Following on from the Bank of Englands base rate cut of interest rates to 5% from 20th August HMRC have cut their late payment interest rate to 7.5% from 7.75%
There will be 4 types of National Insurance for 24/25. Remember that you should not be paying NI when you reach pensionable age, with class 4 stopping in the year you reach this age.
Labour have just won the general election with a landslide victory leading to a 170 seat majority at the time of this newsletter, we shall keep you in touch of the new Governments fiscal policies.
Please click on the following link to find your 2024/25 PMC Pomfrey tax card to inform you of all this years tax rates, which we hope you find useful.
We have managed to NOT increase existing client fees for the last 4 years, with accumulative annual inflation running at nearly 30% over the same period. Unfortunately, like most businesses, we cannot continue with this without increasing our own fees slightly.
Can all sole trader/self employed clients and those with rental income please download to a csv and email in your records for 6/4/23-5/4/24 to PMC as soon as possible, the quicker we receive your records the quicker we can complete your tax return and let you know any liability due.