Mobile payments can help improve vital cash flow for SMEs.

Bevan & Buckland AccountantsMobile payments can help improve vital cash flow for SMEs.

 

mobile-payments

Mobile payments are now commonplace in many retail outlets and restaurants with a wide range of options from the traditional card reader by the till to the portable card reader used at your table in a restaurant.

With the advent of using your mobile phone for making payments with Apple Pay and Android Pay the options are even more flexible.

So what about the B2B sole trader, SME or tradesman? Their focus is primarily on delivering a great customer experience in terms of the products and services they offer with the payment experience often limited or overlooked.

Why? Invoices are raised with their bank details for BACS payment as their payment terms, with card payments viewed as an extra expense and complex to reconcile. But what if the customer offers a debit or credit card? By not being able to accept or even turning down this payment option if presented, may lead to delayed payment which can stretch cash flow further.

Traditionally small and medium businesses will provide cash, cheque or BACS payment options with many opting for BACS as their preferred option. Credit and debit card transactions often attract transaction fees which is seen a further erosion of margins and the SME may feel obligated to absorb. This does not need to be the case.

My point being, do not assume that a customer will refuse to pay the transaction fee, but by giving them the option they can choose what suits them best. In the world of mobile payments, an increasing number of providers do not charge a set up or monthly fee to the merchant.

mobile-payments2

A good example of this is iZettle with their new iZettle Reader. Designed to work in conjunction with a Smartphone, this is an inexpensive way to offer a card payment option which is mobile:

Faster payments: The new iZettle Reader accepts contactless and card payments 25% faster than any other mobile credit card reader on the market

No hidden fees: There are no setup, monthly fees or contracts. The only other costs are transaction fees that start at 2.75% and go as low as 1.0%. The more you sell, the less you pay and of course this fee can be transferred to the customer.

All-day power: The new iZettle Reader has all-day battery life – lasting 30% longer than other mobile credit card readers on the market – and a stable Bluetooth connection. No cables. No hassle.

Speeding up Business and Income

Providing a debit or credit card option for payment can provide a business with a negotiation tool for part or stage payments or a more diverse mix of payment options that maybe beneficial to the purchaser and the supplier in winning the order.

The business gets an up-front payment to cover materials for example which takes the strain out of cash-flow. With many sole traders and SMEs addressing their billing and invoicing at the end of a work-day, using a mobile payment solution also empowers them to take payment whilst on premises and avoid further visits.

In essence mobile payments can speed up transactions, reduce strain on cash-flow and provide a greater flexibility when negotiating payment, all for the sake of a small investment (£59.00 +VAT) to buy a card reader.

Good business sense, I think you would agree!

For more information, please click on the image below or contact Antony Worsley at ANYCommunications on 01792 209020.

mobile-payments3

 

R & D Tax Relief explained

Bevan & Buckland AccountantsResearch & Development Tax Relief – Encouraging Innovation through the Tax System

For over sixteen years companies have been able to derive significant cash benefits from the Government’s Research & Development (“R&D”) tax regime.

Below leading R&D Tax Specialist, Paul Arnold (Tax Partner at Bevan & Buckland), answers many of the key initial questions companies frequently ask regarding this regime:

1.            What is the R&D tax regime all about?

The R&D tax regime provides companies with actual cash benefits which are directly linked to the level of qualifying expenditure incurred.

For example, SMEs may now derive an additional cash benefit equivalent to £26k per £100k of spend; or if they are loss making they may receive an actual cash receipt from HMRC of up to £33.35k per £100k of spend.

The cash benefit for companies claiming under the large company scheme is £8.8k in both scenarios i.e. since April 2013 companies without a corporation tax liability may now receive actual cash from the Government.

Companies have two years from the end of their accounting period to make, or amend, an R&D claim so there is often scope for companies to derive significant immediate cash benefits.

2.            How is R&D defined?

For this purpose we need to consider the tax definition, which is often more far reaching than many people perceive.

R&D can generally be thought of as work undertaken to develop new, or improved, products or processes.  For example, developing an automated process, or one that is quicker, more efficient or creates less waste etc. may potentially qualify.

3.            What expenditure qualifies for this enhanced relief?

There are a range of qualifying categories of expense, including staffing costs, contracted out activities, EPWs (for instance, agency workers), consumables, computer software, utilities and payments to the subjects of clinical trials.

However, knowing that staffing costs qualify is the easy part.  The complexity in preparing a claim involves, for example, identifying all employees involved within the R&D process and establishing the correct proportion of time they were engaged in qualifying activities.

4.            What do you view to be the most important aspects in preparing an R&D claim?

Firstly, to ensure the claim is maximised.  Preparing a standard R&D claim is far from complicated but unless a company takes proper, experienced advice they risk losing out on cash benefits to which they are entitled.  The real added value lies in identifying all R&D projects undertaken (including work on processes), all qualifying activities, all employees involved and all other qualifying expenditure incurred.

Secondly, the documentation submitted to HMRC in support of a claim is vital.    This helps HMRC to determine whether a company’s activities qualify and therefore a company needs to ensure that the R&D Report contains the required information.

Finally, as part of my consultations with a company, I believe it is important to develop an internal process to assist with future claims and to minimise the input required from their personnel.

Should you wish to speak to Paul he is contactable on paul.arnold@bevanbuckland.co.uk or 01792 41010 / 075575 03140.

http://www.bevanbuckland.co.uk/services/tax/r-d-tax-relief

 

Job vacancy – Trainee Tax Consultant

Bevan & Buckland Accountants logoTrainee Tax Consultant

Bevan & Buckland are now recruiting for a graduate trainee tax consultant to work in the Swansea office.

The position includes a competitive salary and a comprehensive study package for ATT and subsequently CTA.

Bevan & Buckland have been established for over 100 years and have 6 partners and over 70 staff across South West Wales.  The firm has a wide range of clients ranging from personal clients to large companies and offers a wide range of services.

The role will give you training and experience in taxation and business advice. You will work on a varied portfolio of clients’ files whilst enjoying mentorship from our experienced tax team.

Typical entry requirements are minimum 2:1 at University degree level. It is not essential that you have previously studied accountancy as we offer full training. It is, however, essential that you display an analytical mind set and the ability to problem solve and communicate efficiently.

The position is a full time 6 months temporary contract, potentially leading to a full training contract being offered.

It is preferable applicants are able to drive and have their own car.

Candidates who are successful in making the first interview stage will be informed by email before 11th July 2016.

Closing date – 8 July 2016

Please email your CV to Lee Bradley – lee@bevanbuckland.co.uk

Lee Bradley
Tax Director
01792 410119

email: lee@bevanbuckland.co.uk

Bevan & Buckland Accountants Swansea Tel: 01792 410100

Bevan & Buckland Accountants Haverfordwest Tel: 01437 760666

Bevan & Buckland Accountants Pembroke Tel: 01646 682383

Bevan & Buckland Accountants Carmarthen Tel: 01267 233115

Bevan & Buckland Accountants St David’s Tel: 01437 720352

Chartered Accountants, tax and financial planners Langdon House, Langdon Road, Swansea, SAl 8QY 01792410100 tax@bevanbuckland.co.uk

2016 South Wales Charity Conference

Bevan & Buckland Accountants logo2016 South Wales Charity Conference

SCVS, Neath Port Talbot CVS & CAVS would like to invite you to the 2016 South Wales Charity Conference being held on the 10 June 2016 at the new Wales Air Ambulance site in Dafen, Llanelli. The theme for this year’s conference is cybercrime and fraud. charity-conference

Our guest speaker is Kevin Weekes from Zen Solutions and there will be several workshops hosted by Bevan & Buckland, JCP Solicitors and MGB PR.

Refreshments and lunch are provided.

Please see the attached brochure for full details of the day and booking instructions.

For booking queries, please contact Christina Coates on 01792 529630 or by email christina.coates@jcpsolicitors.co.uk

For the full event details: Please read this PDF document

We look forward to seeing you on the 10 June 2016.

Event location
Wales Air Ambulance

Ty Elusen
Llanelli Gate
Dafen
SA14 8LQ

jcp-and-bb

Prepare in the Midst of HMRC’s Campaign

Bevan & Buckland Accountants logoThe UK is the biggest card payment market in the European Union, accounting for more than 30% of all card spending and 73% of credit card spending. With more than 97.4 million debit cards and a further 60 million credit cards in circulation as of January 2016, it is fast becoming the number one way to pay for goods and services, with the introduction of contactless payment in recent years making it even quicker and easier.

Lee Bradley - Tax Director

As a leading accountancy practice serving organisations of all sizes and niches throughout South Wales, Bevan & Buckland is urging businesses everywhere to get their affairs in order and embrace the opportunity available courtesy of the Credit Card Sales Campaign. Despite being launched by HM Revenue and Customs (HMRC) in October 2014, only a small number of individuals and companies in business are taking advantage of the scheme, a fact that the team at Bevan & Buckland is determined to change.

“Whether you are an individual or business the Credit Card Sales Campaign is particularly beneficial. If you accept card payments and have not declared all your UK tax liabilities the initiative means you can get the best possible terms whilst bringing your tax affairs up to date and reflecting these transactions in your return,” said Lee Bradley, Tax Director at Bevan & Buckland at Bevan & Buckland.

HMRC now has more powers and can obtain the number and value of transactions completed by every business that accepts card payments. One case recently identified saw more than half a million pound of tax owed whilst a penalty of up to 100% also had to be paid. Those who have not registered their card payments with HMRC or have failed to declare all of their income are invited by the campaign to make a ‘voluntary disclosure’, an opportunity that means a penalty of as little as 10% can instead be applied.

 “Taking part in the campaign is certainly recommended and it’s easy to make a voluntary disclosure on behalf of your business. A notification form can be completed or you can call the Credit Card Sales Campaign helpline to inform HMRC and begin the process. A disclosure form should then be filled in and what you owe settled. You have up to four months to pay the outstanding balance. HMRC is essentially giving you a chance to put your tax affairs right, and as is always the case, it is better to go to HMRC before they come to you!” concluded Lee.

Need assistance bringing your tax affairs up to date or wish to declare via the Credit Card Sales Campaign? Contact Bevan & Buckland on 01792 410100 for professional advice and support.

For further information about how Bevan and Buckland can help your company with tax issues contact Lee Bradley on 01792 410100 or by email at help@bevanbuckland.co.uk.

 

Lee Bradley
Tax Director
01792 410119

email: lee@bevanbuckland.co.uk

Bevan & Buckland Accountants Swansea Tel: 01792 410100

Bevan & Buckland Accountants Haverfordwest Tel: 01437 760666

Bevan & Buckland Accountants Pembroke Tel: 01646 682383

Bevan & Buckland Accountants Carmarthen Tel: 01267 233115

Bevan & Buckland Accountants St David’s Tel: 01437 720352

Calling all Landlords

Bevan & Buckland AccountantsSettle your taxes before HMRC finds out you are letting residential property.

There are big advantages to making a voluntary disclosure using HMRC’s Let Property Campaign before HMRC enquire. These include:

Lower penalties

Reduced risk of criminal proceedings

•             HMRC has recovered over £50 million in additional tax as a result of a crackdown on landlords who have undeclared or under-declared rental income.

•             Since the Let Property Campaign began over 40,000 landlords who failed to come forward voluntarily have been sent “prompted disclosure” letters, resulting in increased penalties.

Landlord pictureHMRC have developed a powerful computer system which makes it very easy for them to identify people who may not have paid what they owe. They have access to:

·         The Land Registry

·         The Electoral Roll

·         Landlord Deposit Scheme Records

 

So HMRC may already know about your property income – tell them before they come knocking.

If you want to minimise penalties and reduce the risk of criminal proceedings, get in touch with your local tax team at Bevan & Buckland. With our experience in preparing successful disclosures we will talk you through the process at a free initial meeting.

Lee Bradley
Tax Director
01792 410119

email: lee@bevanbuckland.co.uk

Bevan & Buckland Accountants Swansea Tel: 01792 410100

Bevan & Buckland Accountants Haverfordwest Tel: 01437 760666

Bevan & Buckland Accountants Pembroke Tel: 01646 682383

Bevan & Buckland Accountants Carmarthen Tel: 01267 233115

Bevan & Buckland Accountants St David’s Tel: 01437 720352

Chartered Accountants, tax and financial planners Langdon House, Langdon Road, Swansea, SAl 8QY 01792410100 tax@bevanbuckland.co.uk

New Digital Tax Regulations

Bevan & Buckland Accountants logoWELSH ACCOUNTANTS READY TO ASSIST SMALL BUSINESSES OVER NEW DIGITAL TAX REGULATIONS

Leading Welsh accountancy firm Bevan & Buckland is warning of new legislation which will transform the way companies submit their tax returns.

By 2020 businesses will be required to move from annual to quarterly online tax reporting.

“This is going to be a culture shock and something of a sea change in the way companies operate their tax accounting,” said Bevan & Buckland’s Tax Director Lee Bradley.

“But we at Bevan & Buckland are there to help firms negotiate their way around the changes before they happen so they are fully versed with the incoming system.”

Added Lee: “There are fears out there especially with regards small business that because of the new digital system it will lead to previously compliant individuals becoming non-compliant.”

The Low Incomes Tax Group (LITRG) has already flagged up its concerns that smaller businesses run by non-digital literate owners or those who do not keep up to date with their tax records may face sanctions from HMRC due to not meeting the new quarterly requirements.

The most at risk from failing the new system include older and disabled people, and those living in remote areas.

There are so many concerns that Andrew Tyrie, chairman of the Treasury Select Committee, has written to the Treasury seeking assurance that businesses will not be compelled to pay tax any earlier than they do now, and that adequate arrangements will be made for businesses that do not use computers.

The proposals require businesses and individual taxpayers to move from annual to quarterly online tax reporting by 2020. The proposals will also include plans for all taxpayers to be using digital accounts, with HMRC information automatically upload.

Anthony Thomas, LITRG chairman, said: “It is very harsh that small businesses with the lowest profit margins may be required to undertake significant investment and training in computer technology simply in order to comply with HMRC’s reporting requirements, and for no other purpose.”

John Allan, national chairman for the Federation of Small Businesses, added: “The UK’s self-employed will particularly struggle with this change. We therefore want to see proper consultation with business groups and professional bodies, a clear statement of benefits to the business community and a package of support to help offset this new burden on business.”

For further information about how Bevan and Buckland can help your company with tax issues contact Lee Bradley on 01792 410100 or by email at help@bevanbuckland.co.uk.

 

Lee Bradley
Tax Director
01792 410119

email: lee@bevanbuckland.co.uk

Bevan & Buckland Accountants Swansea Tel: 01792 410100

Bevan & Buckland Accountants Haverfordwest Tel: 01437 760666

Bevan & Buckland Accountants Pembroke Tel: 01646 682383

Bevan & Buckland Accountants Carmarthen Tel: 01267 233115

Bevan & Buckland Accountants St David’s Tel: 01437 720352

 

New and simplified Gift Aid Declaration

Bevan & Buckland Accountants logoHMRC has just released a new and simplified Gift Aid Declaration.

This has particular implications for churches holding stocks of paper Gift Aid forms and envelopes.

The new model declaration has now been published on gov.uk. Links to the model declaration and enduring model declaration can be found at https://www.gov.uk/guidance/gift-aid-declarations-claiming-tax-back-on-donations

The new declaration will apply to all new donations. Declarations that are already in place do not need to be updated.

HMRC recommends that all charities, including churches, use the wording of the HMRC-approved model declaration. However, charities remain free to adapt the model declaration, for example to include their own branding or additional messages.

Please note that Churches holding stocks of printed materials using the previous model declaration may only continue to use these until 5 April 2016.  From 6 April 2016, the new declaration must be used. Incorrect declarations may result in Gift Aid claims being invalid.

Links to samples of the new Declarations can be found here: http://acat.uk.com/news.html

If you require further information please contact Harri Lloyd Davies on 01792 410100.

Bevan & Buckland Accountants Swansea Tel: 01792 410100

Bevan & Buckland Accountants Haverfordwest Tel: 01437 760666

Bevan & Buckland Accountants Pembroke Tel: 01646 682383

Bevan & Buckland Accountants Carmarthen Tel: 01267 233115

Bevan & Buckland Accountants St David’s Tel: 01437 720352

Get in touch for a Tax Return free Xmas

Have a Tax Return free Christmas

We’ve made the top 100.

Bevan & Buckland AccountantsLeading Welsh accountancy firm included in industry top 100

Bevan Buckland Partners

Established accountants Bevan & Buckland has been included in a list of top 100 UK accountancy firms for the first time.

The significant inclusion in the ‘Accountancy Age 50+50’ list shows Bevan & Buckland’s continued and impressive growth. Bevan & Buckland have entered the list at No. 100.

The achievement is all the more impressive that Bevan & Buckland is the only accountancy firm in the top 100 that has its headquarters in South West Wales.

“This is a significant achievement for Bevan and Buckland and everyone in the firm deserves congratulations for making this possible,” said Bevan & Buckland Senior Partner Cuan O’Shea.

“It is particularly pleasing that we have made the list when you see the calibre of some of the other accountancy firms in the list.

“This achievement only makes us more determined to keep up our very high standards and level of service that we have achieved over the years.”

The announcement of the top 100 list comes only days after Bevan & Buckland announced a significant joint venture with WPS Financial Group Ltd.

The new service, which gives clients expert advice on personal financial affairs, will replace the financial planning provision that was previously provided in house by Bevan & Buckland.

WPS is a firm of Chartered Financial Planners with more than £315m under management.

Bevan Buckland wealth management

 

 

 

Why not contact the office nearest to you.

Bevan & Buckland Accountants Swansea Tel: 01792 410100

Bevan & Buckland Accountants Haverfordwest Tel: 01437 760666

Bevan & Buckland Accountants Pembroke Tel: 01646 682383

Bevan & Buckland Accountants Carmarthen Tel: 01267 233115

Bevan & Buckland Accountants St David’s Tel: 01437 720352