Providing Vital Support for Cash Businesses

Bevan & Buckland AccountantsBevan & Buckland – Providing Vital Support for Cash Businesses

Supporting small to medium sized businesses has always been an important ethos for established accountancy firm Bevan & Buckland, and with news that HM Revenue & Customs (HMRC) has turned its attention to targeting cash businesses, accessing support to get your tax affairs in order has never been so important.

Independent research revealed that last year alone HMRC collected an extra £470million during tax investigations carried out specifically on small businesses and they are looking to exceed this total entirely during the year ahead, using checks such as ordering test meals and observing trade at cash businesses like restaurants and takeaways.

Investigations can be carried out over a number of days or nights and in some cases multiple teams may be deployed to monitor a business’s nightly trade. HMRC can then follow up with unannounced visits, sometimes outside normal working hours, with requests to inspect books and records to compare against their own observations.

Lee BradleyLee Bradley, Tax Director at Bevan & Buckland said:

“We are aware that visits of this nature are happening throughout the South Wales area as checks of this type help HMRC to obtain essential evidence. Methods such as ordering test meals give HMRC staff an ideal opportunity to count the number of diners and covers in a restaurant, whilst purchases of takeaway food can be noted and compared with any records supplied by the company under scrutiny.”

“Knowing your rights is an important part of the puzzle, and whilst it is important to help HMRC with their investigations, it is also vital to understand where you should draw the line. Understanding the difference between reasonable requests and when you can refuse entry or inspection isn’t easy but our tax specialists can help you decide when to say no, and detail how you should proceed when you are approached by HMRC,” concluded Lee.

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

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

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

Change to Employment Allowance

Bevan & Buckland AccountantsAs of the 6th April 2016, selected companies across Wales will no longer be entitled to claim Employment Allowance. As a specialist in payroll, Swansea accountancy firm Bevan & Buckland has provided essential advice on how the changes could affect businesses from various industry sectors.

TinaBB_001_1The legislative update applies to one director limited companies, not one director only on the payroll, receiving a salary above the Secondary Threshold for Class 1 National Insurance contributions, which sits at £156 per week for the 2016/17 tax year. “It’s important to note that the change to this eligibility criteria only affects limited companies, meaning self-employed individuals will be unaffected. If you are affected by the changes however you must take steps to stop your Employment Allowance claim at the start of the tax year. This adjustment can be made using your payroll software,” said Tina Davies, Payroll Manager at Bevan & Buckland and Chartered Institute of Payroll Professionals Member.

To stop your claim simply select ‘no’ in the ‘Employment Allowance indicator’ field of the payroll software, and submit an Employment Payment Summary (EPS) to HM Revenue & Customs (HMRC). These changes will not affect any claims made in previous years.

“After your software has been updated and HMRC informed, you must ensure you pay the full amount of employer Class 1 National Insurance contributions (NICs) without deducting the Employment Allowance. Should the circumstances of your organisation change with more than one employee or director earning above the Secondary Threshold, your claim can be processed and Employment Allowance applied for the entire tax year, even if these changes come into effect during the tax year,” concluded Tina.

For further information about how Bevan and Buckland can help your company with management of the payroll contact Tina Davies on 01792 410100 or by email at help@bevanbuckland.co.uk.

Tina Davies
MCIPP(dip) Member Chartered Institute of Payroll Professionals

Tina Davies is manager of Bevan & Buckland’s Swansea Payroll Department, we also operate a payroll bureau service from the firm’s Pembroke and Haverfordwest offices.  

http://www.bevanbuckland.co.uk/services/payroll Tel: 01792 410117

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 Dividend Allowance will affect PAYE tax codes

Bevan & Buckland AccountantsNew Dividend Allowance will affect PAYE tax codes

From 6 April 2016 the Dividend Tax Credit will be replaced by a new Dividend Allowance in the form of a 0% tax rate on the first £5,000 of dividend income per year. This tax will be collected automatically through PAYE in most cases.

As announced in the Summer Budget 2015 a new Dividend Allowance in the form of a 0% tax rate on the first £5,000 of dividend income per year is to replace the Dividend Tax credit from 6 April 2016. HMRC’s Policy Paper provides details:

UK residents will pay tax on any dividends received over the £5,000 allowance at the following rates:

  • 5% on dividend income within the basic rate band
  • 5% on dividend income within the higher rate band
  • 1% on dividend income within the additional rate band

Dividends received on shares held in an Individual Savings Account (ISA) will continue to be tax free.

The finance Bill This legislation will modernise, reform and simplify dividend taxation. Only those with dividend income over £5000 per year, or those who are able to pay themselves dividends in place of wages, will pay more tax.

The majority of non-taxpayers and basic rate taxpayers do not currently need to inform HM Revenue and Customs (HMRC) of their dividend income. From April 2016, individuals who receive dividends between £5,001 and £10,000, and who need to pay tax on those dividends at the basic rate, will have to inform HMRC of their dividend income for the first time. This number is estimated to be fewer than 8,500 customers. (Individuals with more than £10,000 of dividend income are already required to be in Self Assessment).

Around 2 million individuals are expected to have some tax to pay on their dividend income after April 2016, compared to 1.8 million if these reforms had not been put in place. This tax will be collected automatically through PAYE in most cases, although further details will be published in good time ahead of any tax being due.

For further information about how Bevan and Buckland can help your company with management of the payroll contact Tina Davies on 01792 410100 or by email at help@bevanbuckland.co.uk.

Tina Davies
MCIPP(dip) Member Chartered Institute of Payroll Professionals

Tina Davies is manager of Bevan & Buckland’s Swansea Payroll Department, we also operate a payroll bureau service from the firm’s Pembroke and Haverfordwest offices.  

http://www.bevanbuckland.co.uk/services/payroll Tel: 01792 410117

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 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

 

Trustees must engage with finance guidance

Bevan & Buckland AccountantsPress release: Trustees must engage with finance guidance, says charity regulator

Charity trustees must engage with and use finance guidance from the regulator if they are to run their charities effectively, the Charity Commission tells charity trustees.

The commission, the independent regulator of charities in England and Wales, has updated key finance guidance to show clearly that trustees are ultimately responsible for their charities’ finances, and respond to the need to make sure its guidance reflects the most current challenges facing thousands of charities.

Many charities face a daily challenge of making ends meet, balancing reduced income with potential increased demands or costs. Some inevitably end up becoming insolvent and need to wind up. With around 600 new charities being registered every month, competition for funding is very strong.

This climate makes the commission’s finance guidance essential reading. It covers the importance of having a good reserves policy and how trustees can manage their charities in charities in challenging circumstances. It says clearly what trustees must do, that they must understand the legal requirements, and know what they should do in terms of good practice.

The commission has also updated its popular ‘15 questions trustees should ask’ guide for trustee meetings to better reflect the current social and economic climate.

Sarah Atkinson, Director of Policy and Communications at the Charity Commission said:

We recognise that charities operate in a very challenging environment, with some charities heavily reliant on single sources of funding. So it is all the more important that trustees are in control of their charity’s finances. This means actively taking steps to manage their charity’s finances through regular monitoring, asking the right questions and getting professional help where needed. Donors and beneficiaries rightly ask questions about issues such as reserves, and want to understand why charities do or don’t have them. Reserves policies help tell that story clearly and demonstrate that trustees are aware of the real risks.

These guidance updates are designed to help trustees make the right call and support them, not to overburden them. That’s why there are also guides on how to set a good reserves policy for small and large charities. As regulator there is a limit on how much we can do as these are individual decisions for trustees to make. But these tools will help them manage any difficulties properly and with confidence.

The 3 sets of updated guidance are:

Managing financial difficulties

The commission recommends in its updated guidance that trustees review the charity’s financial position and its performance against budgets and future projections at least once a month, but the extent of the review will vary according to the size and stability of the charity. Proper analysis of financial trends and changes in budget predictions may help to assist early identification of financial problems.

Where their charity has to close, the commission expects trustees to have planned for an orderly shutdown. The guidance covers what is meant by insolvency, and what steps trustees should take if they believe they are insolvent, including getting good professional advice.

Reserves

The reserves guidance confirms that there is no single level or even a range of reserves that is right for all charities. Any target set by trustees for the level of reserves to be held, or decision that there is no need for reserves, should reflect the particular circumstances of the individual charity. However trustees should not simply monitor their level of reserves annually, but keep them under review throughout the year. Where a charity hasn’t got the reserves it thinks it needs, it is exposed to greater risk and the commission expects the trustees to address this actively.

The updates to make the sets of guidance clearer and more streamlined come ahead of a full review of the guidance later this year.

Charities targeted by sophisticated scams

Bevan & Buckland AccountantsMandate fraud: charities targeted by increasingly sophisticated scams

The Charity Commission, the independent regulator of charities in England and Wales, is urging charities to remain vigilant to the continuing threat of mandate fraud and the changing tactics that fraudsters are using to target charities.

Mandate fraud occurs when the fraudster tricks a victim into changing bank account details, in order to divert legitimate payments intended for a genuine organisation (eg a charity supplier) to bank accounts instead controlled by fraudsters. This often involves the fraudster impersonating an organisation representative, either by email, direct mail or telephone communication. The fraudster may also use headed paper and/or the company logo to lend credibility and to gain the charity’s trust.

The threat of mandate fraud is an on-going issue for charities, with cases continuing to be reported to Action Fraud from across the sector. We first brought this issue to the attention of charities in 2010.

In recent months, the commission has become aware of mandate fraud attempts where the fraudster has been able to use the email address of a regular contact at the legitimate organisation to deceive charities into changing change bank details.

The commission recommends that trustees and charity professionals spend a few moments familiarising themselves with the Metropolitan Police’s mandate fraud advice and ensure that their charity has robust authorisation and monitoring procedures in place for changing bank details and managing payments. The advice is clear – any request to change bank account details is an unusual occurrence and should be treated with suspicion.

As a minimum, charities should:

  • remain vigilant to the continuing risk of mandate fraud and raise awareness amongst those staff and volunteers with responsibility for charity finances – download the campaign posters produced by the Metropolitan Police
  • be suspicious of any change of bank detail requests until independently verified
  • check and verify all requests for change of bank details using contact information held separately by the charity
  • never rely solely on contact information provided in any form of external communication that requests a change of bank details
  • check that a sample of payments has been received by the legitimate organisation after the change of bank details has been actioned
  • do not rely solely on the organisation to inform your charity that legitimate payments have not been received – by then it may be too late to recover the money.

Michelle Russell, Director of Investigations, Monitoring and Enforcement, said:

The mandate fraud cases we hear about increasingly involve cunning tactics by fraudsters to gain the trust and confidence of their victims. There’s no doubt that fraud and deception tactics will keep on evolving. Awareness of fraud risk and the tactics used by fraudsters is the most effective way of preventing charities from becoming victims.

At the heart of charity is trust, but when it comes to control of charity finances, it’s crucial that vigilance and caution are the key watchwords.

It is also a timely reminder for trustees and senior charity staff to reflect on how fraud-aware their employees and volunteers are, and to review their charity’s financial controls.

Read more about the mandate fraud prevention methods recommended by the Metropolitan Police.

If you suspect you or your charity may have fallen victim to mandate fraud, you should report it to Action Fraud immediately.

Automatic enrolment contribution increases delayed

Bevan & Buckland AccountantsAutomatic enrolment contribution increases delayed

The Chancellor announced in the Spending Review and Autumn Statement 2015 that the Government is aligning two scheduled increases in the minimum level automatic enrolment contributions with the start of the tax year.

To simplify the administration of automatic enrolment for the smallest employers in particular, the next two phases of minimum contribution rate increases will be aligned to the tax years. Instead of increases taking place in October, they will now occur in April of the following year.

Under the current timetable minimum level contributions are scheduled to rise from 2% to 5% in October 2017, and from 5% to 8% in October 2018. These increases will now take effect in April 2018 and April 2019.

“We keep abreast of the latest developments in payroll so you don’t have to, so seeking advice from our payroll department is always recommended for businesses that are unsure about the new tax year changes to the minimum wage and its enforcement. Visit us in branch or contact our Swansea, Pembroke or Haverfordwest offices today to discover more about our payroll bureau service.”

For further information about how Bevan and Buckland can help your company with management of the payroll contact Tina Davies on 01792 410100 or by email at help@bevanbuckland.co.uk.

Tina Davies
MCIPP(dip) Member Chartered Institute of Payroll Professionals

Tina Davies is manager of Bevan & Buckland’s Swansea Payroll Department, we also operate a payroll bureau service from the firm’s Pembroke and Haverfordwest offices.  

http://www.bevanbuckland.co.uk/services/payroll Tel: 01792 410117

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