Monthly Archives: February 2019

Annual Investment Allowance Increase

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Drummond Laurie Chartered AccountantsA temporary increase in the Annual Investment Allowance (AIA) up to £1,000,000 for a two-year period was recently announced by HMRC.  The increase is applicable from 1 January 2019 to 31 December 2020, at which point it will reduce back to £200,000.  The timing of the change means that for businesses which do not have a 31 December year end, a hybrid level of AIA will initially be available.  Below is a note of the AIA available based on the year end date of the business in 2019:

The significant size of the temporary increase means that, more than ever, it is important to consider the timing of any purchase of assets to ensure that maximum tax relief can be obtained.

For further advice on AIA, or any aspects of capital allowances, please contact us via e-mail on adviser@drummondlaurie.co.uk or phone 01324 441250.

Drummond Laurie MTD Ready!

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Drummond Laurie Chartered AccountantsWe are delighted to announce we have now successfully submitted our first VAT MTD live submissions on behalf of a few of our clients who joined our pilot early ahead of the 1st April 2019 deadline.  During this time, we have been able to test the MTD sign up process and software for our clients to ensure we are fully ready to answer all their questions and advise them of their best course of action to be MTD compliant.

Here’s a reminder of what MTD is.

It will introduce a requirement for all businesses with a taxable turnover above the VAT registration threshold (£85,000) to keep digital records. For businesses with a turnover below the threshold, it´s not compulsory, but they may also opt to file their VAT returns through MTD.

How will it work?

Under MTD, the following information must be kept using functional compatible software approved by HMRC:

  • Name and address of the VAT registered person
  • Address of the VAT registered person’s principal place of business
  • The VAT registration number
  • The VAT accounting schemes
  • The date and value of each supply made, and the type of VAT charged
  • The date and value of each supply received, plus the amount of any input tax that needs to be recovered
  • The VAT exclusive value of each of the following outputs: standard rated, reduced rated, zero-rated, exempt or outside the scope.

How can my company prepare?

If you are a Drummond Laurie client, we will be in touch with you very soon to discuss your specific needs and advise you of how to progress using our knowledge from the pilot.

Businesses will have to submit their VAT returns under MTD for VAT quarters beginning April 2019. The first step to ensuring MTD compliance is to ensure your accounting package will be deemed ‘functional compatible software’ for MTD purposes.

If you have concerns around this or need some assistance, we can help, email adviser@drummondlaurie.co.uk or call 01324 441250 as soon as possible to discuss your options.

Data Security

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Drummond Laurie Chartered AccountantsWith the tax deadline just passed we thought it would be a good time to remind you all to be aware of fraudulent e-mails or telephone calls which appear to be on the increase in the digital world that we all now live in and these can have a devastating effect on businesses and the individuals involved.

E-mails

If you do receive an e-mail which appears to be from a “legitimate source” you should always be suspicious if it is asking for you to divulge personal or private information, or perhaps requesting you to make an urgent transfer to a supplier – particularly where new bank details are provided for the payment.

Here are a few simple tips on how to spot a suspicious email

  • When you receive an email you should check it for signs that it may not be from the company it appears to be from. To check this you can use your mouse to hover the cursor over the senders name / e-mail address or right-click on the sender name and you should see the email address behind it.
  • Check the email address itself carefully. Is it the same as the email address you usually receive emails from, or just similar?
  • The message within the e-mail isn’t personalised or uses the wrong name or contains poor spelling or grammar. You may also notice that the e-mail is not written in the usual “tone” as you would expect.
  • Check the email subject line; anything along the lines of “There is a secure message waiting for you”, “Security Alert”, “System Upgrade” and so on should be treated as suspect.
  • Look for a prompt to click on a hyperlink or a button, or to download a file – something like “Verify your account or password” or “update your security details”. These will likely take you to a copycat website where you will be prompted to enter your full details. To verify hyperlinks simply open a new tab and do a quick search within a new tab for the company or organisation. Click on their website and then compare the URL addresses.
  • Be suspicious of any message that creates a sense of urgency, such as “If you don’t respond within 48 hours, your account will be closed”. A legitimate company will not create a false sense of urgency.
  • Finally and most importantly, where you do receive a request to make an urgent payment to a supplier, member of staff or anyone else – please always pick up the phone or go and speak to the person making the request and verify this in person to ensure it is genuine.

Remember, never respond to any suspicious emails and don’t click on any links or attachments within them. Also consider reviewing your internal procedures to assist in stopping the effects of any emails that do get through here

Bogus phone calls

We have recently became aware of clients receiving calls from individuals claiming to be from HM Revenue & Customs (HMRC) advising you that they have not received a payment of tax / VAT or PAYE and that this is now overdue.

During the call they will appear genuine however please be cautious of anyone asking for your bank or credit card information over the phone. If you are unsure at all it would be our advice to end the call immediately and to contact HMRC, using the correct contact information direct from their website, to verify the situation. You may notice during a “bogus phone call” that the caller is applying pressure to get personal information from you.

 

 

 

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