Chancellor’s Mini budget 23rd September – the reversal 21st October !
– a tax cutting budget
* Next years planned Corporation tax hike to 25% has been scrapped and will remain at 19% – REVERSED !
* IR35 legislation repealled ! Controversial legislation that enforced freelancers to become employees has been repealled. Details will follow – REVERSED !
* This years increase in Dividend rates to 8.75% will be reversed in April 2023 and go back to 7.5% – REVERSED !
* This years increase in National Insurance of 1.25% will also be scrapped from 6th November 2023. The planned increases in social care, which this was to fund, will continue – STAYS !
* The basic rate of income tax will lower to 19% from April 2023 – REVERSED !
* The additional rate of income tax of 45% for earnings over £150,000 will be scrapped from April 2023. The highest rate of tax will now be 40% on all earnings over £50,000 – REVERSED !
* Stamp duty will be abolished on all properties up to £250,000 now, up from £125,000, or £425,000 for first time buyers – STAYS !
* To cheer the tax cuts, planned alcohol duty increases will be scrapped – REVERSED !
2022 Self Assessment penalties
If any client has still not filed their 2021 personal tax return that should have been filed by 31/1/22 then there will be another £300 penalty or 5% of any tax due (whichever the greatest) on the 1st August 2022
If there is any 2021 tax still outstanding there will also be a 5% penalty on 1st August 2022
For any 2022 tax outstanding, please ensure your second payment on account for 21/22 is made or the balancing payment for 2022 is made (if your 2022 return is already completed) to save interest by the 1st August 2022. This does not have to be paid until 31/1/23 but payment sooner will save HMRC charging you interest
2022 Sole trader accounts
Can all our sole trader and partnership clients please submit their business records, via email, from 6/4/21-5/4/22 so we can begin work on your accounts and tax returns
You have until 31/1/23 to submit your tax returns to HMRC and pay any tax liability but the sooner they are completed the longer you have to plan for any tax liability.
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 this policy please go to www.pmckent.clientweb.site/sign-up.html
payroll@pmcpartnership.co.uk
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
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
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 (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 – 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 now 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 : enquiries@pmcpartnership.co.uk
TAX CALENDER
7th November 2022 – Ensure your VAT for September quarter is filed and paid
18th November 2022 – Make sure all VAT records for Aug-Oct have been emailed to the office for completion to guarantee filing on time.
19th November 2022 – ensure PAYE and CIS is submitted and paid for the month of October
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