HMRC prevents phone fraudsters

New defensive controls recently deployed by HMRC have put an end to fraudsters spoofing the tax authority’s most recognisable helpline numbers.

Fraudsters have increasingly mimicked legitimate HMRC helpline numbers (often beginning with 0300) to dupe taxpayers and steal money. Last year alone, HMRC received over 100,000 phone scam reports.

The ‘spoofing’ scam worked as taxpayers would receive calls and, on checking the numbers online, would find they appeared to belong to HMRC. This often led people to believe fake calls were real and enabled fraud.

The new controls, created in partnership with the telecommunications industry and Ofcom, will prevent spoofing of HMRC’s most used inbound helpline numbers and are the first to be used by a government department in the UK.

Criminals may still try and use less credible numbers to deploy their scams – but that means they will be easier to spot.

Brexit risk assessment

It looks increasingly likely that we are heading for a no-deal Brexit. Taken literally, this means that our present relaxed trading relationship with customers and suppliers in the EU will cease at the end of October this year.

Whilst there will be attempts to ease customs congestion and the effects of new tariffs, now is not a good time to sit back and see what might happen.

Many companies have already started a formal risk assessment to clarify how their supply lines and costs would be affected, and this is a process that we would recommend that all businesses consider, and as soon as possible.

Even if your business has no direct trade with the EU, many of your customers and suppliers will, and this indirect linkage will have ramifications for your sales and costs post Brexit.

Trying to double guess the antics in parliament is a seemingly fruitless endeavour. If we are going to survive the disengagement with the EU it would be wise to join the ranks of those businesses that are planning for all eventualities.

If you are still unsure how to proceed with a formal review of your Brexit planning, please call, we can help you consider your options.

Reconsider cycle to work scheme

The government have recently announced that they are to extend the criteria for an approved, and therefore tax-effective, cycle-to-work scheme as part of their drive to reduce pollution and CO2 emissions in urban environments.

E-bikes have an integrated motor that helps a cyclist pedal, allowing them to reach speeds of up to 15.5 mph in the UK. They are seen as a game changer for their potential to make it easier for older or less fit people to make cycling a part of their commute.

The refreshed guidance will make it easier for employers to provide bicycles and equipment including e-bikes worth over £1,000, by making it clear that FCA authorised third party providers are able to run the scheme on their behalf.

According to their press release, the government is also working to drive down emissions across all modes of transport, committing to end the sale of new conventional diesel and petrol cars and vans by 2040, investing in hybrid trains, doubling investment in cycling and walking since 2010, and launching the £2.5 billion Transforming Cities Fund which will develop innovative public transport schemes in some of England’s biggest cities.

Employers who draw their workforce from the local community might like to take a fresh look at adopting a formal scheme for their business.

Lewis & Co April 30, 2018 No Comments

Payroll

"Take advantage of our comprehensive and confidential payroll service"

Running your own payroll can be time consuming and complicated. Legislation regarding taxation and national insurance compliance is complex and can lead to considerable penalties.

Lewis & Co can offer a payroll facility to any size of business and our service includes:

  • Set up and administration of your payroll, national insurance, statutory sick pay, statutory maternity pay, etc
  • Production of computer generated payslips
  • Details of amounts to be paid to Inland Revenue
  • Input of timesheets, bonus calculations, overtime etc.
  • Completion of statutory forms including, P35, P45, P60 etc.
  • Pensions & Auto-Enrolment
Lewis & Co April 30, 2018 No Comments

Management Accounts

Monitoring and controlling the financial performance of your business is vital to your continued success. Despite the best intentions, many small businesses choose to prepare their own management accounts, often creating inaccurate reports.

We can take the headache away from you by providing accurate and timely management information from which you can make effective and well informed decisions. We can either carry out this function in full, or help you set up and maintain internal controls to generate the information.

A countless number of small businesses tend not to prepare periodical management accounts internally or externally at all, and rely solely on the year end accounts to review the business's performance and make management decisions from these results. These figures are historical and can often be out of date for decision making purposes.

Our regular bookkeeping services, that include management accounts, VAT, payroll and as well as specific business project analysis, ensure that we become a valuable and trusted partner to develop and grow your business.

Lewis & Co April 27, 2018 No Comments

Tax

Each year, tax becomes more and more of a potential minefield. There are so many fines, penalties and interest charges for individuals that do not comply with the tax law, the risk of contravening the Revenue becomes a real worry. As tax rules and regulations become more complex it is essential that you get the right professional advice in order to optimise your tax position but also to comply with all the legal requirements.

Lewis & Co can deal with all of your personal and business taxation needs, including the preparation and filing of personal and partnership self assessment tax returns, and the calculation of corporation tax computations. Our aim is to relieve you of the stress and burden of your tax compliance, leaving your time free to run your business. We can provide year round tax advice on the following:

  • Personal income tax
  • Corporation tax
  • PAYE & NI
  • Inheritance tax
  • Capital gains
  • VAT

    Contact us today to make sure you take full advantage of the tax savings that you are entitled to.

Lewis & Co April 27, 2018 No Comments

Business Start-Ups

Most people who start up in business do so because they have a good business proposition and the desire, enterprise and commitment to see it through, and not because they are experts in the legal and financial aspects of running a business.

These matters can be daunting and off-putting for entrepreneurs. The good news is you don’t need to be an expert in these matters, all you need is the support of a good team.

Lewis & Co will evaluate your business ideas in a constructive and realistic manner and we can also help you:

  • decide on the most suitable structure for your business – sole trader, partnership, or limited company
  • prepare a business plan, cashflow projections and forecasts
  • complete any registration procedures with Companies House, Inland Revenue and Customs and Excise
  • deal with company secretarial issues

Call Lewis & Co today for a free preliminary evaluation and make sure your new business proposal starts off on a positive footing.

Lewis & Co April 27, 2018 No Comments

Accounts Preparation

Accounts preparation is at the heart of the Lewis & Co operation. Our experienced team will prepare your accounts where necessary and liase directly with the Inland Revenue and Companies House on your behalf ensuring all of your obligations are met – whether you’re a company, partnership, or sole trader.

At Lewis & Co we believe annual accounts should be prepared as soon as possible and used as an analysis tool for planning for the next year and not just for the “Tax Man”.

If you are a limited company there is a legal requirement to prepare statutory accounts that have to be filed with Companies House. Lewis & Co will prepare the statutory accounts and file them on your behalf.

Do not forget to claim these if they apply

When you complete your tax return for 2017-18, make sure you consider the following expenses. Sometimes they are overlooked.

  • Approved subscriptions you are required to pay to professional organisations. You must have membership to do your job or it’s helpful for your work. You can’t claim tax back on fees or subscriptions you’ve paid to professional organisations not approved by HMRC or for: life membership subscriptions, fees or subscriptions you haven’t paid, e.g. your employer has paid for them. Approved organisations are listed at https://www.gov.uk/government/publications/professional-bodies-approved-for-tax-relief-list-3/approved-professional-organisations-and-learned-societies.
  • If your employer pays less than HMRC’s approved mileage rates to reimburse you for the use of your own transport you can claim the difference. HMRC’s present approved rates are: cars 45p per mile for the first 10,000 miles and then 25p per mile; motor cycles 24p per mile; bicycles 20p per mile.
  • If you are required to attend courses as part of your job, then you should be able to recover the course fees and travel expenses if either are not fully or partly reimbursed by your employer.

You may also be able to claim for:

  • The cost of work uniforms and tools
  • Travel and overnight expenses
  • Costs of working at home, and
  • Buying equipment that you use in your job.

In all cases, you must have met the cost and your employer has not fully reimbursed you.

Every little helps…