The New 65+ Savings Bonds Are Finally Here!

The New 65+ Savings Bonds Are Finally Here!

Following the Chancellor’s announcement in his 2014 Autumn statement, the new National Savings and Investments (NS&I) savings bonds have been launched today, writes Bevan & Buckland’s Financial Planning Manager, Gareth Tregidon.

Whilst it was originally advised that these would be launched “sometime in January”, no further details had been provided as to exactly when this would be.  Given the market leading rates on offer, it has been widely predicted that the bonds, which are a limited issue, would be extremely popular and would therefore sell quickly.  Following the announcement by The Treasury this morning that the bonds were to be placed on sale from today, the NS&I website has been inundated.

As interest is only paid on maturity, these bonds should be seen as being for growth rather than income.  Interest is quoted gross but paid net, and the rates are 2.80% per annum for the 1-year bond and 4.00% per annum for the 3-year bond.  Please remember that you must be age 65 or over to apply.

Further information can be found on the NS&I website at

http://www.nsandi.com/65-guaranteed-growth-bonds?ccd=NALBAA

If a 1 or 3 year fixed rate bond suits your requirements, our recommendation is to apply as soon as possible, as these will sell fast!

 

Gareth Tregidon

Financial Planning Manager

Gareth Tregidon is manager of Bevan & Buckland’s Financial Planning Department, which operates from the firm’s Swansea, Pembroke and Haverfordwest offices. The department provides fee-based advice to personal and business clients, both from within the firm and elsewhere.

Gareth is a Certified Financial Planner^CM and an accredited Later Life Adviser with the Society of Later Life Advisers (SOLLA).  He is former Chairman of the Institute of Financial Planning in South Wales, and an assessor for the internationally recognised Certified Financial Planner^CM licence. 

Bevan & Buckland Chartered Accountants Swansea Tel: 01792 410100

Bevan & Buckland Chartered Accountants Haverfordwest Tel: 01437 760666

Bevan & Buckland Chartered Accountants Pembroke Tel: 01646 682383

Bevan & Buckland Chartered Accountants Carmarthen Tel: 01267 233115

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

What reserves should a charity hold?

Bevan & 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

New National Savings Bonds Announced

New National Savings Bonds Announced

The Chancellor has confirmed that National Savings & Investments (NS&I) will offer two fixed rate deposit bonds from next month for anyone over the age of 65.

The intention to offer these bonds was announced earlier this year, but to date no further details were available.  George Osborne has now announced that there will be two bonds available, for terms of 1 or 3 years, and a maximum investment of £10,000 per person, per bond.  (The minimum investment is £500 per bond).  This therefore gives the opportunity for a couple to invest up to £40,000 in total.

The interest rates are highly competitive against the market at present, offering 2.80% over 1-year and 4.00% over 3-years.  Both rates are quoted gross and the interest will be paid with Basic Rate tax (of 20%) deducted at source.  This means that a Basic Rate taxpayer would receive 2.24% and 3.20% over 1 and 3 years respectively, and a Higher Rate taxpayer the equivalent of 1.68% and 2.4%.  Non taxpayers or those liable to the new 0% rate (effective from April 2015) will be able to reclaim the tax paid.

In the absence of National Savings Certificates (no new issues of which are currently available) these new bonds offer a good returning the current market, without having to tie your money up for a prolonged period.  Cash returns remain poor, and our estimate is that they are likely to remain so for the foreseeable future.

No investment is without risk, not even cash deposits. Other investment options are available which could potentially generate higher returns, although all of these will carry some degree of risk.  The important thing is to ensure you understand what the risks are before investing, as these may not always be obvious.

If you either need or want to generate a higher return than these bonds offer, or you have a larger lump sum to consider, we can help you find the best way of investing whilst minimising any risk.  For a free initial consultation in any of our offices please contact us using the details below.

 

Gareth Tregidon

Financial Planning Manager

Gareth Tregidon is manager of Bevan & Buckland’s Financial Planning Department, which operates from the firm’s Swansea, Pembroke and Haverfordwest offices. The department provides fee-based advice to personal and business clients, both from within the firm and elsewhere.

Gareth is a Certified Financial Planner^CM and an accredited Later Life Adviser with the Society of Later Life Advisers (SOLLA).  He is former Chairman of the Institute of Financial Planning in South Wales, and an assessor for the internationally recognised Certified Financial Planner^CM licence. 

Bevan & Buckland Chartered Accountants Swansea Tel: 01792 410100

Bevan & Buckland Chartered Accountants Haverfordwest Tel: 01437 760666

Bevan & Buckland Chartered Accountants Pembroke Tel: 01646 682383

Bevan & Buckland Chartered Accountants Carmarthen Tel: 01267 233115

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

Sage Payroll – top 5 hints and tips

Top 5 payroll hints and tips

 

 

 

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 >>

If you are looking for advice and support with the new submission system, or indeed any aspect of payroll, please don’t hesitate to contact Tina or one of her team.

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.

To find out what other services are offered by Bevan and Buckland visit www.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

This is Your Life Andrew Muxworthy

Bevan & Buckland Managing Partner Cuan O’Shea presents This is Your Life to Andrew Muxworthy.   

Leading accountant celebrates 30 years’ service at Swansea practice

Business Services Manager Andrew Muxworthy celebrates his 30^th year at established accountancy practice Bevan & Buckland.

Andrew started at the firm in October 1984 and has since become an important part of the team. As one of the largest and oldest accountancy practices in Wales, Bevan & Buckland has a track record spanning well over a century, a history that Andrew has seen a large part of.

Andrew is still some way off the firm’s longest service record however, which is currently held by Stan Page who worked for the firm from 1921 to 1991; an impressive 70 years.

“I can’t believe that I am celebrating my 30^th year at Bevan & Buckland! I’ve worked here for longer than some of our staff have been alive and fellow Business Services Manager Sara Dennis always likes to remind me that I started while she was still at school,” said Andrew.

As well as celebrating the milestone with his wife Helen and two sons Oscar and Daniel, the Bevan & Buckland team have revealed that they have a number of surprises in store to mark the occasion.

Andrew, who currently lives in Killay, Swansea, manages Bevan & Buckland’s expanding business services team along with Sara who actively provides accounts, bookkeeping and VAT services to a range of clients throughout South Wales. He took on his role as Business Services Manager in November 2010 after serving the company as an experienced accountant. Andrew’s expertise and excellent people skills have seen him deliver above and beyond the call of duty ever since.

“Myself and the rest of the Bevan & Buckland team are thrilled to be celebrating an important work anniversary with a truly valued member of the team. Andrew is a key part of our practice and we look forward to celebrating the next milestone,” concluded Cuan O’Shea, Managing Partner at Bevan & Buckland.

Also Andrew’s father Peter Muxworthy who is still a consultant with Bevan & Buckland has been with the firm 58 years.

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

An expert insight into business valuation

Bevan & Buckland video series No 1 – An expert insight into business valuation

This is the first 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.

“Getting the facts about your professional finances isn’t always easy. The web is littered with financial advice but knowing who to trust can be difficult for internet users to decipher. We have created these six videos to give businesses throughout Wales and the rest of the UK better access to accurate and up-to-date information straight from the experts,” said Harri Lloyd Davies, partner at Bevan and Buckland.

Harri added: “As leaders in the financial field, each and every member of the Bevan & Buckland team provide valuable advice on a daily basis to local, regional and national businesses looking for support and assistance. With the launch of our video series we look forward to spreading our knowledge to the business community of South Wales.”

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 Sage 2015

New Sage Line 50 Accounts Version 2015 now available for purchase or upgrade

Some of the key new features are:

• The database has been improved to handle 1.5 million transactions
• Now capable of handling up to 20 networked users
• Complete User Interface overhaul – including Windows Search features and functionality
• Improved performance
• A completely new look design and menu navigation
• Removal of duplicated routines
• Customisable toolbar icons for each user
• Automatically back up without users having to log out. A new automatic backup scheduler.
• Data can be held in the Cloud so updated in Real Time for app/remote users
• Introduction of 2 x new Sage Accounting apps

 If you would like more information or pricing please don’t hesitate to give us a call on
01792 410100 or email sagesoftware@bevanbuckland.co.uk

Desktop Automatic backups protect your data and the new look and feel frees up time with one click navigation Mobile Gives your clients the freedom to work from anywhere and feel connected Cloud Work in real time with your accountant and colleagues, schedule backups to protect your data, reduce costs and save time

Important: Please note Sage Version 2015 will not run on a Windows XP machine.

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

HMRC PAYE clamp down

Local experts warn of difficult to appeal and possibly severe penalties ahead of HMRC PAYE clamp down

In April 2013 Her Majesty’s Revenue & Customs (HMRC) introduced a new Pay As You Earn (PAYE) system, meaning employers would have to submit payroll information in real time.

Known as Real Time Information (RTI), businesses now have to submit pay and deduction details on or before the day they pay their employees. Whilst many businesses have embraced the new system, leading local accountants Bevan & Buckland have warned that HMRC are set to introduce penalties for businesses that fail to pay or submit the correct information on time.

“From October 2014, if you fail to file your PAYE submission on time there is a real chance you will be hit with a fixed penalty” warns Tina Davies, Payroll Manager at Bevan & Buckland. “We are also warning our clients as these penalties will be extremely difficult to appeal”.

The changes mean that all employers must submit a Full Payment Submission (FPS) as per the new guidelines every time they make a payment to an employee. They must also submit an Employer Payment Summary (EPS) if no payments have been made or if the business has any statutory payments to claim.  PAYE must also be paid by the 19^th of the month following the payroll process date to avoid payment penalties.

Tina added: “The late filing and payment penalties range from £100 to £400 depending on the number of people you employ. You will also be charged for each month the submission is not filed on time. With a maximum of 11 fixed penalties a year, and a further 5% fine if your submission is late for three months or more, these penalties could have a significant impact, particularly for small to medium-sized businesses”.

If you are looking for advice and support with the new submission system, or indeed any aspect of payroll, please don’t hesitate to contact Tina or one of her team.

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.

To find out what other services are offered by Bevan and Buckland visit www.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

A warning of the change in the HMRC stance coming Oct 14

Penalties will start in October 2014 if you fail to file PAYE submission on time

Since Real Time Information (RTI) began in April 2013 the HMRC have been saying that they are going to introduce penalties for late payments and late submissions.

They have now are announced that they will start in October 2014 if you fail to file PAYE submission on time.

The penalties will apply unless you follow these simple rules.

1. You must submit an FPS each time you make a payment to an employee, on or before the date that you pay them.
2. You must send an EPS if no payments are made to any employees , or if you have any statutory payments to claim.
3. Pay your PAYE on time – by the 19^th of the month following the payroll process date.

The late filing/payment penalties will depend on the number of employees, and will be charged for each month the submission is not filed on time, up to a maximum of 11 fixed penalties in a tax year.

1 to 9 £100

10 to 49 £200

50 to 249 £300

250 or more £400

If the submission is late for three months or more they could charge a further penalty of 5% of the tax/NICs that would have been paid if the information it provides had been sent on time.
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.

To find out what other services are offered by Bevan and Buckland visit www.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

IHT receipts rose by £3.4 billion last year

 HMRC reports Inheritance Tax receipts last year rose to £3.4 billion

HMRC has today (Thursday 31^st July 2014) reported that the total amount of Inheritance Tax levied in the 2013/14 Tax Year rose to around £3.4 billion.  This represents an increase of 8.6% on 2012/13, and around 17% since 2011/12, writes Gareth Tregidon, Financial Planning Manager at Swansea-based accountants and financial planners, Bevan & Buckland.

Last week a study published by unbiased.co.uk suggested that as much as £530 million is set to be ‘wasted’ in Inheritance Tax this year by individuals not placing life policies under trust.   According to the website this figure has risen by £58 million compared to the previous year.  However the latest announcement by HMRC suggests the majority of the tax arose from properties, household savings and securities.

The Nil Rate Band, the amount that can be passed on free of the tax, has been frozen at £325,000 since April 2009. With the economy continuing to recover, and values of properties, investments and other assets increasing, it seems certain that the number of estate paying IHT will continue to increase.

Separate research conducted by Close Brothers suggests that less than half of those liable to the tax know the correct threshold and potential liability, meaning that many people may not even realise their estate could be affected.

There are some relatively simple steps individuals can take to make sure that assets end up with the people you intend after your days, and often this can have the added benefit of reducing any tax due as well.  It is particularly important to check any insurance policies or investments that make a payment on death, as writing these benefits under a trust can be a simple, low cost way of reducing the tax your beneficiaries would have to pay.

Former Chancellor of the Exchequer Roy Jenkins is famously quoted as having said, “Inheritance tax is a voluntary levy, paid by those who distrust their heirs more than they dislike the Inland Revenue.”   As you would expect from one of South Wales’ leading tax and financial planning firms, we have the experience and expertise to help you assess if anything needs to be done, and then to help you take the necessary actions.  We offer a free, no obligation initial meeting, so why not give us a call today to see how much you could save.

Gareth Tregidon

Financial Planning | Bevan Buckland Blog

July 2014

Gareth Tregidon is manager of Bevan & Buckland’s Financial Planning Department, which operates from the firm’s Swansea, Pembroke and Haverfordwest offices. The department provides fee-based advice to personal and business clients, both from within the firm and elsewhere.

Gareth is a Certified Financial Planner^CM and an accredited Later Life Adviser with the Society of Later Life Advisers (SOLLA).  He is former Chairman of the Institute of Financial Planning in South Wales, and an assessor for the internationally recognised Certified Financial Planner^CM licence. 

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