Please email PMC Pomfrey for the quickest response-enquiries@pmcpartnership.co.uk
Download your free 25/26 tax card
Pension contibutions
Remember to log onto your personal government gateway account to check if you have any missing National Insurance contributing years. If you earnt above the £6500 lower earnings limit you should be covered, but if you are not you can voluntarily top up your NI contributions by either adding class 2 or class 3 conributions to a missing year.
If you wish to reduce your company or personal tax bill for the current tax year you must pay into the company pension scheme or your personal pension before the 5th April.
Self Assessment Making Tax Digitial starts soon
From April 2026 ALL non vat registered sole traders with sales of £50,000 or over (including rental income) will have to start filing QUARTERLY tax returns – each July, October, January and April, you will have until the 7th the following month to file and if late HMRC will issue penalties. You will still pay tax annually. Also note that a separate return will have to be filed for each different self employed income stream.
In april 2027 this threshold will lower to £30,000 with Limited companies proposed to follow shortly after.
From April 2025 we will start transferring our sole traders onto this system. We will be using Xero accounting software linked to your business bank account to facilitate this move to make it easier for our clients and all clients will move onto interest free direct debits for our fees, which will be explained prior to any amendments.
Self Assessment late filing penalties
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 £900. If still not received by 31st July there is another £300 penalty or 5% of the tax due.
Remember if your payment is 30 days late there is a 5% of tax due penalty and another 5% penalty if paid 6 months late and another 5% penalty if 12 months late.
HMRC enquiry fee protection
Due to popular demand we are now offering an HMRC enquiry fee protection scheme. This means that if taken out and you are subject to an HMRC enquiry for whatever reason ALL your Accountancy fees are covered (not tax). This fixed one off annual fee is £218 for Limited companies or £112 for sole traders or tax returns.
If any client would like to proceed please make the appropriate payment to Accountants Insure Services (bank details 230580, 55273596) and inform PMC after your payment is made so we can confirm your cover has started.
Insurance requirements
If you would like help with any Insurance requirements, both personal and business, please contact our local Independent Insurance provider Brunel Insurance Services at john@brunelinsurance.com
Eletric cars and benefit in kind
To push the sales of Electric cars the Government have made some tax benefits to individuals that use company cars for personal use
Where some cars carry a personal tax benefit of up to 30% of list price due to CO2 emmissions, which gets added to your taxable income, Electric cars are just 2%. Also the fuel addition as a taxable benefit is zero and the installation of a charging point is also tax deductible.
Same day bank opening 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 and explain you are a PMC client:
George.Mclaren@metrobank.plc.uk or Harley.Hayes-Scott@metrobank.plc.uk
Real time accounts with your VAT return
To help our clients, from now on each time PMC Pomfrey send you your VAT return we will attach a set of draft real time Profit & Loss management accounts for the same period to give all our clients a snapshot of their current mid year trading. We will be offering this real time accounting service for FREE to all clients we complete the VAT for.
All non VAT registered clients that require a similar set of interim accounts during your year for tax planning purposes please email in for an ad hoc bespoke quotation.
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
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.
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
5th April – end of tax year
7th April – ensure your VAT for February quarter is filed and paid to prevent a penalty
18th April 2025 – Make sure all VAT records are downloaded and emailed to enquiries@pmcpartnership.co.uk for Jan-Mar period to guarantee completion prior to the submission deadline
19th April 2025 – Remember to submit and pay all CIS and PAYE due for March
If your year end has passed, you would have received an email reminding you already, but please download and email to the office your business bank statements for the year in question
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