Monthly Archives: June 2018

Royal Highland Show

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The sun shone for this year’s Royal Highland Show. The four-day annual event, held last Drummond Laurie Chartered AccountantsThursday to Sunday, is a celebration of farming, food and rural life.  It is the biggest Scottish Agricultural event and this year was the 178th show. It was another very successful year with over 189,000 attending and approximately £65 million generated for the economy.  A number of the team at Drummond Laurie enjoyed the show, including one of its youngest, just 12 weeks old, Margaret Bunyan’s son Owen!

At Drummond Laurie we have an in-depth knowledge of the agricultural sector and are continually working with clients to provide specialist taxation, accountancy and business advice.

If you would like to discuss any agricultural related accountancy or taxation query, please contact us.

 

 

One Cake, Two Weddings & Two Countries!

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Drummond Laurie Chartered AccountantsWe love a cake here at Drummond Laurie and we’re very lucky to have some very talented bakers in-house, thank you very much to Elaine for this latest creation, as we celebrate two upcoming weddings in the office this week.

Our very own Ann Murphy is jetting off to Jamaica with Colin and her two children, Jason and Jodie to tie the knot on Monday 2nd July and enjoy a fabulous beach holiday.

Gail Donaldson our IFA from Principal & Prosper is heading to Las Vegas with Graeme and her daughter Holly to get married next Monday before embarking on an U.S. adventure!

We send them all our very best wishes and hope they both have a fabulous time.

 

 

 

 

 

The 2018 Royal Highland Show is nearly here!!

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Drummond Laurie Chartered AccountantsIt’s less than 24 hours till one of the biggest events in the Scottish agricultural calendar begins, the 2018 Royal Highland Show.

Over a four day period (21st – 24th June) the best of farming, food and rural life will be on show. A number of the team from Drummond Laurie will be going and we would all like to wish our clients who are taking part the best of luck.

Self Assessment: Early we know but read more to find out…

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Filing your Self Assessment early can save you a lot of pain in the long run. Drummond Laurie Chartered Accountants

You know it needs doing by the end of January, but you put it off, again and again, hoping that somehow it’ll do itself. Suddenly Christmas is past and you realise there’s no avoiding it…

You’re not the only one procrastinating – in January 2018, 2.6 million people (nearly a quarter of those due to file) had still not filed their return by the 29th January, leaving just two days to the January 31st deadline and 745,588 people still missed this in 2018. HMRC rakes in millions in fines from those filing late.

This may lead you to one conclusion: it makes sense to file early and we can help now!  Email us on adviser@drummondlaurie.co.uk or call us on 01324 441250.

If you’re still not convinced then read on.

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Could you be due a tax refund?

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Drummond Laurie Chartered AccountantsDo you have to use your own money for equipment and or uniforms that you must buy for your job? 

Are these things which you will only ever use in your place of work? 

If so, you may be entitled to claim tax relief for these costs.  These expenses must have been incurred within the tax year you are claiming for, and relief will be given for what you’ve spent, at the rate of tax which you pay. 

However, you can’t claim tax relief if your employer either 

  1. gives you all the money back
  2. offers an alternative, for example, gives you a laptop but you want a different type or model.   

Remember, you must keep records/receipts for what you’ve claimed.   

Check out the following link to see if you can make a claim here. 

 

Email Security Update

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Drummond Laurie Chartered AccountantsWith GDPR now taking effect, there may be a tendency to focus on all aspects of collecting and using personal data, and concentrating your resources on ensuring full GDPR compliance, but it’s important not to let your guard slip in other areas.

 A continuing way to try and get money from a business or organisation fraudulently is an email which appears to be from the Owner, Managing Director, or other senior person in the business, asking for an urgent payment to be made, normally to a new supplier whose bank details are contained in the email, but sometimes to a new bank account of an existing supplier. 

Such emails sometimes start off originally by asking if the person is around and able to help, before moving on to the actual payment amounts etc. required in follow up emails. They often say that they are confidential and that the matter is not to be discussed with someone else as they know that if the recipient does discuss it then it’s likely the fact that it’s not a genuine email will be picked up. 

A variant of this is where the email appears to be from a supplier, advising that their bank details have changed, and asking you to update your records. In this case, they often don’t ask for money immediately but simply wait until you next pay the supplier and then of course they receive the monies instead. 

Whilst emails are the most common way of perpetrating these frauds, the second one sometimes takes the form of a forged letter rather than an email. 

Of course the new bank details they supply in either case are their own and not your suppliers!

With either method, the end result is that money is stolen from you and is very difficult to recover as you have willingly made the transaction rather than it being a straight theft.

We mentioned these threats in a previous blog post and our advice at the time is still relevant now, and is available here.

Of course, as GDPR comes into play, then there is the risk that complying with such emails will expose sensitive / personal information which could then lead to fines and other sanctions as well as the loss of the money.

We therefore thought it was a good time for a reminder and a suggestion that if you are reviewing / updating your other procedures in light of GDPR, why not update your payments ones too?

As always, the internet is constantly changing and any advice we give can only be a guide. We recommend you seek advice from your own IT department or adviser for specific actions you should take.  For any general queries however, please contact ross.nicol@drummondlaurie.co.uk

 

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