Accounting Web

System
System Posts: 100,537 🤖 Admin 🤖
edited June 9 in General accounting discussion
What's your views on this site?

I can't believe some of the questions i'm reading! :shock:
Tax deductable business expense?
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Before a client started trading, he applied for a licence to sell alcohol at his new shop. The bill for the licence application from the agent was £1,534. Would I be right in thinking this is not tax deductable as it is a start up expense?
Losses of sole trader...
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Antique dealer (online & markets) hoped to make a profit but suffered losses & now finished at the end of Aug 07.
accounts to 31/3/04 = 2003/04 loss £1300
accounts to 31/3/05 = 2004/05 profit £400
accounts to 31/3/06 = 2005/06 loss £2000
final period 1/4/06-31/8/2007 -anticipated loss
can we prepare accounts for the final 17 month period 1/4/06-31/8/07 & apportion results in to 06/07 & 06/08 or do we need to prepare 2 sets of accounts - 1/4/06-31/3/07 & 1/4/07-31/8/07?
Would the Revenue challenge the use of losses & say its a hobby. He tried to make a go of it, honest!
Associated or not?
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Two companies, same sole director who holds all the shares in both, but not interdependant.
Are they Associated for reporting purposes?

I thought this site was for accountants - am I missing something?

Regards

Dean

Comments

  • System
    System Posts: 100,537 🤖 Admin 🤖
    Re:Accounting Web

    I should put out; I posted this because at the time those questions were in the top 5 posts.

    Regards

    Dean
  • System
    System Posts: 100,537 🤖 Admin 🤖
    Re:Accounting Web

    Dean

    I have to say that normally I find it quite a useful site, with some really good regular contributors.

    Like all forums (this included) there are some questions that beggar belief that they are even being asked.

    There have been a couple on here recently that google did the job for.

    Although on the other side I know that I have asked some seriously dumb questions at times - I guess that when we are tired, the brain just goes into meltdown......

    Hey ho its Friday...

    Claudia :wink:

  • System
    System Posts: 100,537 🤖 Admin 🤖
    Re:Accounting Web

    I've seen even worse questions posted in the students forums of our own dear site!!! There is one that sticks in my mind which I won't repeat, suffice it to say that someone who knew basic mathematics should have been able to work it out! :roll: To be honest it made me wonder about some of the people that are taking AAT nowadays.
  • System
    System Posts: 100,537 🤖 Admin 🤖
    Re:Accounting Web

    Granted, we've all done it - god I know I have.

    ...But the first 5 posts! Suppose it's just a more active forum!

    Regards

    Dean
  • System
    System Posts: 100,537 🤖 Admin 🤖
    Re:Accounting Web
    Lucy Iles-Caine wrote:
    I've seen even worse questions posted in the students forums of our own dear site!!!

    That's to be expected and that doesn't worry me in the slightest. What worries me is that the above questions are from 'agents' that are acting on behalf of their clients' :shock:

    Regards

    Dean
  • System
    System Posts: 100,537 🤖 Admin 🤖
    Re:Accounting Web
    claudialowe wrote:
    Like all forums (this included) there are some questions that beggar belief that they are even being asked.

    There have been a couple on here recently that google did the job for.
    I know you recently referred my own debt collection question to Google, Claudia, but I was as much after personal experiences of using the services as much as simply being pointed towards a long list of local providers. You know how it is with such people these days, once they have your details you can't ever get rid of 'em even if you decide not to use them! :shock:

    Regards,

    Robert
  • System
    System Posts: 100,537 🤖 Admin 🤖
    Re:Accounting Web

    Hmmm,

    It doesn't surprise me to be honest that there are agents out there acting for clients who clearly don't have a clue what they are doing and rely on forums to enable them to "muddle through".

    Over the years I've been appalled at the quality of some financial statements that have been supplied to me by accountants acting for clients whom we have taken over. There is either a serious lack of CPD or just an ignorance of the profession or - more worringly - the "I don't care" attitude.

    I know nobody is perfect and undeniably there are going to be times when we have, what Claudia refers to as "blonde moments" but I was recently supplied with some accounts prepared by one of the big 4 for a pension fund - and (I kid you not) the balance sheet did not balance! This is totally inexcusable and if one of my staff produced accounts to that standard they would almost certainly be disciplined. Needless to say the big 4 firm was quite embarrassed when I wrote to them pointing out their error.

    Some questions asked on here and via accounting web are just so basic that it does make me wonder how some accountants are actually able to (a) do their job effectively without a PI claim and (b) sit there and advise clients or discuss accounts, when they don't have the basic knowledge adequately sewn up to be able to do the job.

    Still - I'm sure this practice will continue well into the next millennium!!!

    Kind regards
    Steve

  • System
    System Posts: 100,537 🤖 Admin 🤖
    Re:Accounting Web

    Sorry Robert - I don't think I was having a dig at you personally :oops:

    I had a brilliant one yesterday from a new client - previous accountants hadnt put their fee through the accounts :shock: :shock: :shock: and also hadn't taken the time or trouble to explain to a not very young, but very Norfolk :lol: couple what they could and could not claim as expenses for a car washing business.

    Claudia

  • System
    System Posts: 100,537 🤖 Admin 🤖
    Re:Accounting Web

    I always used to make assumptions about people who post on AccountingWeb. It does appear that a lot of the time people are looking for answers for their clients. However, it is easy to assume that these people are all inexperienced sole-traders 'blagging' their way through.

    I suspect many more are just your average Joe working for XYZ & Co who would rather post the question on A-Web than bother their over-worked, over-stressed manager/partner. Or even people just seeking a second opinion.

    Either way, I now just assume that it is the latter rather than the former and let it be.

    In answer to the first question, I actually think it is a very good site. Anyone who lacks experience in practice or wishes to build up their practice knowledge generally can do no wrong in regularly reading the postings. You will get a good consensus of what is generally accepted practice.
  • System
    System Posts: 100,537 🤖 Admin 🤖
    Re:Accounting Web

    Hi Dean

    I suppose I haven't really thought of it like that. I assumed that accountingweb was for MIPs.

    Being pedantic, those people should ask their colleagues instead of their managers/partners. :P
    deanshepherd wrote:
    You will get a good consensus of what is generally accepted practice.

    Hmmm, just like the ribbing Nichola Ross Martin got from her capital gains reform thread - "Appalling Spelling - Do you have a spell checker on your software?" :roll:

    I've found a lot of that goes on there....

    Regards

    Dean
  • System
    System Posts: 100,537 🤖 Admin 🤖
    Re:Accounting Web

    You often find, Dean that those who are pedantic on the accountingweb site often don't really know what they are talking about in the first place! That's why they have to be "picky".

    When I read an article on accountingweb or any other form of media, the last thing I look for is spelling mistakes!

    But, it wouldn't do for us all to be the same would it?
  • System
    System Posts: 100,537 🤖 Admin 🤖
    Re:Accounting Web
    peugeot wrote:

    When I read an article on accountingweb or any other form of media, the last thing I look for is spelling mistakes!

    Exactly, someone (Nichola in this case) has taken the time to provide a summarised update of the 'latest' things that are happening and people have to try and knock it.

    Regards

    Dean
  • System
    System Posts: 100,537 🤖 Admin 🤖
    Re:Accounting Web

    A guy who we use for tax support (who is absolutely fantasic and knows his tax stuff inside out) wrote an article last week on his opinions of PBR and what the Conservatives approach may be.

    It came under fire by some readers and I do not understand why. Some of them even questioned the wording of the article (like that really makes a difference). Some even commented on what the article should have read.

    The writers on that site do a very good job and know their stuff. If certain readers think they know how an article should read then why don't they write one? :roll:

    Kind regards
    Steve
  • System
    System Posts: 100,537 🤖 Admin 🤖
    Re:Accounting Web


    Sorry guys, but I think their accuracy does matter.

    Back in March they reported their summary of the Budget 2007 - key tax measures.

    The report contained a glaring error.

    "The threshold is to be raised from 3285,000 to £350,000 in 2010/11".

    Whilst I would draw the line at correcting Nichola's spelling I did think that should be brought to her attention. Any reporting of this kind has to be accurate - be it spelling or numerical.
  • System
    System Posts: 100,537 🤖 Admin 🤖
    Re:Accounting Web

    It's not the writer's fault though. It's the proof-readers and technical sub-editors.
  • System
    System Posts: 100,537 🤖 Admin 🤖
    Re:Accounting Web

    Richard gave his reply:-
    You just have to smile
    The government quietly and misleadingly slips in changes that have a massive financial implication for our clients and our own businesses and what is the immediate concern of most contributors?...Spelling!!

    How true!

    For retiring business owners it's effectively an 8% increase! Now that's worth having a grumble about - not spelling.

    Regards

    Dean
  • System
    System Posts: 100,537 🤖 Admin 🤖
    Re:Accounting Web

    Ha ha :lol: !!!

    Certainly when I send an article in to be published it gets proof read and sub-edited. I have often found spelling mistakes in publications that I have written that aren't in my original text. It is very prevalent in the online magazine.

    Dean - who is Richard?
  • System
    System Posts: 100,537 🤖 Admin 🤖
    Re:Accounting Web
    Baggybooks wrote:

    The report contained a glaring error.

    "The threshold is to be raised from 3285,000 to £350,000 in 2010/11".

    To a reader that would surely be read as an error and wouldn't have much material impact.

    These articles are updates - people reading them would know the basics.

    Regards

    Dean
  • System
    System Posts: 100,537 🤖 Admin 🤖
    Re:Accounting Web
    peugeot wrote:
    Dean - who is Richard?

    Haven't a clue - that was just the posting name.

    Regards

    Dean
  • System
    System Posts: 100,537 🤖 Admin 🤖
    Re:Accounting Web


    I feel that if you see enough errors in a text you wonder how reliable the rest of the content is.

    The budget summary was supposed to provide accurate information in a summarised format. Errors should have been weeded out and not left for readers to ponder on.

  • System
    System Posts: 100,537 🤖 Admin 🤖
    Re:Accounting Web

    God help my articles then on the online magazine. The system can deal with commas, they come out as ?s.

  • System
    System Posts: 100,537 🤖 Admin 🤖
    Re:Accounting Web

    Erros? surely errors?
  • System
    System Posts: 100,537 🤖 Admin 🤖
    Re:Accounting Web

    Although not a pedant, I do agree with Baggybooks on this one.

    It is perfectly acceptable for commentators and posters to make spelling and/or grammatical errors from time to time but if someone has taken the opportunity to write a detailed article for publication, whatever the medium, care should be taken that errors are weeded out. Particularly if the writer of the article is the editor herself!

    I suspect the A-Web 'staffers' are all volunteers anyway so I do not begrudge the odd mistake on that website.

    I do, however, cringe when I look at websites advertising services and see spelling mistakes, particularly those services where attention to detail is important!

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