Chancellors Spring Statement – main points:
* From July the National insurance threshold will be raised from the current £9,880 to join the tax threshold of £12,570 – we will automatically adjust all directors payroll to benefit from this increase
* Employers National Insurance allowance will increase from £4,000 to £5,000 per company per year starting April 2022
* Basic rate income tax will drop from 20% to 19% before the end of this Parliament (2024)
* Hospitality will receive a 50% discount on business rates
* Immediate 5p per litre cut in fuel duty
Office relocation for PMC – 1st March
From Tuesday 1st March, PMC and Pomfrey will be joining offices to reside at Pomfreys current office at Unit 42 The Coach house, St Marys Business Centre, 66-70 Bourne road, Bexley DA5 1LU
(1 minute walk along Bourne road from the current PMC office)
All phone numbers and email addresses will remain the same and post will be redirected for 3 months
Contact details for clients remain the same
PMC – firstname.lastname@example.org 01322 555373
Pomfrey – email@example.com 01322 315755
PMC/Pomfrey referral scheme
If they sign to PMC/Pomfrey you will receive a £50 Amazon voucher with our thanks !
HMRC enquiry fee insurance
Following our merger, Pomfrey was offering an HMRC fee enquiry fee insurance for £218 per year as a one off cost for Limited companies and sole traders just £122. Due to popular demand we are pleased to announce that this insurance is now available to all PMC and Pomfrey clients.
This means that if you ever have any kind of HMRC enquiry all your accountancy costs will be covered and free. This obviously does not cover any tax liability you may owe.
If you are interested in taking out this peace of mind insurance please contact the office.
Please visit these sites to sign up :
Research & Development tax claims
We are also pleased to announce we have teamed up with a specialist R&D claim company which operate on a no win no fee basis and it maybe possible to claim up to 130% tax relief on some R&D expenditure. If this service is required by any clients please contact the office so we can introduce you.
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 (see below)
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.
Self Assessment Penalties
If you have not put in place a time to pay plan with HMRC and have not paid your 2020/21 personal tax liability by 1/4/22 you will receive a 5% penalty on tax owed. If your tax is still not paid by 31st July 2022 you will receive another 5% penalty and yet another if not paid by 31st January 2023.
If your 2021 tax return is still not filed by 30th April you will receive a £10 daily penalty up to a maximum of 90 days or £900. If your tax return is still not filed by 31st July 2022 you will receive another 5% penalty or £300 if greater and again if not received by 31st January 2023.
Sending documents to PMC/Pomfreys – 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.
PMC/Pomfreys opening hours
PMC/Pomfrey is now back in the office as normal, Monday-Friday 8.30am-4.30pm, but all book-keeping will be continued to be remotely accessed. The phones will be answered as best as possible but the best way to contact PMC/Pomfrey and send information is by email, that is being picked us as usual. Meetings will still be remote, although face to face meetings are available if required.
THE BEST WAY TO CONTACT THE OFFICE FOR THE QUICKEST RESPONSE IS BY EMAIL AND ALSO PLEASE SUBMIT YOUR RECORDS BY EMAIL WITH ALL BANK STATEMENTS DOWNLOADED TO A CSV FILE IF POSSIBLE.
HMRC Time to pay help line
If your company has been affected by the Corona virus, especially if you are in the retail or leisure sectors and you are stuggling to pay any taxes – Personal, VAT, PAYE or Corporation tax then please call the newly formed HMRC help line on 0800 0159 559. Explain your situation and how the virus has affected your business and that you either need a time to pay plan or breathing space to pay your tax due – HMRC are under instruction from the government to be lenient and helpful during the current crisis.
Both these measures are temporary and we are sure you appreciate we are trying to help in our own small way.
7th March 2022 – ensure your VAT for February quarter has been submitted to HMRC and paid to avoid a penalty
22nd March 2022 – Make sure all VAT records for January – March have been submitted to the office for completion to guarantee filing on time.
5th April – End of tax year 21/22
19th April 2022 – ensure PAYE and CIS is submitted and paid for March. This MUST BE SUBMITTED TO CLAIM ANY CIS DUE FOR TAX YEAR 21/22
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, THANK YOU.
THANK YOU & BEST REGARDS,
ALL AT PMC PARTNERSHIP & POMFREYS