Making Tax Digital: HMRC softens digital link deadline

Making Tax Digital: HMRC softens digital link deadline

Making Tax Digital: HMRC softens digital link deadline

HMRC have said that a few businesses could qualify for an extension to their Making Tax Digital (MTD) for VAT soft landing period. Under current rules for VAT everything must be done digitally including transfers, exchanging data between software programs, and products or applications.

However, the government introduced a one year long ‘soft landing period’, to help businesses to get the digital links in place. This period begins on or after 1 April 2020, or 1 October 2020 for deferred businesses.

HMRC announced on 17 October that some businesses could qualify for an extension to this soft-landing period. The extension is available for businesses with complex or legacy IT systems that require a longer period to put digital links in place. To apply for this extension you will need to email [email protected] to request an application form.

The reason why this extension is being offered is because businesses and professional bodies has outlined difficulties some will face in getting digital links in place in time.

How can we help

At Hawsons we have a dedicated team of tax and VAT accountants at our offices in Sheffield, Doncaster, and Northampton. With our vast experience we can give you the best tax and VAT advice for you. We believe in a long-term client relationship this is why we offer all new clients a free initial meeting so we can get to know and your business. If you would like to book your first free initial meeting click here.

If you would like to find out more about Hawsons Chartered Accountants click here.

 

More from our tax experts

You can find all of our latest tax articles and tax resources here.

If you are looking for advice in a particular area, please get in touch with your usual Hawsons contact.

Alternatively, we offer all new clients a free initial meeting to have a discussion about their own personal circumstances – find out more or book your free initial meeting here. We have offices in Sheffield, Doncaster and Northampton.

Free initial meeting

Paul Wormald

Paul Wormald

Partner, Doncaster

01302 367 262

Tony Nickson

VAT Consultant, Sheffield

01604 645 600
Are your users aware of the risk of Business Email Compromise?

Are your users aware of the risk of Business Email Compromise?

Business email compromise cyber-attacks are very low tech which means they are common and you need to be aware of them. The attacker will be using social engineering more than hacking itself.

The way it works is the cyber-criminal will spoof or even gain access to a corporate email account and make a fake email address that is exactly the same as somebody high up in the company. This is so they will be able to defraud the company, employees, customers, or executives of money.

There are many ways in which BEC can target and defraud you:

  • The attacker can pretend to be a CEO or a partner and request an employee to make an emergency payment into a fraudster’s account.
  • Sometimes they will purport to be a supplier requesting a change in payee information, which would actually transfer money into a perpetrator’s account.
  • A lawyer’s email address is sometimes used to pressurise for a payment.

These scams have resulted in worldwide losses of at least $26bn since 2016 according to the FBI in the United States. There are many measures and procedures that can be put in place to prevent Business email compromise. These include, taking care before clicking on any email links or attachments, employee education and training and changing processes to require phone verification of payment changes and having secondary sign offs.

Ryan Kalember, executive vice-president of cyber-security strategy at Proofpoint, said: “Business Email Compromise (BEC) is the most expensive problem in all of cyber-security. There is not a single other form of cyber-crime that has the same degree of scope in terms of money lost.”

How can we help?

At Hawsons we have a dedicated team who provide IT services and cyber security advice in Sheffield, Doncaster, and Northampton. If your organisation handles personal and confidential data and you need help with cyber security compliance then Hawsons can help you. We help organisations with data protection and cyber compliance, protecting their data.

If you would like to book your free first initial meeting with us click here.

If you would like to find out more information about our IT and Cyber security services click here.

Free initial meeting

Charles Kavazy

Director of IT Services

0114 266 7141

[email protected]

The number of high street shoppers are declining

The number of high street shoppers are declining

Analysts are reporting that the number of shoppers purchasing on the high street has declined by around 10% over the past year in some cities across the U.K.

Unsurprisingly, the main reasons cited are the continuing rise of online shopping along with concerns over Brexit and the economic outlook.  Furthermore, people are choosing to allocate a greater proportion of their discretionary spend on eating out and leisure reducing the amount available for going on a shopping trip.

According to latest research by BRC – Springboard retail footfall has decreased by 1.7% in September, this was exactly the same decline witnessed in September last year.

Of that:

  • High street footfall decreased by 1.8%
  • Retail park footfall improved by 0.1%
  • Shopping centre footfall decreased by 3.2%

Helen Dickinson OBE, chief executive of the BRC, says: “Retailers are facing a sustained drop in footfall with the total numbers of visitors down over 10% in the last seven years alone. With Brexit looming, many consumers are holding off from all but essential purchases and it is no surprise that the 1.7% drop in footfall in September has contributed to a similar fall in sales. High streets and shopping centres were hit hardest, with retail parks faring slightly better as they continue to entice shoppers with their varied consumer offering.”

How can we help

At Hawsons we have a dedicated team of retail, wholesale, and e-commerce accountants at our offices in Sheffield, Doncaster, and Northampton. Our understanding of the issues faced by the retail, wholesale and e-commerce sector means that we can proactively seek out ways for you to maximise your profitability and minimise your tax liabilities.

If you would like to book your first free initial meeting click here.

If you would like to find out more about our retail, wholesale, and e-commerce accountants click here.

More from our retail experts

You can find all of our latest retail sector news and newsletters here.

If you are looking for advice in a particular area, please get in touch with your usual Hawsons contact.

Alternatively, we offer all new clients a free initial meeting to have a discussion about their own personal circumstances – find out more or book your free initial meeting here. We have offices in Sheffield, Doncaster and Northampton.

Free initial meeting

Pete Wilmer

Pete Wilmer

Corporate Finance Partner

0114 266 7141
50% of all debit card payments are now contactless

50% of all debit card payments are now contactless

For the first time ever, contactless payments have accounted for 50% of all debit card payments. Credit and debit card payments made in July grew 5.7% year-on-year increasing to 1.6 billion, and contactless payments on debit cards were used 647 million times alone.

The reason behind this dramatic rise in usage of this new technology is in part down to the adoption of this technology by transport networks, which allows passengers to pay by tapping their card/phone for their ticket.

Whilst for many in society the added ease and convenience of contactless payments is a positive, concerns continue to be raised regarding the potential harm and social exclusion for people who do not have a bank account.  As contactless technology continues to be adopted, it may begin to take over from cash payments seeing us edge closer towards a cashless society.

Iona Bain, founder of the Young Money Blog, has said: “The jury is out about what this means in the long-term for consumers, we have to think about the unbanked customers in the UK. They are very much reliant on cash. The rise in contactless technology risks leaving behind rural and poorer communities.”

How can we help

At Hawsons we have a dedicated team of accountants at our offices in Sheffield, Doncaster, and Northampton. We provide a range of services on 12 sectors including technology and IT, retail and wholesale, leisure and hospitality and many more. If you would like to book your first free initial meeting with us click here.

If you would like to find out more about Hawsons Chartered Accountants click here.

More from our retail experts

You can find all of our latest retail sector news and newsletters here.

If you are looking for advice in a particular area, please get in touch with your usual Hawsons contact.

Alternatively, we offer all new clients a free initial meeting to have a discussion about their own personal circumstances – find out more or book your free initial meeting here. We have offices in Sheffield, Doncaster and Northampton.

Free initial meeting

Pete Wilmer

Pete Wilmer

Corporate Finance Partner

0114 266 7141
House price growth at a six-year low

House price growth at a six-year low

The Halifax have said that house prices rose by 1.1% in the year to the end of September, which is the slowest rate since April 2013. Even though house price growth has not been this low since April 2013, low interest rates are keeping mortgage approvals steady.

The average price of a home in September was £232,574, this was a 0.4% decrease compared to August. This is good news for first time buyers as a large number continue to feel the price of owning their own home is out of reach in some parts of the UK.  

Russell Galley, Managing Director, Halifax, said: “Underlying market indicators, including completed sales and mortgages approvals, continue to be broadly stable. Meanwhile for buyers, important affordability measures – such as wage growth and interest rates – still look favourable. Looking ahead, we expect activity levels and price growth to remain subdued while the current period of economic uncertainty persists.”

How can we help

At Hawsons we have a team of specialist property and construction accountants in Sheffield, Doncaster, and Northampton. Having an accountant who understands the challenges of this dynamic sector and is able to help you plan for the future is an advantage in a competitive environment.

If you would like to book your first free initial meeting with us click here.

If you would like to see more information about our property and construction accountants click here.

Free initial meeting

SAC

Stephen Charles

Tax Partner, Sheffield

0114 266 7141