Pension scam advice from The Pensions Regulator and The Financial Conduct Authority

Some useful advice from The Pensions Regulator;

“New research shows that millions of savers could be at risk of pension scams.

Scams can happen to anyone. That’s why we’re running a joint ScamSmart campaign with the Financial Conduct Authority to warn savers of the risk of scams.

You are the professional. Scammers are not. Get to know your responsibilities as a professional adviser and help protect them.

Pension scams are devastating. Figures show that last year those who fell victim lost on average £82,000.

Common warning signs include:

  • pension cold calls

  • free pension reviews

  • claims of guaranteed high returns

  • unusual investments – like overseas hotels or storage units

  • early access to your pension under the age of 55

  • pressure of time limited offer”

There is also a helpful scams prevention guide and online quiz to help you spot potential scams.

Evans & Co are here to help if you have any questions with the administration of auto-enrolment pension schemes

How to spot if HMRC correspondence is real or not

We get a number of questions from clients who have had a call or email purporting to be from HMRC and asking for money. These scams are becoming increasingly sophisticated but helps is at hand.

HMRC have updated guidance about genuine HMRC contact and recognising phishing emails and texts.View the updated guidance at Genuine HMRC contact and recognising phishing emails and texts.

Speak to your accountant if you are ever unsure if a piece of correspondence is legitimate.

Payslips mandatory for all workers from 6 April

From 6 April, payslips will now have to include the number of hours worked – making it easier for workers to check they are being paid the correct amount.

 It means payslips now have to include the number of hours worked, making it simpler for workers to make sure they are being paid in full, and at the correct rate.

 A failure to provide an itemised payslip to those with a “worker” status could result in a tribunal claim, especially given the attention surrounding workers’ rights.

‘Those who fail to receive their payslip on time, or receive the payslip without the necessary information, may make a claim to the employment tribunal that their right has been breached. If the tribunal agrees that this is the case, they will make a declaration and, in some cases, award the employee an amount equal to any deductions which have been made in the previous 13-week period.’

A significant change to the new payslip rules means that the total number of hours worked must be included on payslips for all workers whose pay varies depending on the amount of time worked.

‘The rules on this can be tricky; all hourly paid workers will be within the scope of this new requirement, as well as salaried hours staff who are paid the same each month for their basic hours but also work overtime and receive extra money for this,’ Parkinson said. ‘In the latter scenario, the payslip will only need to show the hours relating to the overtime, and not the salaried work, because it is the overtime that has made pay vary.

‘Where the number of hours is to be included, the hours must be clearly listed as either one total of all the hours which vary pay, or separate hourly figures for each variation of pay.’

If you have any queries or concerns regarding payroll, please feel free to contact us.

Source: Accountancy Daily 08/04/19

Busting myths around Making Tax Digital

15th March 2019

HMRC have published a factsheet debunking certain “myths” around MTD and how it will work. Find out more below.

https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/785733/Making-Tax-Digital-Mythbusters-_V03_.pdf

They have also updated their list of MTD compatible software which you can find below.

https://www.gov.uk/guidance/find-software-thats-compatible-with-making-tax-digital-for-vat

Businesses not ready for Making Tax Digital VAT deadline

19th February 2019

Nearly two thirds of businesses (64%) say that Making Tax Digital is a good idea but that they need more support with their plans ahead of the deadline of 1 April for mandatory digital VAT reporting, and only 12% are confident of their approach, according to research from KPMG

The firm’s poll of 1,000 businesses asked which statement best described their attitude to Making Tax Digital and the 2019 deadline to comply with the new VAT legislation requiring all businesses registered to pay VAT over the threshold of £85,000 to digitally report transactional quarterly reports.

While nearly two thirds (64%) of respondents thought it was a good idea but wanted more support, one in five (19%) could see no advantages of changing the current VAT reporting system, while 5% said it would be damaging to their business.

Just 12% were supportive and ready for the 1 April deadline, literally days after Brexit day on 29 March.

Please contact us if you would like to know how we can help you with Making Tax DIgital