Spring Budget 2024 – the main points of note –
- National Insurance contributions (NI) will fall by another 2% from 5th April, employee NI to 8% and self employed class 4 NI to 6%
- From April, full child benefit will be paid to households where the highest earner earns up to £60,000, instead of £50,000, tapering to earnings of £80,000
- Holiday Let tax relief to be scrapped from April 2025 including mortgage relief
- VAT registration threshold rises to £90,000 p/a from 1st April
Paying your self assessment tax for 2023 – LATE payment penalties
Remember to pay your balancing personal tax payment for 2023 plus your first account payment for 2024 by 31st January 2024. You can pay this by going to www.hmrc.gov.uk/pay-self-assessment-tax-bill
Remember to use your tax reference (on the cover of your tax summary sent) as the reference
If your 2023 tax is not paid by 1st March 2024 there is a 5% penalty based on the outstanding tax amount, if not paid by 1st August 2024 then another 5% penalty and if still unpaid by 1st Feb 2025 yet another 5%.
Also HMRC are now charging interest at 7.75% which will be backdated to 5th April 2023 for late payments towards your 2023 tax.
Our Office phone number is 01322 930245
From 1st December the office phone number will remain 01322 930245, but the old PMC and Pomfrey phone numbers will not divert to it any longer, thus please use 01322 930245
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.
Research & Development and embedded tax claims
We are pleased to announce that we have teamed up with a well established independent company specialising in R&D tax claims.
These claims can be in addition to the tax relief we have already claimed and are for research and development costs including wages and materials.
There is also the possibility of embedded tax relief to claim. This is where you have taken premises that have current fixtures and fittings there is the possibility of an addittional tax claim.
A successful claim will either lead to a reduced tax bill or a lump sum cash payment from HMRC to your company.
If you think you may qualify and would like a free no obligation consultation please email Christian at StamfordComwell at Christian@stamfordcromwell.com and see their website at www.stamfordcromwell.co.uk
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 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
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
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 March 2024 – Ensure your VAT for January quarter is filed and paid
15th March 2024 – Make sure all VAT records for Dec-Feb have been downloaded and emailed to the office for completion to guarantee filing on time
19th March 2024 – ensure PAYE and CIS is submitted and paid for the month of Feb
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