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Compare actual expense details to TAPAs and be able to report on this

It would be really helpful if we could keep actual expense details on self employments or property for both us and our clients to compare to the TAPAs claim, especially as it is quite common fo clients to remember additional expenses after sending their initial information to us.

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Clare Slattery shared this idea  ·   ·  Report…  ·  Admin →
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Under review  ·  Dean Shepherd responded  · 

Hi Clare

If we built in some business rules you could probably do that in Accounts Production but that seems a bit overkill for what is likely to be a very simple case.

Are you likely to be providing this type of client with a P&L? Or is it just a matter of putting figures into the tax return only?

Kind regards,

Dean

Dean Shepherd
Senior Product Manager
Wolters Kluwer

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  • Chris Hadley commented  ·   ·  Report

    Can an exception report warning be produced where less than £1000 of expenses have been claimed for self employed or property cases to pick up cases where TAPAs could be beneficial

  • Laura Ford commented  ·   ·  Report

    I have just come on here to suggest the exact same thing. It is really important to have a list of expenses so you can justify claiming the TAPA, and as Clare says a client may remember expenses further down the line making it more advantageous to claim them, possibly even the next year with an amended return. Surely it's just a case of leaving the expenses analysis there but if there's a tick in the TAPA box and the TAPA claimed is higher than the expenses go with that figure. Otherwise at least create a warning that actual expenses are higher than the TAPA?

  • Clare Slattery commented  ·   ·  Report

    Hi Dean

    I've e-mailed you with numbers but around half of our rental businesses and about 20% of our Business Tax clients could use the relief.

    Thanks

    Clare

  • Clare Slattery commented  ·   ·  Report

    Hi Dean

    These are typically going to be be rental businesses where we perhaps usually only claim perhaps insurance and gas checks but which do, occasionally, have large repair claims, often between tenants. We only tend to prepare P&Ls for rental clients where they have multiple properties and are not likely to fall within these rules.

    We also have quite a few small businesses which again, because standard expenses would be travel and accountancy, we wouldn't create a P&L; this is easily done but does add in a layer of further work!

    Thanks

    Clare

  • Clare Slattery commented  ·   ·  Report

    Currently, if you have both the actual expenses (for initial comparison) and the claim for TAPAs on Personal Tax, the computation will take account of both sets of expenses, thus artificially reducing income.
    Could we please have an over-ride or at least a warning as this is currently not picked up until the return is validated which is often too late!