Capital Gains Reporting of a sale of a second property
You are now meant to declare to HMRC personally any sale of a second property within 60 days of selling the property. You must create a personal HMRC gateway account at www.hmrc.gov.uk and create tax return and then complete the capital gains area with basic buying price, selling price and fees included and pay any relevant tax due. This must be completed by the individual.
When PMC completes your end of year tax return we will then complete with your exact Capital Gains figures and confirm what you are required to pay if anything. Our tax return replaces your initial declaration and the whole process is meant to save you interest that HMRC may charge you if you only declare on your tax return.
National Insurance Contributions
PMC always tries to minimise your tax liability which may mean you pay lower National Insurance contributions than required to receive a full pension. If this is the case you can voluntarily top them up via your HMRC account. To check if your NIC contributions are up to date please check using your personal HMRC gateway account at www.hmrc.gov.uk
VAT- Making Tax Digital (MTD) for ALL VAT registered clients
From April 2022 all companies MUST use HMRC approved digital software to file their VAT return, so the first return that must be filed this way is the April-June return filed in July.
This now applies to all VAT registered clients even if you have a zero turnover.
Please contact the office if you would like us to give you a quote on filing your MTD return.
HMRC enquiry protection
Due to popular demand we are now offering an HMRC enquiry fee protection scheme, which means if taken out and you are subject to any HMRC enquiry all of your accountancy fees required to complete the enquiry are taken care of. This is for a one off annual fee of circa £200 for a Limited company and £100 for a sole trader. This inurance is provided by an independent insurance company specialising in Accounting products
If any PMC/Pomfrey clients wish to take out this policy please go to: www.pmckent.clientweb.site/sign-up.html
is our new email address for all payroll and CIS related matters that goes straight to the payroll desk and is quicker for all clients to use
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 ALL clients
Email – enquiries@pmcpartnership.co.uk
PMC/Pomfrey referral scheme
Please refer PMC/Pomfrey to someone you know and ask them to contact enquiries@pmcpartnership.co.uk or enquiries@pomfreyaccountants.co.uk for a no obligation quotation and mention your name.
If they sign to PMC/Pomfrey you will receive a £50 Amazon voucher with our thanks !
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.
Take care.
TAX CALENDER
7th June 2022 – ensure your VAT for April quarter has been submitted to HMRC and paid to avoid a penalty
17th June 2022 – Make sure all VAT records for March-May have been submitted to the office for completion to guarantee filing on time.
19th June 2022 – ensure PAYE and CIS is submitted and paid for May
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