hard earned qualification and we need to learn from solicitors in how we charge. Solicitors are excellent at detailing and charging out for every item of so called work.
On the work front Revenue have certainly improved their MyEnquiries response times which is reassuring. Hopefully we wont have to deal with Wage subsidies for a while again.
It will be interesting to see how the accountancy profession develops over the next 10 years. I still find it difficult to get some small clients to pay for a simple book-keeping online package. Some of them prefer to keep it manual, obviously the slightly extra cost is their main sticking point.

I wonder if the difference between solicitors and us accountants may be the fact that the profession is not protected in the same way?
What I mean is, a client doesn’t always know the difference between a regulated accountant and a non-regulated ‘accountant’ acting for them.

I was asked to quote for a company last week looking for vat, payroll, bookkeeping, FS, CT and directors returns x2.
They had already received a quote for €1,500 from another accountant.
I told them I couldn’t compete and so wouldn’t be prepared to quote.
I don’t know how some accountants can value their time so low! #Race to the bottom

I was getting caught with a lot of unbillable work. I now email on a quote for any work that falls out of scope and request the clients approval in advance of commencement. I’ve had no issues to date. I actually think that my clients have appreciated the fee transparency. I now realise the problem was mine and I was setting the expectation of freebies.

berettaman

The world over wrote: »

A bit late to the discussion, sole practitioner here.
I agree that Accountants need to be more diligent when they arrive at charging fees. Its a hard earned qualification and we need to learn from solicitors in how we charge. Solicitors are excellent at detailing and charging out for every item of so called work.
On the work front Revenue have certainly improved their MyEnquiries response times which is reassuring. Hopefully we wont have to deal with Wage subsidies for a while again.
It will be interesting to see how the accountancy profession develops over the next 10 years. I still find it difficult to get some small clients to pay for a simple book-keeping online package. Some of them prefer to keep it manual, obviously the slightly extra cost is their main sticking point.

The detailed records of what gets done is a good point. Having a good list of what was actually done makes for less quibbles.
I think a good network is important to get an idea of what the "going rate" is for different types of work.
I think Covid has helped "convert" lot of clients towards software and cloud based bookkeeping solutions that can only help us.

The world over

relevanc wrote: »

I wonder if the difference between solicitors and us accountants may be the fact that the profession is not protected in the same way?
What I mean is, a client doesn’t always know the difference between a regulated accountant and a non-regulated ‘accountant’ acting for them.

I was asked to quote for a company last week looking for vat, payroll, bookkeeping, FS, CT and directors returns x2.
They had already received a quote for €1,500 from another accountant.
I told them I couldn’t compete and so wouldn’t be prepared to quote.
I don’t know how some accountants can value their time so low! #Race to the bottom

I was getting caught with a lot of unbillable work. I now email on a quote for any work that falls out of scope and request the clients approval in advance of commencement. I’ve had no issues to date. I actually think that my clients have appreciated the fee transparency. I now realise the problem was mine and I was setting the expectation of freebies.

You were dead right not to quote. That is a ridiculously low price considering the responsibility involved.

berettaman

The world over wrote: »

You were dead right not to quote. That is a ridiculously low price considering the responsibility involved.

I think I can beat this. I was asked to match a quote for an admittedly small sole trader. (Accounts and form 11) €500 including VAT.:eek:
I declined.

paul71

Stratvs wrote: »

What are the strangest things you found in a box/bag of records that came in?

Here
1) part eaten bacon sandwich
2) draft of a love letter from an elderly bachelor farmer to ...?
3) not strange but certainly happens often - unopened Revenue letters

Had the stale food, the insect investations, dried blood quite often from butchers. The most interesting was the reciept for various sex toys.

berettaman

Practice update:


Revenue are doing a "sweep" on the 21st May for outstanding returns and revoking the tax clearance certs of non compliant tax payers.


I am unsure if this is all sectors but I know they are doing Not for profit entities and those with sporting tax exemptions.

I know that while Covid pandemic measures were in place they were parking the usual checks but that is ending.

Might be of interest if anyone has clients in that sector.

Bottom line: As Covid restrictions ease expect the Revenue to revert to normality also so Get the returns in!

DmanDmythDledge

Has anyone been asked to do tax affairs letter for the bank for companies that have availed of debt warehousing? If so, did you include details of debt warehoused in the letter (I can't see how that can be left out) and if so did it effect the bank application?

Stratvs

DmanDmythDledge wrote: »

Has anyone been asked to do tax affairs letter for the bank for companies that have availed of debt warehousing? If so, did you include details of debt warehoused in the letter (I can't see how that can be left out) and if so did it effect the bank application?

I had to do one for the bank to go with an annual review last November. Client was also looking for some additional working capital facilities. I gave normal letter including the warehoused items with a specific note about them being deferred and also a link to the Revenue measures on warehousing (in case the reviewer was not familiar with the measures). At that point it was assumed the warehoused items would be falling due for payment to commence this September or so. Initially the reviewer got somewhat, how will I put it, 'perturbed' and couldn't understand how there could be any amounts due. After educating them somewhat on the realities that self-employed people in hospitality faced through & following lockdown 1 they completed the review and allowed the additional facilities.

DmanDmythDledge

Thanks for that. Gonna stick with it so. Not like its information they wouldn't have from financial statements provided anyway, if they can understand them

The world over

I am just trying to upload financial statements with B1 Form on the CORE system but when I select the respective file it does'nt do anything. Am I missing something? This is my first one on the new system.

duffysfarm

there are a lot of bugs with it this week. i had the same issue and just started it from scratch again

did you try dragging and dropping the document to see if you coudl upload it this way?

The world over wrote: »

I am just trying to upload financial statements with B1 Form on the CORE system but when I select the respective file it does'nt do anything. Am I missing something? This is my first one on the new system.

Cilldara_2000

I had three to file yesterday so I waited until around this time and it was grand.

Incidentally, I see they extended the extension to 11 June because of the difficulties this week. I assume the world and its mother has been trying to file in the last few days.

Sunny Dayz

Cilldara_2000 wrote: »

I had three to file yesterday so I waited until around this time and it was grand.

Incidentally, I see they extended the extension to 11 June because of the difficulties this week. I assume the world and its mother has been trying to file in the last few days.

The past week I left my CORE filings until night time. Logged in around 9/10pm and flew through the returns. There was one day where it took nearly an hour to file one return during the working day and I just don’t have that time or patience!

The world over

duffysfarm wrote: »

there are a lot of bugs with it this week. i had the same issue and just started it from scratch again

did you try dragging and dropping the document to see if you coudl upload it this way?

Thanks for that Duffy, the drag and drop worked even though its a bit cumbersome. Hopefully the process will improve.

berettaman

Quick query:
Does anyone know what the Revenue are calling their interest calculator now or is it even still available on their website?


It was very handy for working out the cost at the end of the Revenue audit process.
I have an old copy saved somewhere but it seems to be gone from the website.
I know it it 0.0274% per day but it was a neat excel sheet.

berettaman

Practice Update:


Accounting for Covid supports. TWSS/EWSS/restart grants


Had a query from a financial controller of a client re accounting for Covid supports and grants and the like.
He was netting it off against wages in his P&L.


My understanding if you are preparing accounts under FRS 102 make sure you show the supports separately. (S24 applies).-no netting off.


Might help someone.

DmanDmythDledge

That was my understanding too. There may be some confusion with this as Revenue advised County Council or failte Ireland supports could offset against the expense nominals but I don't think this is correct from an accounting perspective as you've said.

Obviously those supports are taxable income as they relate to expenditure which would be tax deductible.

Stratvs

berettaman wrote: »

My understanding if you are preparing accounts under FRS 102 make sure you show the supports separately. (S24 applies).-no netting off.

+1

gudede

I’m also showing them separately.

The institutes didn’t cover themselves in-glory with this one. A lot of mixed messages.

hold my beer

gudede wrote: »

I’m also showing them separately.

The institutes didn’t cover themselves in-glory with this one. A lot of mixed messages.

Chartered been saying since the beginning it should be shown separately

berettaman

berettaman wrote: »

Quick query:
Does anyone know what the Revenue are calling their interest calculator now or is it even still available on their website?


It was very handy for working out the cost at the end of the Revenue audit process.
I have an old copy saved somewhere but it seems to be gone from the website.
I know it it 0.0274% per day but it was a neat excel sheet.

It was called "Revenue instalment-calculator.xls"

Technically the TWSS was a support for employees (not the employer). I would have expected to treat this as a control account? EWSS and restart grants are shown separately.

berettaman

brenbrady wrote: »

It was called "Revenue instalment-calculator.xls"

Thanks for that.


I found it in an old file but it does not appear to be on the Revenue website. A search yields the following:
0 results found for "revenue instalment-calculator.xls"

berettaman

Another weird one.
ROS offline Form 11s updated.

I get an error message when I try to upload one now.
I have sent a query in to ROS technical.
I am doing online returns instead which is a bit of a pain.

berettaman

berettaman wrote: »

Another weird one.
ROS offline Form 11s updated.

I get an error message when I try to upload one now.
I have sent a query in to ROS technical.
I am doing online returns instead which is a bit of a pain.

Apparently file F11's cannot be filed due to the update last weekend.

berettaman

berettaman wrote: »

Thanks for that.


I found it in an old file but it does not appear to be on the Revenue website. A search yields the following:
0 results found for "revenue instalment-calculator.xls"

If you need a copy I have one.

berettaman

brenbrady wrote: »

If you need a copy I have one.

Thanks for that, much appreciated.


I had saved a copy on an older PC.
It is a very handy tool to have, especially when trying to submit payment proposals etc.

hold my beer

brenbrady wrote: »

Technically the TWSS was a support for employees (not the employer). I would have expected to treat this as a control account? EWSS and restart grants are shown separately.

TWSS met the criteria to be classified as a grant, so should have been shown separately.

DmanDmythDledge

berettaman wrote: »

Another weird one.
ROS offline Form 11s updated.

I get an error message when I try to upload one now.
I have sent a query in to ROS technical.
I am doing online returns instead which is a bit of a pain.

I think it's only for single assessment returns? Haven't had to do any this week, just emails floating around

berettaman

Update:

Form 11 season is upon us and things are going well.

Many clients have additional Tax liabilities due to PUP etc but this has been well flagged and clients were expecting it.

I had one query about how a new CT rate would effect this client and he hasn't made a profit in excess of €10k for a decade..🤔

All in all things are going well but good staff are hard to come by.

How is everyone else getting on?

Stratvs

Things largely under control, F11s will all get done, CRO all up to date too. A few still using EWSS so watching monthly reviews there. Getting a bit cranky now though, been a long year. LPT a pain last few days, getting a load of calls, how much should we put in, Revenue have €x etc. Trying to explain that's not within our brief. One call went - but it’s tax - so’s motor tax but you don’t ring me to renew that do you - you’re just being smart now - puts phone down. 🙄

gudede

it’ll be great to get through this year and hopefully things will go back to normal in 2022.

Not sure what to do with Relate. To cloud or not too cloud?? Probably don’t have a choice, sadly.

https://www.boards.ie/discussion/comment/117990635#Comment_117990635

There is no going back to normal.

HcksawJimDuggan

https://www.boards.ie/discussion/comment/117990635#Comment_117990635

I got the initial Sales call for relate cloud back in June with the call ending that an email with pricing etc. would follow but email never arrived. Haven't thought of it again until now. On the call it was mentioned that the desktop version would be phased out. Any idea on what kind of timelines we're looking at?

HcksawJimDuggan

https://www.boards.ie/discussion/comment/117995318#Comment_117995318

On a side note, I find trying to use Relate desktop through a VPN is painfully slow so I guess its moving with the times and wfh etc.

gudede

https://www.boards.ie/discussion/comment/117995318#Comment_117995318

The price is up to 3times your original cost, as they’re now charging based on number of clients rather than users.

They hope to have everyone transferred by January, so no-longer be maintaining the desktop version then. They’re also mentioning Drive will be updated next year.

Stratvs

https://www.boards.ie/discussion/comment/117990635#Comment_117990635

Using RAP also but just as a single user. Haven’t heard from them so far on cloud but see it mentioned on their website as coming. The charge by number of clients is how Thesaurus did it with their payroll couple years back and they’re now linked up with Relate also I saw lately. Will be wait and see I guess.

capefear

I was on looking for prices for RAP a few weeks ago and this was what I was told.

1 user per month ex vat

 70 entities Cost Per Product €205.00

 150 entities Cost Per Product €295.00