Please email PMC Pomfrey for the quickest response-enquiries@pmcpartnership.co.uk
Budget 2025 – the main points …….
- The budget raises the tax burden to a record breaking 38% of GDP
- Income tax, NI and vat thresholds (the limit when you start paying tax) will now not increase until 2031
- From April 2026 Dividend tax will increase by 2% for all tax categories
- From April 2027 Savings tax and property income tax will also rise by 2% for all tax categories
- From April 2027 Cash ISA limits will reduce from £20,000 to £12,000
- From April 2026 Limited company capital allowances reduce from 18% to 14%, but has a 40% first year allowance
- From April 2029 all salary sacrifice pension contributions over just £2,000 will be subject to NI
- Electric vehicle users will be taxed personally at 3p per mile from April 2028, but fuel duty is frozen
- Council tax charges increasing from April 2028 with a £2500 charge on all private properties worth over £2million
- The National living wage will increase to £12.71 in April 2026 with the basic state pension rising by 4.8%
- The two child benfit cap will be scrapped from April 2026
Companies house ID checks
From November 18th all Directors and PSC’s must prove their ID with companies house by sending them photo ID and proof of address. This needs to be completed before you next file your companies house confirmation statement.
Please note you only do this once and it covers ALL companies you maybe a director of. You can do this yourself by setting up a companies house online account at www.companieshouse.gov.uk or as an authorised user PMC can file on your behalf for a small charge.
Please email the office if you need any help or to inform us of your ID code when received.
Self Assessment Making Tax Digitial starts soon
From April 2026 ALL non vat registered sole traders with sales of £50,000 or over (including rental income) will have to start filing QUARTERLY tax returns – each July, October, January and April, you will have until the 7th the following month to file and if late HMRC will issue penalties. You will still pay tax annually. Also note that a separate return will have to be filed for each different self employed income stream.
In April 2027 this threshold will lower to £30,000 with Limited companies proposed to follow shortly after.
From April 2025 we will start transferring our sole traders onto this system. We will be using Xero accounting software linked to your business bank account to facilitate this move to make it easier for our clients and all clients will move onto interest free direct debits for our fees, which will be explained prior to any amendments
TAX CALENDER
7th December 2025 – ensure your VAT liability for October quarter is filed and paid
19th December 2025 – ensure all VAT documents are emailed to PMC to complete your Sep-Nov VAT return on time
19th December 2025 – Remember to submit and pay all CIS and PAYE due for November
24th December noon – 2nd January 8.30am – PMC is closed for the Christmas break
If your year end has passed, you would have received an email reminding you already, but please download and email to the office your business bank statements for the year in question.
HMRC enquiry fee protection
Due to popular demand we are now offering an HMRC enquiry fee protection scheme. This means that if taken out and you are subject to an HMRC enquiry for whatever reason ALL your Accountancy fees are covered (not tax). This fixed one off annual fee is £218 for Limited companies or £112 for sole traders or tax returns.
If any client would like to proceed please make the appropriate payment to Accountants Insure Services (bank details 230580, 55273596) and inform PMC after your payment is made so we can confirm your cover has started.
Insurance requirements
If you would like help with any Insurance requirements, both personal and business, please contact our local Independent Insurance provider Brunel Insurance Services at john@brunelinsurance.com
Same day bank opening for PMC clients
We are pleased to say we have a new bank contact with Metro bank in Orpington, specialising in small businesses. For a same day business bank account opening plus dedicated business manager, please contact and explain you are a PMC client:
George.Mclaren@metrobank.plc.uk or Harley.Hayes-Scott@metrobank.plc.uk
Company pensions to reduce tax
One of the best ways to reduce company tax liabilities is by paying into a company pension scheme, especially if you are close to retirement age. The scheme must be in your company name but the individual can pay in but also the company, up to £60,000 per year now. These payments from the company are classed as an expense and thus can save you up to £15,000 in tax now. You must have a pension scheme in place to do this, so please contact PMC Pomfrey or your pension advisor to help with this.
For independent pension advice please contact gem.ibrahim@sjpp.co.uk
PMC Pomfrey referral fee
If you sucessfully refer us to a friend or family member that requires accounts being completed you will be sent a free £50 Amazon voucher
Ask them to contact enquiries@pmcpartnership.co.uk
payroll@pmcpartnership.co.uk – Is the email address for all payroll and CIS related matters that goes straight to the payroll desk and is quicker for all clients to use.
Independent Mortgage advice
If any clients require any help with personal mortgages or remortgages please contact our independent qualified financial advisor Robert Moyse at the Excell Partnership in Chislehurst at robmoyse@excellpartnership.co.uk
Independent pension advice
If you would like a free meeting non committal meeting with a financial pension advisor regarding your personal or company pension please contact Gem at St James Palace at gem.ibrahim@sjpp.co.uk and tell him you are a PMCPomfrey client.
How to pay your taxes online
Go to – www.tax.service.gov.uk/pay
Then pick what tax you want to pay – Corporation, PAYE, personal, VAT etc, click do not want to sign and in then just make sure you insert the correct reference (check with the office if you require) for that tax then pay by card or bank transfer. If you still wish to pay by cheque you can make the cheque payable to HMRC and send to the office who will forward on for you
If you cannot pay your tax then you must telephone HMRC time to pay helpline and personally discuss a payment arrangement with them on 0800 0159 559.
Limited Company Companies house confirmation statements
Please remember that it is the directors repsonsibility to file a confirmation statement with companies house each year. Failure to do so can result in your company being closed, your bank account being frozen and a £5,000 penalty. This statement is NOT your accounts, it is checking your personal details.
If you require help completing this statement then PMC and Pomfrey will always help you.
Also note that Companies house charges for the priveledge also, but for just £10 per month PMC will complete this for you and pay and also act as your companies registered office taking all companies house and HMRC mail on your behalf. Pomfrey clients who use us as registered office already have this built into their current fee.
If anyone wishes us to complete this for you please email.
Sending documents to PMC/Pomfreys has never been easier – please remember that all bank statements for VAT and accounts must now be downloaded to a CSV file and emailed to us. We can no longer accept PDF or paper bank statements. Credit card and cash receipts must be kept seperate and may still be emailed in a PDF version to Enquiries@pmcpartnership.co.uk
PMC/Pomfreys opening hours
PMC/Pomfrey is now back in the office as normal, Monday-Friday 8.30am-4.30pm and all book-keeping will be continued to be remotely accessed.
The quickest way to contact PMC/Pomfrey and send information is by email at enquiries@pmcpartnership.co.uk.
PLEASE NOTE:
CAN WE ALSO REMIND CLIENTS WHO USE PMC AS A REGISTERED OFFICE TO REGULARLY ASK FOR ANY POST WE MAY HAVE COLLECTED ON YOUR BEHALF, AS IT IS NOT OUR RESPONSIBILITY TO PASS THIS POST ON BUT WE TRY OUR BEST
THANK YOU & BEST REGARDS
“A very happy Christmas and a prosperous new year to all of our valued clients “
FROM ALL AT PMC POMFREY