For self assessment filing, if your personal 2024 is not filed by 31st January 2025 you will receive a fixed £100 HMRC penalty. If the return is still not received within 3 months of this date there is a £10 daily penalty up to a mximum of £90
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 please contact and explain you are a PMC client.
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.