AWEMA HIGHLIGHTS THE NEED FOR GOOD GOVERNANCE

February 17, 2012 Leave a comment


Bevan & Buckland AccountantsOver the past two months the spotlight has been shone on the quality of governance at the Swansea based charity Awema.

There have been several reports looking at the issues that have arisen within the charity and these highlighted concerns with the following areas:

- Governance arrangements in relation to Awema Management Board (ABOMA) and management;

- Financial controls and processes;

- An absence of key policies and procedures; and an organisational structure that does not adequately support the operations of Awema

These problems at Awema have highlighted an important part of the role of being a charity trustee and the responsibilities involved.

Over the past year we have provided training to a number of charity boards on what good governance means both in principle and in practice. 

It is vital, particularly for new trustees but also for people who have been trustees for many years as the Charity Commission guidance is always being updated.

For guidance on the Hallmarks of an Effective Charity follow this link: http://www.charity-commission.gov.uk/Publications/cc10.aspx#c

If you are a charity trustee and concerned that you do not fully understand your responsibilities we would be happy to deliver training on what is expected of you.

We offer free training to Charities so if you are interested please contact Harri Lloyd Davies on (01792) 410104 or email harri@bevanbuckland.co.uk

Full details of our courses can be found at: http://www.bevanbuckland.co.uk/sites/www.bevanbuckland.co.uk/files/documents/BB%20Charity%20training%20programme%202011%20%282%29.pdf

Filed under Audit, Charities, Firm's news Tagged with , , , ,

HMRC begins Electrician’s Tax Safe Plan campaign!

February 15, 2012 Leave a comment

Bevan & Buckland AccountantsHMRC has today launched the Electrician’s Tax Safe Plan and announced that the forthcoming E-marketplaces campaign will begin on 14 March 2012.

Electrician’s Tax Safe PlanHMRC (RTI) Real Time Information

Following on from one of our previous blog posts, HMRC is now turning its attention to electricians in order to identify tax underpayments and allow individuals to come forward and disclose irregularities. HMRC’s definition of an electrician is anyone who installs, maintains and tests electrical systems, equipment and appliances under stringent safety regulations.

To take advantage of the Electricians Tax Safe Plan, individuals must: 

  1. Notify HMRC of their intention to take part in the campaign by 15 May 2012. This can be done online, by phone or by post.
  2. Make the disclosure and pay any unpaid tax by 14 August 2012.

Interestingly, unlike previous campaigns, HMRC has so far not offered a fixed, reduced penalty as an incentive to disclose but has provided a ‘penalty calculator’ tool to enable taxpayers to calculate the level of penalty due themselves.

E-marketplaces Campaign

This campaign will commence on 14 March 2012 and will target those people who are trading online to sell goods and services as a trade or business but aren’t paying the right amount of tax. HMRC has devised a list of eight questions which e-traders should answer to help identify if they are considered a trader under HMRC’s rules.

HMRC is clearly hoping these latest campaigns will emulate the success of previous activity such as the campaigns into Plumbers, Tutors & Coaches and Health Professionals. Following the closure of previous campaigns, HMRC used the full force of its powers to target individuals, resulting in over 2,000 civil investigations.

Bevan & Buckland will continue to monitor developments and will update our clients with any new information as it becomes available.
If you would like to discuss these latest developments then why not call Lee Bradley on 01792 410119 or email lee.bradley@bevanbuckland.co.uk

http://www.bevanbuckland.co.uk/services/tax-compliance

Filed under Tax Tagged with , , , ,

LPA’s for business owners

February 13, 2012 Leave a comment

Bevan & Buckland AccountantsWhy a Lasting Power Of Attorney Should Be Considered by More Than Just The Elderly

An article in the Guardian newspaper last week highlighted the importance of a highly important, and often overlooked, legal document, the Lasting Power of Attorney, or LPA.

Without going into the legal technicalities, LPAs can prove invaluable in situations where someone becomes unable to look after their own affairs.  The LPA replaced the Enduring Power of Attorney (EPA) in October 2007, and existing EPAs still remain valid.

The most common reason given for individuals taking out an LPA is in case of dementia in later life – as my great aunt put it, “in case I lose my marbles” (which she subsequently did)!  However, LPAs are not just for the elderly, and we have seen cases where this important and powerful legal document could have proven invaluable.  This particularly relates to businesses.

Take, for example, a sole trader.  If a sole trader is incapacitated, how will the business continue if he is incapacitated?   A Deputyship order can be made to the Court of Protection, but the business could have imploded before the formalities have been completed.

What about small partnerships?  With many partnerships the banking mandate often contains a restriction that payments in excess of a certain amount require two signatures.  What happens if one of those signatories is incapacitated?

The last example relates to health insurance products such as Income Protection or Critical Illness cover.  By definition, the claimant under such plans could be incapacitated, in which case what would happen if they can’t sign the claim form?

There are other examples, both from the business world and for personal clients, where the existence of an LPA could save considerable sums of money.  Indeed, I have yet to find a reason why anyone should not take out an LPA!Gareth Tregidon

If you would like to discuss ways of protecting your business and personal assets, including whether an LPA could be right for you, please contact me through our Swansea office on 01792 410115.

Gareth Tregidon

Financial Planning Manager

The full Guardian article can be found here.

http://www.bevanbuckland.co.uk/services/financial-planning

 

Filed under Financial Planning Tagged with , , ,

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