Monthly Archives: November 2014

Supplying Goods to the European Union – Protecting Yourself from VAT Costs

shutterstock_118438642If you supply goods to other countries in the EU, you may or may not need to charge VAT on them. If the recipient is VAT registered in another EU country, generally speaking, such supply may be zero-rated, subject to the following conditions:

  • The recipient is based in an EU country.
  • The recipient is VAT registered in another EU country.
  • You get their VAT registration number, including the 2 letter country code, and include on sales invoices.
  • You obtain evidence of removal showing the goods have left the UK.
  • The goods are supplied and evidence of removal is obtained within 3 months.

It is essential that you check that the VAT registration number is genuine. This can be done easily on the European Commission website: http://ec.europa.eu/taxation_customs/vies/

Be aware, it is your responsibility as the supplier to check the authenticity of the information provided to you, and failure to do so could result in you being liable for the VAT involved. We have seen clients fall foul of this recently and it can be costly.

If you think you and your business could be affected by the above regulations, contact our tax team who will be more than happy to advise –  on 01254 679131.

NP Structures Testimonial for PM+M

At PM+M, hearing what our clients think about our services is really important. We are always looking at ways in which we can improve our client service and a key part of this lies in receiving regular feedback from our clients.

NP Structures first started using PM+M for their yearly audit over 12 years ago and as they have grown, NP Structures have used more of the services we have to offer, such as helping them with a de-merger, monthly accounting and managing their payroll.

In our latest video testimonial Ian Wolfenden talks about his experience with PM+M.

For a look at what more of our clients have to say about PM+M click here.

PM+M – Downtown Lancashire’s Accountancy Firm of the Year

PM+M Claim Accounting Firm of the Year

Last Thursday, Downtown in Business hosted the annual Lancashire Business Awards at Stanley House in Mellor. PM+M were nominated for two awards, Employer of the Year and Accountancy Firm of the Year.

We are delighted to announce that PM+M won the Accountancy Firm of the Year category! When asked about the achievement, Stephen Anderson, Managing Partner of PM+M said: “We are extremely proud to have won this award.  It confirms that the PM+M team is doing the right things in the changing market for accounting services and that we are being seen as a great partner for our clients”

Although we were unable to attend the event, Danny Davis from Downtown was kind enough to come along and present Stephen and Jane (Tax Partner) with the award. Congratulations to all other LBA winners. We are looking forward to defending our title next year!

PM+M Support Children In Need

PM+M - Children In Need

Last Friday, the PM+M team showed their support for Children In Need by organising a “Pyjama & Onesie Day”. Tim Mills, Corporate Finance Partner, transformed into a dinosaur, whilst David Gorton, Corporate Services Partner, donned his dressing gown and slippers for a comfortable day in the office. There were also a few recognisable Pudsey’s in the mix.

Three members of the PM+M team also took part in breaking the Guinness World Record for the most radio interviews conducted in 24 hours with John Gilmore from Radio Lancs. Helen Binns (Run My Business Manager), Jim Akrill (Corporate Finance Partner) and Mark Richmond (Tax Advisor) headed down to the BBC Radio Lancashire studios in Blackburn to answer 5 questions each of the 1,649 unique questions John Gilmore asked throughout the task!

PM+M raised a total of £153.65 for Children In Need and the money will go towards helping change the lives of disabled children and young people in the UK.

PM+M Partners, Stephen Anderson & Tim Mills, attend Praxity Global Annual Conference

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Last week two of our partners, Stephen Anderson (Managing Partner) & Tim Mills (Corporate Finance Partner) attended the Praxity Global Annual Conference in Miami.

Praxity is an award-winning alliance of global independent accountancy, tax and business consulting firms. We find being a Praxity member pivotal to our growth ambitions as it brings together like-minded firms that meet to share insight and expert knowledge internationally, giving us the ability to deliver unmatched client service.

The Praxity Global Annual Conference is a fantastic event, and this year was no different. Miami hosted some world class speakers who discussed various topics including mindfulness training, client service excellence, why loyalty is key to building client relationships and the importance of a clear culture within accountancy practices.

Stephen Anderson said “the ability to share and learn from others’ experience across the globe is a priceless resource that gives us, the whole PM+M team, a real advantage in implementing our growth plans. The speaker sessions provided us with quality insights into some of the thought leadership that is taking place in our profession at the moment.”

Tim Mills said “discussing matters with like-minded advisers from across the globe and taking new ideas from inspirational speakers is part of the continual development which is a fundamental element of the culture at PM+M.”

For more information about Praxity, please visit the website, www.praxity.com.

Combatting Company Impersonation and Online Fraud

Online Fraud

The number of online scams targeting organisations and individuals has dramatically increased over the past couple of years. From phishing emails from contacts who are “stranded” and need money, to email tax rebate notifications, SMEs are being targeted more than ever.

The latest scam increasing in popularity is company impersonation and requests to change bank details. Although not a new technique, this scam is making a comeback, and can result in businesses paying large sums of money to the wrong person.

How the scam works

You receive a letter, seemingly from a supplier, asking you to change/amend/update their bank details for future transactions. The correspondence will appear genuine but, in reality, it has come from fraudsters.

Impact

The extent of the scam usually isn’t realised until the genuine supplier chases your accounts payable department for a missed payment. By this time, funds will have already left your bank, and can be very difficult and costly to recoup.

Protect yourself

Below are a few simple steps to avoid falling foul of this online fraud:

  • Compare letterheads from previous communications. Try and spot differences, however small they may seem.
  • Check the contact details on the communication. Are they consistent with prior correspondence received?
  • Call your supplier using details previously supplied, not the details given on the “fraudulent” correspondence.
  • Ensure that strict sign off procedures are in place internally and that more than one person reviews any changes.
  • Share your knowledge with your employees and your suppliers. The more people who are aware of how this type of fraud is committed, the easier it will be to detect.

For more information about company impersonation and other types of fraud, plus top tips on how you can protect yourself and your business, download the Metropolitan Police’s Little Book of Big Scams – The Business Edition.

download document

Christmas Present Appeal 2014

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Since starting the Christmas present appeal four years ago, the PM+M team, clients and friends have donated hundreds of gifts to children in the local area. With Christmas less than two months away, we are launching our 2014 appeal, so that donated gifts can be distributed by the hard-working Children’s Services staff in time for Christmas.

We are kindly asking for donations for this extremely worthy cause. If you could consider sparing a little time and money, we know your donations will be greatly appreciated. For some children, this could be the only gift they receive this Christmas.

Gifts can be dropped off at either of our offices between 8:30am and 5:30pm before 28 November. Gifts can be for children of any age or gender and we have included a few guidelines below:

  • Gifts should be to the value of around £10
  • Gifts must be new
  • Gifts can be delivered wrapped or unwrapped
  • Wrapped gifts should be clearly marked with gender and age range
  • Gifts should not contain confectionery or alcohol

Popular gifts for younger children include soft or educational toys, clothes, games equipment (footballs, basketballs), dolls or action figures and books. Popular gifts for teenagers include gift tokens/cards, CDs, gadgets, jewellery and toiletries or make up.

The PM+M team would like to take this opportunity to thank you for your kindness and generosity and we do hope that as many of you as possible will join us in supporting such a worthy cause.