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

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

Different methods of fraud – part 2

Bevan & Buckland AccountantsDifferent methods of fraud

This is the second in a three part series on fraud.
The methods we will be covering have been brought to our attention by our clients and not by the national press.

These methods of fraud are real and unfortunately some of our clients have fallen victim to these scams over the last few weeks.

Another fraud that has come to our attention involves large telephone orders of goods using a cloned credit card, the transaction passes bank security but when completed the money has to be repaid to the credit card company.
This has successfully been carried out by fraudsters, including a number of organisation within South Wales.

Impostors purporting to be genuine customers from overseas (we are aware of two instances where they said they were from Australia), and as the cost of living is so much higher overseas they have ordered a large volume of goods over the phone that they plan to ship overseas. Authorisation checks on the credit card payment have been undertaken but the credit card passed all checks as the card has been cloned and the details were correct. Within a couple of weeks of the transaction being completed, the company was then contacted by the credit card company to explain the payment was fraudulent and that the amount needs to be repaid. We have been made aware that insurance companies will not cover you for this type of fraud as the transaction has been completed without the cardholder present.

What action should organisations take to mitigate risk of this fraud occurring?

Recommended actions that organisations can take include:

  • Be mindful of any large unexpected orders.
  • If a large order is placed, request that they visit your premises to collect the goods and pay upon collection including entering their PIN number
  • Ensuring that staff working in relevant areas are fully aware of the risks involved with this type of fraud

 

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

Different methods of fraud – part 1

Bevan & Buckland AccountantsDifferent methods of fraud.help stop fraud

This is the first in a three part series on fraud.
The methods we will be covering have been brought to our attention by our clients and not by the national press.

These methods of fraud are real and unfortunately some of our clients have fallen victim to these scams over the last few weeks.

Fraudsters are turning to increasingly sophisticated methods in order to deceive and are often quick to adapt their approach to keep up with changes in technology.

 

There has been a rise in a fraud involving changing the bank account details of genuine suppliers in an attempt to divert funds. This successfully being carried out by fraudsters, including a successful attempt on a government organisation.

Impostors purporting to represent genuine suppliers approach target organisations with requests to change bank account details held on file. Baker Tilly have recently noted an emerging variation to this fraud involves fraudsters remotely seizing control of legitimate suppliers’ email accounts from which they send these seemingly genuine requests to change details. With control of the email account, the perpetrators are then able to set up ‘rules’ within the account settings which enable them to intercept and/or delete further incoming emails from the target organisation. This not only enables the fraudster to monitor and respond to the email correspondence, but it also allows the fraud to go undetected by the supplier.

This fraud exemplifies how, with undetected control of the email account, fraudsters were able to gain access to a copy of an invoice which had previously been emailed by the genuine supplier. Once picked up, the invoice was altered by the fraudster with new bank account details in an attempt to legitimise funds being paid into a fraudulent bank account. Fortunately, the organisation identified the fraud before any financial loss occurred; however, this example demonstrates that even with certain controls in place, organisations can still be vulnerable to this type of scam.

Clearly linked to this is the increasing occurrence of cyber-attacks in conducting fraudulent activity, such as in this case, through the ability to compromise an email account. Such attacks often bypass more common ‘manual’ anti-fraud measures and can be difficult to detect. Moreover, the frequency of cyber fraud in general is increasing at an alarming rate. The losses which can be incurred should an organisation fall victim to this type of fraud are significant. Baker Tilly is aware of payments exceeding many of hundreds of thousands of pounds, with a number of instances exceeding £1 million in losses.


What action can you take to mitigate risk of this fraud occurring?

As fraudsters continually develop and apply new methods to circumvent controls, it is essential for organisations to assess the effectiveness of arrangements in place relating to administration procedures for changing both supplier contacts and bank account details.
We recommend some actions that organisations can take include:

  • Thorough testing of administration and authorisation procedures in relation to requested changes to supplier details of any kind
  • Independently verifying requested changes to supplier contact or bank account details with the original supplier contact prior to any change being made
  • Where possible, gaining additional confirmation of the legitimacy of requests from a known source or reliable contact before applying any changes
  • Ensure robust IT security controls are in place to help mitigate the risk of a successful cyber-attack, and
  • Ensuring that staff working in relevant areas are fully aware of the risks involved with this type of fraud

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

Audit Limit for Charites rises to £1m

Bevan & Buckland AccountantsAn amendment to the Charities Act 2011 has recently come into force which means that Charities with income below £1m will no longer require a statutory audit.

The changes affect all charity’s with a year-end of 31st March 2015 and so many will see a reduction in the regulatory burden (and cost!!) this year.

The income threshold was previously £500,000 so the increase is significant and should result in more than 100 charities across South Wales no longer needing an audit.

Charities will still be scrutinised and need an independent examination and some boards may choose to continue to have an audit to keep their funders satisfied.

If you think you might be affected by the changes please call us and we can confirm whether you still need an audit and what other options are available to you.

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

Bevan & Buckland Accountants Cardiff Tel: 02920 459960

What reserves should a charity hold?

Bevan & Buckland Accountants logoBevan & Buckland video series No 3 – What reserves should a charity hold?

This is the third in a series of six short videos that have been developed to provide businesses with essential advice across various key areas.
The videos will feature an expert insight into business valuation, research and development tax credits, auto enrolment, financial advice, tax investigations and charities.

Bevan & Buckland Charities Partner Alison Vickers explains what reserves should a charity hold?

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

Research and Development (R&D) tax relief

Bevan & Buckland Accountants logoBevan & Buckland video series No 2 – Research and Development (R&D) tax relief.

This is the second in a series of six short videos that have been developed to provide businesses with essential advice across various key areas.
The videos will feature an expert insight into business valuation, research and development tax credits, auto enrolment, financial advice, tax investigations and charities.

Bevan & Buckland R&D expert Paul Arnold explains one of the most generous tax reliefs today – R&D.

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

Sage Payroll – top 5 hints and tips

Bevan & Buckland AccountantsTop 5 payroll hints and tips

sage payroll for business

 

 

 

1.    Are you staging for automatic enrolment on 1 January? If so, it’s important that you know when to first assess your employees. It might even be before 1 January. Use our handy calculator >>

2.    Is your payroll data due a check up? – In Sage 50 Payroll, the Health Check option helps you identify any potential problems with your data. If any issues are picked up, you can fix them before your next HMRC submission. Read more >>

3.    The P32 and you – To make sure the P32 picks up all pay periods in the month, it’s important that you run the it at the end of each tax month.
Watch our quick demo >>

4.    Customising your payroll desktop – Did you know you can change the look of your employee list, add colours and change the order in which the employees appear? Read more >>

5.    An important reminder about Windows XP – New versions of Sage 50 Payroll won’t install on computers running Microsoft Windows XP. If you still use XP, you must upgrade before it’s too late. Read more >>