October Newsletter

Autumn is here, bringing with it some darker evenings and unsettled weather. Whilst mostly associated with Winter and the Arctic, the Northern Lights have been putting on a spectacular show across parts of the UK, even dazzling us down South here in Corsham. We’ve seen some stunning pictures capturing the aurora borealis as it’s filled our skies with pink and green hues. Were you lucky enough to view it in your part of the UK?

New Accounts Manager – Joe Gibbons

We’re delighted to be introducing our newest team member to you all. After completing his ACA exams at the beginning of this year, Joe took a well earned break and went travelling for 7 months, visiting lots of amazing countries including Australia, New Zealand, Japan, Vietnam, Thailand, Singapore and South Korea (the latter being his favourite).

An integral part of our team already, Joe’s auditing background really compliments the rest of our accounts department and he’s passing on his excellent technical knowledge. Many of you will start to hear from Joe soon, as he’ll be regularly involved in year end and management accounts meetings, as well as supporting all our accountancy clients.

Away from work, Joe’s a very talented artist and he also enjoys being a member of his local pub quiz team – it’s become a regular part of our Friday mornings to be challenged by some of the questions he was asked the evening before! We know you’ll all join us in giving Joe a warm welcome to our team.

Allocation of Tips Requirements

From 1 October 2024 The Employment (Allocation of Tips) Act 2023 came into effect and The Department for Business and Trade (DBT) has now published its Code of Practice on Fair and Transparent Distribution of Tips.

The Act has arisen as a response to concerns raised that those working in industries where part of their pay is derived from tips, gratuities and service charges (collectively known as tips), were not receiving 100% of the tip amount given to them by  customers.

The new regulations impose a duty on employers to allocate qualifying tips, service charges and gratuities fairly and transparently to its workers. The Code covers six main areas, including the scope of qualifying tips and workers, fairness in allocation, methods of distribution, transparency, problem resolution and a glossary of terms. The Code also requires employers to adopt a written policy on how tips are dealt with and this should be accessible to all workers.

Whilst not much will change for payroll processes, it is worth looking at to ensure your business remains compliant.

Key Points:

• If an employer has any National Minimum Wage earners, it is important to know that any tips received at work do not count towards National Minimum Wage but tax is due upon them
• If the tips are distributed by the business owner or someone who has an influence on how the business is run, the payment is subject to both tax and national insurance
•  If however, the employees elect a Troncmaster (for example a head waiter or chef), someone who is not involved in the day to day running of the business (for example a manager or owner), the Troncmaster would decide who gets the tips and how much each would be paid out of the tips. Where a business has a Troncmaster and have formally agreed this with HMRC, the tips are then subject to tax only, through the payroll

Whilst those working in industries that receive tips have generally welcomed the Code of Practice under the Act, the practical application will be the true test of its effectiveness.

Reporting Scams Pretending to be from Companies House

If you think you’ve spotted a scam pretending to be from Companies House, please take a look at the examples below which we hope will put your mind at ease and suggest actions you may wish to take.

Scam Telephone Calls

Late Filing Penalty Payment

Companies have been contacted asking for payment of a late filing penalty over the telephone. The caller says they’ll accept a payment of £5 by credit or debit card to place a hold on any further action being taken.

Please note, Companies House will never contact you for immediate payment of a late filing penalty or request payment of a nominal fee to place a hold on any recovery action. Payment plans are set up with the agreement of the manager dealing with your late filing penalty query. Companies House will not cold call you to take a payment.

Asking for your Authentication Code

Companies House will never ask you what your authentication code is over the phone.

If anyone calls you claiming to be from Companies House asking for your authentication code, try to get a return telephone number and then contact Companies House immediately on 0303 1234 500.

Asking for Directors’ Details

Companies have been telephoned by people claiming to be from Companies House, who request details of their company’s directors. After being advised there’s a discrepancy with the information held on the register, the caller requests information such as full dates of birth for directors.

Companies House will never contact you by telephone to find out who your officers are, or ask for secure information.

If anyone calls you claiming to be from Companies House asking for this information, try to get a return telephone number and then contact Companies House immediately on 0303 1234 500.

Scam Emails

We’re aware of suspicious emails being sent that claim to be from Companies House.

Some emails might have an attachment, such as a Word document and may ask you to enter an authorisation code. Companies House will never ask for your authentication code.

Do not open any attachments, click on any links or disclose any personal information, including your authentication code. Delete the emails from your inbox, including your deleted items – these emails have not been generated by Companies House.

If you receive a suspicious email, you should report it to Companies House immediately at phishing@companieshouse.gov.uk.

Scam Letters

We are aware of companies receiving letters purporting to be from Companies House asking for company registration payments or payment code numbers.

These are scam letters asking for payment. Do not visit any web page or QR code links and do not make any payments.

If you receive suspicious letters or invoices claiming to be from Companies House, contact Companies House on 0303 1234 500. Never pay any money to the sender.

How We Can Help

If you are concerned that you might have received a scam telephone call, email or letter, you can of course contact us in the first instance and we’ll be happy to chat with you and see how we can help.

At Clear Vision, we’re always eager to guide and assist our clients – how ever you need us to support you through your journey as a business owner, we’re here for you!

If you have any specific questions about any matters within this month’s newsletter and how they may affect you or your business, do please get in touch with us.