Time to go Eletric … ?
Business Vans still qualify for 100% tax relief but now Cars used for business with zero emissions also qualify for 100% capital allowances, rather than the old 18% relief.
You can also claim 100% of the difference in your electric bills when charging the qualifying electric vehicle and if using a company charger there is no taxable benefit to the employee, however there is a 2% benefit in kind charge for any private use of a company vehicle.
So the answer tax wise is yes !
Capital Gains Tax thresholds
From this 2023/24 tax year the individual exemption from Capital gains tax is being lowered from last years £12,300 to £6,000 per year. The gain is then still taxed at either 10% or 20% depending on your rate of income tax or 18% or 28% is you are selling a second property. Please note all property gains should be submitted to HMRC online by the client (or ask PMC for help) within 60 days of the sale, the tax should then also be paid. This will then be confirmed when we file your annual self-assessment tax return.
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.
Check your 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.
Real time Book – keeping
Would you like real time up to date Profit and Loss figures for your business?
From as little as £100 per month PMCPomfrey can remotely update your book-keeping leaving you to run your business.
Please email the office at enquiries@pmcpartnership.co.uk for a bespoke quotation.
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.
New 2023 VAT penalties
From 1st January 2023 the way HMRC issue VAT penalties changes
The biggest change is you will be fined for late filing a fixed fee of £200 whether you owe VAT or are due a rebate. This is based on a points system and you are issued one point for each late filed return and the fine first kicks in when you reach 4 points.
There are now additional late payment penalties also. No fine is issued if you are paying within 15 days of the due date, but fined 2% of the liability If the amount is still unpaid after, without an agreed payment plan and after 30 days a further 2% penalty will be added.
Auto enrollment pensions
This is the best way to reduce your company tax liability whilst also increasing your pension and obtaining tax relief. If you need help setting up an auto enrollment pension contact the office.
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.
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 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 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 October 2023 – Ensure your VAT for August quarter is filed and paid
18th October 2023 – Make sure all VAT records for July-Sep have been downloaded and emailed to the office for completion to guarantee filing on time
19th October 2023 – 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.
THANK YOU & BEST REGARDS
ALL AT PMC PARTNERSHIP POMFREY