Free Accounts advice. Please remember that when you receive your Accounts we always ask you to make an appointment at the office to discuss the Accounts. This is the opportunity to confirm the figures are correct and try to minimise your tax bill. Please don’t forget to use this free service – keep in touch with your Accountant ! That’s how we can help you best !
Workplace Pensions. 2017 is the year when every person employing a member of staff MUST start a workplace pension scheme, it is the LAW. You can find the date you must start by going to www.thepensionsregulator.gov.uk/staging-date.aspx You can start the scheme yourself or use a Financial Advisor. PMC can then administer the scheme, but please check that your chosen provider is compatible with our software. Please also note there is a separate charge for this new service as we are being charged by [...]
Self Assessment tax return deadline for your 2016 personal tax return is fast approaching at the 31st January 2017. Please ensure that PMC have received all your relevant information and filed your tax return prior to this deadline or you will receive a £100 penalty, rising to a possible £1200 penalty. Please also ensure payment is made on time or you will receive a 5% penalty based on tax due.
Marriage Tax Allowance Please remember about this forgotten tax break available. If your income was below £10,600 for the tax year 2015/16 and your spouse earnt below £42,386 then you can transfer £1060 of your personal allowance to them saving them £212. If this applies to you, tell your Accountant to adjust your tax return or apply to HMRC yourself at www.gov.uk/apply-marriage-allowance
Autumn statement The Autumn statement yesterday was pretty uneventful, confirming lower UK growth due to Brexit. The main points were the following : The personal tax allowance will rise to £12,500 and the upper rate tax threshold to £50,000 by the end of the current parliament The National Living Wage will rise from £7.20 to £7.50 from April 2017 Insurance premium tax will rise from 10% to 12% in June 2017 Employee and Employer NI will be equalised to a £157 per week threshold from [...]
Buy to Let tax changes The Government is hammering the landlord with the latest planned tax changes to the Buy To Let residential market. From April 2016 the flat 10% wear & tear allowance is being replaced by just being able to claim for replacement of actual capital items. More importantly from April 2017 the way that mortgage interest is treated is changing. Instead of claiming the entire amount against your income, now the rental income will simply be added to the rest [...]