We have a vacancy in our Payroll Departm

We have a vacancy in our Payroll Department – Click on the link for full details. http://ow.ly/Qjyln

Warning to online traders

WARNING TO ONLINE TRADERS TO GET THEIR TAXES IN ORDER

 People trading on online sites such as eBay, Gumtree and Etsy need to get their tax affairs in order as the HMRC wields extended legal powers giving it access to customer account details. The powers, which enable the HMRC to track down individuals who are not declaring their earnings, are an extension of the HMRC’s e-marketplace campaign of 2012.

Lee Bradley, Tax Director at Swansea accountancy firm Bevan & Buckland, said a significant number of the firm’s clients now sell through online marketplaces.

“We have seen a large increase in new businesses selling online via platforms such as eBay and Amazon” he said.

“The VAT/tax rules can get quite complicated especially when you start to sell to the EU or further afield (for example, in the USA). We have been dealing with a lot of queries from online clients and have become very knowledgeable in this area.”

The new powers are not aimed at penalising occasional online sellers, but set out to make sure online business traders pay their taxes. However, HMRC has not stated at what point a casual seller becomes a trader liable to pay tax. It has been reported that 14,000 online traders have received tax demands – some, according to The Telegraph, with profits of just £100.

Others have made a substantial profit online. One of the most high profile convictions so far was online trader John Woolfenden, who was jailed for two years late last year. He sold DVDs, CDs and games through sites including eBay, with nearly £1.4 million passing through his online bank accounts over a six-year period.

When completing your own accounts, it is worth remembering that any earnings exceeding the annual personal allowance of £10,600 are taxable, as long as they are regarded as profit from a business.

Above all, it is important to speak to an accountant and make sure you are well informed. “As with any law, not knowing is not a defence,” said Lee.

Please get in touch if you would like to discuss any aspect of tax and online trading.

If this applies to you please contact Bevan & Buckland, or Lee directly using the details below, as soon as possible.

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

Bevan & Buckland Accountants Cardiff Tel: 02920 459960

Further new recruitment in our Swansea office

BEVAN & BUCKLAND ANNOUNCES FURTHER RECRUITMENT

Swansea-based accountancy firm Bevan & Buckland has recruited two graduates to boost their audit and business services departments.

Stefan Rogers and Nick Johal, both 25, have joined the respected accountants from local firms after graduating from Swansea University and Hertfordshire University respectively.

“Both Stefan and Nick come to us with top class degrees and have already gained useful experience in local firms,” said Bevan & Buckland partner Harri Lloyd-Davies.

“I am sure they will soon become very valued members of staff and we recruited them because of their desire to provide great customer service.

“The double appointment shows how the firm is growing, and specifically our business services and audit departments, as the UK economy continues to improve.”

Stefan, who received a first-class honours degree in accounting and finance from Swansea, said: “I was so delighted when I was taken on by Bevan & Buckland especially as they are such a respected firm across South Wales.”

Nick, who gained a 2:1 in his degree, added: “Having grown up in Swansea I couldn’t have asked to have worked for a more established accountancy firm that Bevan & Buckland.”

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

B&B Wealth Management joint venture

Leading local accountancy firm launches joint venture
with Chartered Financial Planners

Bevan & Buckland have launched a 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.

“The world of financial planning is becoming increasingly complex and it is important to the firm that our clients receive excellent advice on their personal financial affairs,” said Cuan O’Shea, Bevan & Buckland Managing Partner.

“To ensure we deliver on this promise we have set up a joint venture with a local firm of Independent Financial Advisors to ensure that our clients receive the highest quality advice.”

The services will be provided by Jon Francis who has 25 years’ experience and Paul Williamson who has 20 years’ experience working with clients across South West Wales.

“We are delighted to launch this joint venture with Bevan & Buckland,” said Jon Francis, Managing Director of WPS Financial Group Ltd.

“It is testament to the corporate strength and stature that such a prestigious accountancy practice as Bevan & Buckland should elect to run a joint venture with us and join our Group of IFA businesses.

“As Chartered Financial Advisers managing more than £315m for clients from Pembroke to London, our business is ideally located and qualified to provide the highest level of advice and service for B&B clients.”

Added Jon: “We now have four businesses operating under our banner, and Bevan & Buckland is a very welcome addition to our Group which is growing at a well-managed and controlled rate.”

The joint venture will be run through a new company called Bevan & Buckland Wealth Management Ltd.

For more information please call 01792 410103 or email: Jon Francis at jon@bb-wealth.co.uk or Paul Williamson at paul@bb-wealth.co.uk

@bevanbuckland @wpsfg

Different methods of fraud – part 3

Different methods of fraud

This is the last part 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.

The methods that we have covered in this series of articles 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.

Latest scam notices from Companies House

Late filing penalty payment
Companies have been contacted asking for payment of a late filing penalty over the telephone. The caller says they will accept a payment of £5 by credit or debit to place a hold on any further action being taken.

Companies House will not contact you for immediate payment of a late filing penalty or request payment of a nominal fee to place a hold on any recovery action.
Payment plans are set up with the agreement of the manager dealing with your late filing penalty query. We will not cold call you to take a payment.
Bogus Companies House emails
We are aware that a number of suspicious emails are being sent claiming to be from Companies House. These emails have not been generated by Companies House.

The latest of these bogus emails claims to be a response to an online filing submission.

An example of a bogus email claiming to be from Companies House

If you have received one of these emails forward it to phishing@companieshouse.gov.uk and then delete it. Do not try to view any attachments contained in the email. #### Company register payment

Companies registered at Companies House are receiving notifications asking for money to maintain their company on the register.

The companies concerned are receiving, what looks like a genuine request, from one of the following:
• New Companies Register (Digital)
• National Register of Companies
• Economic Index for Europe

These organisations are not connected to, or endorsed by, either Companies House or GOV.UK and the fee requested is not required to keep the company registered at Companies House.

Suspicious job vacancies
Companies House are receiving email enquiries about job adverts in the UK. These generally offer highly paid vacancies or opportunities in the oil, hotel or banking industries.

Treat all job offers with extreme caution. The contact details are usually fake, and you should avoid replying to the providers of these vacancies.

The advert might request money up front before the application can be processed, and they might also mention UK visas. Be sure to check with UK Visas and Immigration for information on applying for a UK visa.

Adverts have often been placed in print or on websites which appear to be genuine. If you are interested in working for Companies House you can check with Companies House to see if they have vacancies, or on the civil service job site.

Pension liberation fraud
Pension scams are on the increase in the UK and Companies House has been made aware that under some schemes individuals have had limited companies established in their name. If you believe that you have had a company set up in your name, please see legal advice before taking any action to close it.

Scams are promoted using terms such as an offer of unique investment opportunities, free pension review, legal loophole, cash bonus or as a government endorsed scheme and victims are being approached via cold calling, text message or in person door to door. You should treat all approaches about your pension with caution if it is not from a source that you recognise and trust.

If you are approached, do not share your personal information or sign any paperwork. You are able to check whether the offer of service is genuine and the Pension Advisory Service website can help.

The Pensions Regulator also offers guidance to help individuals who think that they may have been targeted by pension scams.

Companies House telephone scam warning
Companies have been contacted by persons claiming to be from Companies House, who ask them for details of their company’s directors.

Companies House personnel will never contact you by telephone to find out who your officers are, or ask for secure information such as authentication codes.

If you anyone contacts you claiming to be from Companies House asking for this information, try to obtain a return telephone number and contact Companies House immediately on 0303 1234 500.

 

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

Free Tax Relief for R&D Seminar

Tax Relief for Research and Development – Paul Arnold

10th July 2015 , 12:00 – 14:30 – FREE ENTRY

Swansea University – Knowledge Exchange Wales (KEW)
Friday, 10 July 2015 from 12:00 to 14:30 (BST)
Singleton Park, Swansea

Networking lunch followed by masterclass

Research & Development Tax Relief

Companies have for many years been able to derive significant financial benefits from expenditure incurred on qualifying Research & Development (“R&D”) activities.  Following a number of recent changes to the scheme it has now become even more generous.

The seminar will cover:

• What is R&D for tax purposes?
• The financial benefits that can be derived
• The range of costs and activities that can qualify
• Recent changes to the regime, which now enable all loss making companies to potentially claim tax free cash from HM Revenue & Customs
• How to maximise claims thereby ensuring companies claim their full entitlement

 

Patent Box – 10% corporate tax rate since April 2013

New rules on a lower tax rate for profits derived from patents took effect in April 2013.  These new rules, known as the “Patent Box”, are intended to increase the UK’s competitiveness, stimulate innovation and encourage investment in the UK by introducing an effective 10% corporate tax rate for qualifying profits.

The seminar will cover:

• A summary of what the Patent Box is and how companies may benefit
• The conditions which companies need to satisfy, and actions that companies may need to take, to ensure they qualify for this regime
• How you might structure your business, R&D activities, intellectual property and earnings to maximise the benefits of this regime
• An update of the recent announcements regarding the regime

Paul will be holding this seminar and he is an R&D and Patent Box specialist.  Paul is Head of Tax at Bevan & Buckland, and in addition to advising many owner managed businesses he has also advised some of the largest companies in the UK, including FTSE 100 companies and large multinational groups and is a member of HMRC’s R&D Consultative Committee.

If you would like to reserve a place click here

If you have any questions about Tax Relief for Research and Development please contact – Paul Arnold

Different methods of fraud – part 2

Different 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

Different methods of 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

IP & Innovation in your business seminar

Bevan & Buckland, together with UDL Patent and Trademark Attorneys, and JCP Solicitors, are running a joint seminar on IP & Innovation in your Business.

During the seminar you will hear three presentations:

• R&D Tax Relief and the Patent Box – Mr Paul Arnold, Tax Partner, Head of R&D and Innovation, at Bevan & Buckland
• Maximising your Business Potential – IP and exploiting your income streams – Dr Kerry Beynon, Head of Intellectual Property at JCP Solicitors
• Patents Uncovered: Myths, Risks and Answers to Common Questions – Mr Tom Baker, Partner at UDL (Urquhart-Dykes & Lord LLP)

We will be holding the seminar at:

• The Liberty Stadium Swansea, Wednesday 3rd June 2015
• The National Botanic Garden of Wales, Wednesday 10th June 2015

Both events will take the same format:

10:30am                      Arrival & Refreshments

11:00 to 12:30pm       Presentations & Q&A

12:30  to 2:00pm        Buffet & Networking

We hope that you will be available to attend one of the sessions above and ask that you please RSVP to Paul Arnold on 01792 410110 or alternatively, you may email paul.arnold@bevanbuckland.co.uk.

We apologise should you received duplicate invitations from the respective organisations involved.

We look forward to hearing from you.

Paul Arnold

Tax Partner – Head of R&D and Innovation
Paul is an R&D and Patent Box specialist.  In addition to advising many owner managed businesses he has also advised some of the largest companies in the UK, including FTSE 100 companies and large multinational groups.

 

National Minimum Wage rates announced

From 1 October 2015 the adult National Minimum Wage (NWM) rate is to increase by 20 pence and the apprenticeship rate will see the largest ever increase.

The Government has announced that from 1 October 2015:

• the adult rate will increase by 20 pence to £6.70 per hour
• the rate for 18 to 20 year olds will increase by 17 pence to £5.30 per hour
• the rate for 16 to 17 year olds will increase by 8 pence to £3.87 per hour
• the apprentice rate will increase by 57 pence to £3.30 per hour
• the accommodation offset increases from the current £5.08 to £5.35.

This is the largest real-terms increase in the National Minimum Wage since 2007, and more than 1.4 million of Britain’s lowest-paid workers are set to benefit.

The government has rejected the LPC’s recommendation for the apprentice rate. The new apprenticeship rate will be set at £3.30 and represents a rise of 57 pence, the largest ever increase in the National Minimum Wage for apprentices. By implementing a rate higher than the LPC’s recommendation, the government intends that apprenticeships will deliver a wage that is comparable to other choices for work.

Business Secretary Vince Cable is also planning to launch the National Minimum Wage Accelerator – an online tool which will make it easier to compare rates of pay across regions, sectors and occupations. It will take data from the annual survey of hours and earnings and display information about pay so that people are able to compare wages with others in their sector and region.

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