Monthly Archives: January 2013

Are you Ready for RTI?

From October 2012, HMRC began implementing a radical change in how payroll information must be reported to them.

Real Time Information (RTI) is aimed at improving the operation of PAYE by closing the “tax gap”, improving the customer experience and reducing costs to HMRC. Whether it will reduce or increase costs for
employers remains to be seen.

If you currently process your payroll inhouse, you will need to make some changes to accommodate RTI. Accounting software will need updating, data – including a monthly Employer Payment Summary – will have to be submitted to HMRC each time you run a payroll, and to avoid submission failures (which could incur costs) information you submit for employees must be correct each time.

What you need to be thinking about:
• What will be the impact on your business processes?
• What do you need to do to prepare?
• When should you start preparing?
• What extra resource will be required?
• Who do you need to involve, e.g. payroll software provider/IT department, BACS approved software service, HR, finance, employees, bureau/agent?

RTI may help to streamline HMRC’s systems, but it could wreak havoc for SMEs as the sheer frequency with which the information must be sent through to HMRC could prove hugely time-consuming and disruptive to employers who have not got their systems set up.

Many businesses are still not prepared for this change, if you are one of them, we are hosting a series of workshops that may be beneficial. For more information, click here.

Alternatively, if you would like further information on how the introduction of RTI may affect your business, please contact our specialist payroll team on 01254 679131.

HMRC announces the VAT Outstanding Returns Campaign

HMRC has announced plans for its latest campaign, aimed at VAT-registered traders who have one or more overdue VAT returns. The VAT Outstanding Returns campaign offers the opportunity to bring their affairs up to date.

This latest campaign will encourage voluntary disclosure – if businesses come forward voluntarily before the deadline they will, in return, receive better terms, “as any penalty they pay may be lower than if HMRC comes to them first,”

To take advantage of the VAT Outstanding Returns campaign businesses must complete and submit any outstanding returns and pay the tax due by 28 February 2013. If VAT Returns are still outstanding after 28 February, the taxpayer’s affairs will “receive closer attention from HMRC” and potentially greater penalties.

Most campaigns have two deadlines, first to notify HMRC that you intend to take part and the second to make the disclosure and pay the tax. This campaign – like the previous VAT one – has just the one deadline, 28 February.

There may be some VAT-registered businesses that no longer need to do returns, eg because they are no longer trading or turnover has fallen. These should (or in some cases, could choose to) de-register. They should contact HMRC.

If you neeed assistance filing your VAT returns, talk to one of our specialist tax teams on 01254 679131.

For more information, on the VAT Outstanding Returns campaign visit the HMRC website

Partnership Changes

On 31st December Antony Tinker left the PM+M partnership. Tony has been a partner at PM+M since 2000. During his time here he has enriched our team with his technical knowledge and expertise and has been instrumental in the success of our firm.

Within all businesses the management and ownership structure constantly evolves. PM+M is no exception to this process.

We wish Tony nothing but the best for the future, and we remain thankful for the years of service that he has provided both to the firm and to our clients.

Big Changes to Financial Advice Provision

The Retail Distribution Review (RDR) took effect from 1st January 2013, and is central to the Financial Service Authority’s agenda of customer protection. It aims to drive change throughout the retail investments industry, giving consumers confidence that the advice they are given, and products they take, are best suited to their needs.

The RDR requires all advisers in the retail investment market to comply with new rules on pricing transparency and professional standards across the industry, as well as increasing the basic qualifications requirement for advisors to practice.

What does it mean for me and my money?

Financial Advisers will now fall in to two categories; ones that provide ‘independent’ advice and will be able to consider all types of investment products from all firms across the market, and ones that offer ‘restricted’ advice where they can only consider certain products and/or providers.

Whenever you seek financial advice from an adviser you should;

• Be informed how much the advice will cost you.

• Have it explained what you will receive for your money.

• Benefit from higher professional standards

PM+M Wealth Management

The Retail Distribution Review is an initiative that we broadly welcome. We offer Independent advice to all our clients; our advisers already all hold the higher standard of qualifications demanded by the FSA, and we operate in a manner consistent with the approach outlined.

We remain confident that the standards of professionalism we exhibit are appreciated by our clients. In 2012 we commissioned a short satisfaction survey to our clients and we were delighted by the response – 99% of clients rated our service very highly and 91% believe we provide value for money.

When asked if they would recommend PM+M Wealth Management to their friends, an impressive 99% said yes!

Tony Brierley, Managing Director of PM+M Wealth Management said, “The survey results show that the majority of our clients feel our team are providing an excellent service. However we realise that it takes constant effort to achieve and maintain this standard and we aim to take onboard all of the very constructive comments received to provide an even better service in the future.”

If you would like to speak to a member of our Wealth Management team about your investments, call 01254 679138 or email tony.brierley@pmm.co.uk.