Calling all Landlords

Settle 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.

HMRC 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

Trustees must engage with finance guidance

Press 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 a charity’s finances: planning, managing difficulties and insolvency (CC12)
• Charity reserves: building resilience (CC19)
• Charity governance, finance and resilience: 15 questions trustees should ask

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

Mandate 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.

Wales Access to Finance – Ask the Experts Breakfast Event

Insider: Wales Access to Finance – Ask the Experts Breakfast 2015//

 

Liberty Stadium September 22nd 2015

7:30am – Breakfast & Registration
8:00am – Meeting commences
9:00am – Approximate close
Guests are invited to remain behind after the formal close for coffee and networking

Confirmed speakers:

• Matt Warren, chief executive, Veeqo
• Harri Lloyd Davies, partner, Bevan Buckland
• David Vieira, managing director, Go Commercial Finance
• Stephen Yorke, area director business banking, HSBC
• Betsan Powell, partner, JCP Solicitors
• More to follow

We would like you to join us for an Insider breakfast event to explore sources of finance for ambitious companies. If you’re seeking cash to reach the next level, hoping to raise money for an early stage venture, or looking for better funding arrangements, this event should provide you with some ideas.

Matt Warren runs Veeqo, a Swansea-based inventory management software company that has raised more than £1m through crowdfunding and from other sources.

A panel of advisers and funders will give tips and insights in answer to audience questions. Topics for discussion could include:

• Can I raise funds without losing control of the company?
• Could crowdfunding help my business to grow?
• How can I raise cash for an acquisition?
• What do banks look for when lending cash?

If this is of interest, we hope you can join us and put a question in for the panel.

Our events are regularly over-subscribed therefore please register your interest as soon as possible. If you have been successful you will receive a confirmation email one week prior to the event. Please click here to register your interest.

If you wish to attend an Insider event and have any personal requirements in order to fully enjoy your chosen event then please let us know at the earliest date possible.

We have an inclusive approach and wish to ensure that everyone who wants to attend an Insider event is able to do so and to obtain full benefit from being our guest.

If you need any more information please contact Suzanne Wallace on 0161 907 9758.

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

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