The latest Clay Shaw Butler Money Matters column from the Carmarthenshire Herald
The latest Clay Shaw Butler Money Matters column from the Carmarthenshire Herald.
By Mark Jones, director of Carmarthen-based Clay Shaw Butler chartered accountants and business consultants.
The Chartered Trading Standards Institute (CTSI) has called for banks and charities to take greater responsibility for those who may be vulnerable to scams.
The CTSI commissioned a report from Bournemouth University's National Centre for Post Qualifying Social Work into scam victims, and its recommendations to financial institutions and charities include:
- recognising their duty of care to dementia sufferers who could make an 'unwise decision' as a result of their cognitive state
- allowing vulnerable people to put a 24 hour delay on new or large transactions from leaving their bank accounts and sending an email or text alerting a carer or loved one at the start of that period
- adopting a default that personal data is not shared without a clear opt in and that it is not held for longer than 12 months before permission is sought again.
Leon Livermore, CTSI chief executive, stated:
'Vulnerability is not a term that is defined in law, which means it is difficult for professionals to introduce measures to protect vulnerable people.
'We believe that banks and charitable organisations can do more without the need for legislation and that these relatively straightforward asks would lead to a dramatic reduction in detriment.
'Adult social care faces a massive funding shortfall and people who are scammed are much more likely to need support. These measures will protect our ageing population and reduce the burden on the state.'
From April 2016 changes have been made to the Construction Industry Scheme (CIS). Part of the reforms were that contractors must file their monthly returns online.
HMRC have introduced a number of improvements to the CIS online service with a view to making it easier and more efficient to use. These changes include the facility to amend returns online. They have also introduced a new online message/alert service. HMRC will issue messages and alerts including:
- Monthly Return Inactivity Confirmation
- Period of inactivity about to end
- Submission of a 'nil' monthly return during a period of inactivity
- Submission of a monthly return containing payment information during a period of inactivity
- Inactivity request for an inappropriate period
- Return amendment where the number of subcontractors have changed
- Cost of materials enquiry
- Have you filed your Monthly Return yet?
- Subcontractor tax treatment incorrect
- Submission where MRC are unable to match subcontractor information to their records.
Modified online subcontractor verification service
HMRC have also now modified the Subcontractor verification service which includes improved search and matching functions, and updated screens which will now display tax treatment details against each subcontractor. HMRC are encouraging contractors to use this service as the telephone verification service is expected to be removed from April 2017.
If you would like help with CIS issues or returns please contact us.
You can find out more about money matters on the Clay Shaw Butler website (under our news for business section) -
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