Anna’s Accountancy Alerts – Week 11 (10th – 16th June 2024)

Fraud

https://www.ispeech.org

HMRC’s services impacting on SME productivity

In a survey of ACCA members, 66% said that poor HMRC services were having a negative impact on their clients.

This is a 14% increase in negative sentiment from the previous ACCA survey in October 2023, demonstrating that SMEs are ‘reaching breaking point with the service’.

Glenn Collins, Head of Strategic and Technical Engagement, ACCA UK, said:

‘Our members have repeatedly raised that dealing with HMRC is the number one issue they face in their daily work.

‘Repeatedly we hear from our members of delays around basic requests such as VAT registration numbers, and a severe lack of skilled staff to handle more complex enquiries. This most recent survey reiterates our previous feedback to the Chancellor and HMRC and shows that in the space of six months service levels have declined even more.

Two thirds of accountants say poor HMRC services hurting small businesses | ACCA Global

Tackling fraudsters

New measures aim to ‘break the spell’ of financial fraudsters by giving payment providers more time, according to draft legislation published by the government.

Until now, payment service providers such as banks have generally been required to process payments by the end of the following business day, giving a limited timeline to investigate and alert relevant parties to possible fraud.

The draft legislation will give payment service providers a further 72 hours to investigate payments, but only where there are reasonable grounds to suspect fraud or dishonesty.

The UK has seen an increase in authorised push payment fraud over the past few years – in 2022 victims lost £485 million to these scams.

NEW MEASURES ANNOUNCED TO “BREAK THE SPELL” OF FRAUDSTERS (prgloo.com)

Official Rate of Interest for 2024/25

HMRC has confirmed that the official rate of interest for employee and directors’ beneficial loans remains at 2.25% for 2024/25 despite a Bank of England base interest rate of 5.25%.

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