The latest news from PMC Partnership incorporating Pomfreys Accountants – 12th November 2024

Nov 12, 2024 | Business

Download your free 2024 PMC Pomfrey tax cards

Please click on the following link to find your 2024/25 PMCPomfrey tax card to inform you of all this years tax rates, which we hope you find useful.

http://share.practiceweb.co.uk/publications/0014W00002RfFYZQA3/00k4W00001WOVquQAH/Tax_card_digital_2024_2025_blue.pdf (https://email.monkeyplay.co.uk/t/t-i-ssduhd-l-u/)

Please email PMC Pomfrey for the quickest response to queries as telephone is slower – enquiries@pmcpartnership.co.uk

Corporation tax rate (CT) summary

Limited company profits below £50,000 @ 19%

Greater than £50,000 @ 25%

but you obtain some relief – £250,000 – Profits x1.5%. Then your profit x25% Less the relief = tax liability

eg.

Profit of £39,000 = £7,410 CT due 9 (9 months after your year end)

Profit of £139,000 = £250,000 – £139,000 x1.5% = £1,665. Then £139,000×25% Less £1,665 = £33,085 CT due (9 months after your year end)

New bank tie up 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 George McLaren and explain you are a PMC client – George.Mclaren@metrobank.plc.uk

New HMRC portal for Agents

HMRC are swapping all PMC/Pomfrey clients to a new HMRC portal so we can access your tax information quicker, if you receive a code through the post please inform the office

HMRC basis period reform

From the 2024/25 tax year all self employed people and partnerships or Limited liability partnerships will have to file accounts to 31st March or 5th April. So for anyone with a year end different to this you will require two sets of accounts for one year to bring you into line. The individual will have up to five years to pay any additional tax due because of this change.

If this affects any clients please contact the office in due course. Please note this does NOT affect Limited companies.

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

Check your personal pension contributions

With many clients being self employed or directors of their own companies receiving dividends free of National Insurance it is vital you keep check of your National Insurance contributions so you receive a full pension.

To check go to www.gov.uk/check-state-pension

and use your personal government gateway account to check if you have any non-qualifying years and if it is worth you voluntarily topping up.

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

Transfer spouse tax allowance

If your spouse or partner is not using their entire tax free allowance of £12,570 then you can transfer up to £1,260 of their allowance to you the tax payer, saving up to £252 per year.

Apply at www.gov.uk/apply-marriage-allowance

You can also backdate your claim to 2018, possibly saving £1,260

PMC now takes card payments for fees-if you would rather pay fees by card than bank transfer please just call the office

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 £218 for a Limited company and £122 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 please contact the office for an application form to be emailed

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

R&D and embedded tax advice

If you feel you may be due a tax rebate due to an R&D or embedded tax claim please email Christian@stamfordcromwell.com for a free quotation, explaining 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.

Client meetings are usually via zoom, 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 : enquiries@pmcpartnership.co.uk

TAX CALENDER

7th November 2024 – Ensure your VAT for September quarter is filed and paid

15th November 2024 – Make sure all VAT records for Aug-Oct have been downloaded and emailed to the office for completion to guarantee filing on time

19th November 2024 – ensure PAYE and CIS is submitted and paid for the month of September

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 & BEST REGARDS

ALL AT PMC PARTNERSHIP POMFREY

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