Monthly Archives: August 2016

HMRC Announces New Sanctions For Taxpayers That ‘Fail To Correct’ Offshore Irregularities

shutterstock_223883626The Government is set to crack down further on people who have not paid UK tax on their income and gains from offshore bank accounts and investments. A new Worldwide Disclosure Facility comes into effect on 5 September, offering people the opportunity to make disclosures and get their UK tax affairs in order before draconian new penalties come into effect in September 2018.

Exact details of the new penalties are not yet decided, but initial proposals suggest they could extend to as much as 3 times the actual lost tax in some cases.

Anyone with any concerns about offshore assets or income which have not been disclosed should take advice now to protect their position. For any advice or further guidance on any tax issues, please contact a member of the tax team by emailing tax@pmm.co.uk or by calling 01254 679131.

Two Wheeled Professionals Roll Again…

PM+M Business Professionals (on 2 wheels) 170816Inspired by the successes of Team GB cyclists in the Rio velodrome, last Wednesday afternoon saw nine local professionals, including two of PM+M’s own, heading out onto the lanes of the Ribble Valley in glorious sunshine to build and cement their business connections.

For the second in the series of 2 wheeled networking events, there were four riders who had participated in the first event and five new faces, whilst the list of those wanting to attend gets ever longer.

The ride set off from The Green Jersey in Clitheroe, heading out to Sawley then on to Bolton By Bowland, and Hellifield before returning via Grindleton and Waddington. The route was just shy of 30 miles and undertaken with an average speed of over 17mph – brisk enough to feel challenging, but not to the extent that it made conversation difficult, after all that is the point of the event, to talk to each other and discuss ways to support or collaborate.

After the ride there was chance to dissect the ride over coffee and for the obligatory photo.

Companies represented were:

PM+M Wealth Management
The Green Jersey
Harrison Drury Solicitors
Forbes Solicitors
NatWest Business Banking
Anderton Bosonet Estate Agents
Atlantik AV
MC Financial Forecasting

Despite a request for another event this week, the next one will be in September (date TBC). Since details of the event were shared on twitter and Facebook the requests to attend future events have been coming in thick and fast, perhaps most notably from the head of world cycling’s governing body Brian Cookson. Brian is now based in Switzerland but gets back to his second home in Whalley from time to time and wants to join us when his diary permits – what better endorsement could you ask for!

If you are interested in joining the guest-list/waiting- list, then get in touch with event organisers Neil Welsh neil.welsh@pmm.co.uk or Tony Brierley tony.brierley@pmm.co.uk

12345678

 

 

PM+M’s Third Office Officially Opens In Bury

8Over the last few weeks, there has been a flurry of activity. Our new Bury office at Waterfold Business Park, just off junction 2 of the M66, can now stand alongside the existing teams in Blackburn and Burnley. We aren’t focused on only having offices in towns that begin with the letter B – it’s just how it has worked out! There has been significant amounts of time put in to get it to where it is – from the ordering of furniture and equipment, to painting and cleaning, to the all important IT – the team has worked really hard enabling us to be up and running from today without a hitch. I am really proud of how everyone has worked together; it’s been testament to our culture and we have certainly lived up to our values – quality, achievement and fun.

The strategy for this third office is to strengthen existing and create new relationships across Bury and Greater Manchester. The partners recognised that we have a significant amount of great connections and fantastic clients in the area and so being able to have a base in Bury has become increasingly important. I joined PM+M as partner in July 2015 with a remit to open this third office. Due to the commitment from the partners and the focus from the team on networking and growing our brand, it’s happened ahead of plan, which is just fantastic.

To make sure that we align the culture of the Bury office with the rest of the firm, a team from the Blackburn office has transferred to Bury with a further team splitting their time across the offices. The style of property and the office complements the way we already work and interact with each other and our clients.

We are having a launch event on Tuesday 6th September between 4pm and 7pm.  If you are interested in attending, please email faye.hughes@pmm.co.uk. Alternatively, if you can’t make it but would like to call in another time, just give us a call.

So, life continues at PM+M in its usual way –  there’s lots happening, there’s an incredibly supportive team and we are working together to deliver the best service possible to our clients.

Helen Clayton – Head of Corporate Services

9

Research & Development – An Update (And A Reminder Not To Miss Out)

shutterstock_122111578

Knowing what projects you can or cannot get Research & Development (R&D) funding for is a minefield, with a plethora of different grants and funding support available. For example, recently, the Government announced that £365m of funding will be made available for new UK aerospace projects.

In addition to this, for many companies across a wide range of industries there is, of course, the opportunity to access R&D tax credits. These tax credits are extremely valuable and are often under claimed by qualifying businesses.

Under the SME scheme for small and medium-sized businesses, companies can receive a 230% tax deduction for their qualifying R&D expenditure. If this results in a trading loss for the year, then a cash payment can be claimed.

To qualify for the scheme, you must be classed as an SME under the rules of the scheme and carry out qualifying R&D activities.

Broadly, an SME is a company with no more than 500 full-time equivalent employees and either or both turnover less than €100m or balance sheet assets less than €86m.

There is a separate scheme for large companies which applies to the same types of activity but provides less generous tax reliefs.

What qualifies as an R&D activity?

The main areas are:

– Experimental work aimed at the discovery of new knowledge or advancement of existing knowledge

– Testing in search of product or process alternatives

– Design, construction and testing of pre-production prototypes and models

– Design of products, services, processes or systems involving new technology or substantially improving those already produced or installed.

It is important to think laterally about what your company is doing and whether it can fall into any of the above. We have succeeded with a number of claims where the initial response of the directors was that they didn’t think the company was really doing any R&D. It’s important not to overlook the fact that it can apply to new or improved systems and processes within the company as well as new products.

Once it has been established that a company is carrying out R&D and qualifies for the SME scheme, it is necessary to identify the qualifying expenditure on which a claim can be made. Qualifying expenditure can be defined as direct staff costs of people involved in the R&D activity, software and consumable items and externally provided workers.

Claims can be made to HMRC through the company’s corporation tax return and information should be provided containing details of the expenditure and of the qualifying activities. If you are unsure as to whether your company carries out qualifying activities, then small companies with turnover under £2 million can contact HMRC’s advance assurance scheme to discuss the project and get the green light to proceed ahead of making a claim.

For further information on the SME scheme, applying for advance assurance, the large company scheme or R&D allowances on capital expenditure please contact Jonathan Cunningham or Claire Astley at jonathan.cunningham@pmm.co.uk or Claire.astley@pmm.co.uk or call 01254 679131.

 

QUESTION – WHAT’S THE SECRET TO SELLING YOUR BUSINESS?

Business for saleANSWER – THERE ISN’T ONE!

As a business owner, you have probably seen countless articles reeling out the top 10 tips on how to prepare your business for sale and wondered where to start.

The good news is you only need to think about a couple of things.

  1. Don’t leave planning until you want to retire. If you do you risk working a lot longer than you might like, whilst wondering if you can afford to do without the income your business provides.
  2. Take a look at recent business sales in your sector. Why do you think they were good buys? Does your business look like a good buy in comparison?

These questions will force you to consider two things: your long term financial plan and the part the value of your business plays in it, and what you can do to make your business look more attractive to buyers.

So, get planning for a long and happy retirement! And if you need advice, ask an expert who can see the bigger picture and position the sale of your business within that picture. Don’t leave it to chance.

For more information, contact Jim Akrill (jim.akrill@pmm.co.uk) or Tim Mills (tim.mills@pmm.co.uk) on 01254 679131.

www.pmmbusiness-sales.co.uk

Jane Parry Makes The Insider’s Fourth Women 100 List

Jane Parry WebsiteThe Insider’s Women’s 100 list features some of the most influential women in the North West, including big names in the science, professional services, manufacturing and travel industries.

The annual list had more than 350 names suggested from the North West business community ranging from Manchester, Lancashire, Liverpool, Cheshire and Cumbria. Jane Parry, Managing Partner at PM+M, successfully claimed a place in the list and was ranked #70.

Jane is joined by several other influential Lancashire business women including Joycelyn Neve (MD, The Seafood Pub Company), Doreen Lofthouse (Owner + Director, Fisherman’s Friend), Laila Remtulla (MD, Laila’s Fine Foods), Karen Hirst (Director, Eric Wright Group), Ruth Connor (Chief Exec, Marketing Lancashire) and Gillian Bardin (MD, Taylor Patterson).

Jane commented “It’s a great honour to be included on the list and also great to see so many impressive and influential women in the North West”

To view the full Insider Women 100 list, please click the button below.

Well done Jane!

VIEW LIST