L for Learning as we go
L for Learning as we go
Even if we have the skills to start-up, the learning never ends especially with Bookkeeping.
My clients have diverse businesses and this enables me to have variety in my work but also makes it a never ending learning curve for me, especially with VAT rules!
I was asked to help an old acquaintance with a self-assessment. Within a few weeks of looking into what was required, I realised that is was going to be much more difficult. .
My client had been recieving Rental Income for a property in Scotland for many years and was unaware of the need to declare this even if not making a profit.
I considered walking away for a second but then I thought - no - I can do this!
I researched as much as possible about the Landlord Disclosure Service and started to get the records sorted out. With full disclosure from my client and her financial advisor I worked my way through the guidance notes and spoke to the HMRC advice line for clarification.
There was a very exact deadline for all this work to be completed and I would be wrong if I said this did not cause me some sleepless nights but I finalised it all by the deadlinge and supported my client through the process.
As it turned out the last year could be completed on a full Self-Assessment return leaving only 4 years to put through on the Landlord Disclosure whch helped with the fines somewhat.
I am happy to report that everything has been sorted out, paid and my client is aware of their reponsibilities going forwards.
I would quite happily never deal with a Landlord Disclosure again but I will see what happens.
How do you keep up-to-date for your profession and do you stretch yourself regularly?
Even if we have the skills to start-up, the learning never ends especially with Bookkeeping.
My clients have diverse businesses and this enables me to have variety in my work but also makes it a never ending learning curve for me, especially with VAT rules!
I was asked to help an old acquaintance with a self-assessment. Within a few weeks of looking into what was required, I realised that is was going to be much more difficult. .
My client had been recieving Rental Income for a property in Scotland for many years and was unaware of the need to declare this even if not making a profit.
I considered walking away for a second but then I thought - no - I can do this!
I researched as much as possible about the Landlord Disclosure Service and started to get the records sorted out. With full disclosure from my client and her financial advisor I worked my way through the guidance notes and spoke to the HMRC advice line for clarification.
There was a very exact deadline for all this work to be completed and I would be wrong if I said this did not cause me some sleepless nights but I finalised it all by the deadlinge and supported my client through the process.
As it turned out the last year could be completed on a full Self-Assessment return leaving only 4 years to put through on the Landlord Disclosure whch helped with the fines somewhat.
I am happy to report that everything has been sorted out, paid and my client is aware of their reponsibilities going forwards.
I would quite happily never deal with a Landlord Disclosure again but I will see what happens.
How do you keep up-to-date for your profession and do you stretch yourself regularly?
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