Anna’s Accountancy Alerts – Week 21 (23rd – 29th August 2021)

Saving and pension planning

https://www.ispeech.org

Pension scams

According to the latest figures from Action Fraud the average loss from pension

scams have reached £50,949 this year.

That is more than double the typical figure of £23, 689 reported last year.

Action Fraud said the losses in each case ranged from less than £1,000 to as much

as £500,000, and the real figures could be higher as many scams go unreported.

The Financial Conduct Authority (FCA) highlighted five common warning signs:

  • Being offered a free pension review out of the blue
  • Being offered guaranteed higher returns
  • Being offered help to release cash from your pension, even though you are

under 55

  • High-pressure sales tactics – scammers may try to pressure you with time-

limited offers: or send a courier to your door to wait while you sign documents

  • Unusual investments which tend to be unregulated and high-risk.

More information on how to avoid pension scams is available from the FCA

at https://www.fca.org.uk/scamsmart/how-avoid-pension-scams

Increase in public trust in charities

Public trust in charities has reached its highest level since 2014, according to

research published by the Charity Commission.

An independent study showed that people’s trust in charities scored an average of

6.4 out of 10, up from 6.2 a year ago and significantly higher than the low of 5.5

recorded in 2018. The highest figure to date is 6.7 out of 10, recorded in 2014.

The Commission said the uplift may be linked in part to the coronavirus (COVID-19)

pandemic, and charities; visible role in responding to the national crisis, notably in

areas such as food poverty and support for NHS workers and other key workers.

Public trust in charities 2021: web version – GOV.UK (www.gov.uk)

Penalties

HMRC categorises mistakes in tax returns and other documents as innocent, careless or deliberate.

If HMRC argues you’ve made a deliberate mistake, set out the steps you

have taken to get things right. Show how any errors are accidental and that

there was no intention to hide anything.

Stay Up-To-Date With Coronavirus & Brexit News

Coronavirus has affected us all. Whether you’re a sole trader, employer or employee. Stay up to date with the latest news – including government support, tax implications, and more.