Monthly Archives: February 2017

Tax Year End Planning For Individuals

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The tax year end is fast approaching, so the PM+M tax team have put together some useful tips for individuals who need some guidance with their tax planning.

Tax planning can be complicated but the PM+M team are here to help. To download our individual tax planning helpsheet, click on the button below. Should you have any questions, please do not hesitate to call a member of the tax or wealth management teams on 01254 679131.

HELPSHEET

Are you aware of the new statements required under the Modern Slavery Act 2015?

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Having received the regular newsletter from HRC Law, it occurred to me that I wasn’t aware of this new requirement and wondered whether our clients and friends of PM+M were also unaware. As finance professionals, your PM+M team cannot advise you on the law but we should raise the issue and build awareness.

Jane Wilkinson, a solicitor at HRC advised that if your organisation supplies goods or services and carries on (part of) a business in the UK it will have to publish an annual slavery and human trafficking statement (the Statement) for each financial year ending on or after 31 March 2016, if its global turnover exceeds the £36 million threshold.  This threshold includes the turnover of subsidiary undertakings too, so it’s not as huge a number as it first sounds.

The Statement must disclose what steps the organisation has taken to ensure that human trafficking is not taking place in any of its supply chains or its business; or state that it has taken no such steps (with the latter approach being a potential PR disaster!).  Home Office Guidance outlines what should be included in the Statement and HRC Law can provide further support and guidance.

Even if you’re below the turnover threshold, it’s probable that (some of) your customers and suppliers will be caught by the requirement to produce and publish a Statement.  As you will form part of their supply chain, they’ll be looking to you for assurances about your practices, procedures and supply chains.  Thinking about this and preparing accordingly could help you to outshine your competitors and stay ahead of the game.

So, from PM+M’s point of view, this isn’t a case of this won’t ever impact our clients – it very well could and it very likely already is.

Helen Clayton – Corporate Services Partner 

PM+M Shortlisted for Red Rose Award – Employer of the Year

Yesterday, Jane Parry (Managing Partner) and Helen Clayton (Head of Corporate Services) headed to Blackburn Rovers Football Club to fly the flag for PM+M at the Red Rose Awards interviews. PM+M will be vying for the Employer of the Year award and even being shortlisted is a huge achievement.

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During the interview, Jane and Helen talked with the panel about how PM+M has evolved over recent years and how the firm truly believes in bringing out the best in its people.  Our values underpin everything that we do and we believe in investing in people throughout their careers. Quality, Achievement and Fun relate to all interactions at PM+M, whether that be with clients, team or members of the wider community. Winning the award would be an honour, given the calibre of businesses shortlisted this year. But whether we win or not, the team will continue to ensure that PM+M is a fantastic place to work, achieve and grow.

Speaking about life at PM+M, Neil Welsh (PM+M’s newest financial adviser) said: “Having joined PM+M almost a year ago I can endorse fully the values which see them nominated for a Red Rose Award. Not only have I been made to feel very welcome, the culture and dynamic within the team is both energising and liberating. More recently, following the loss of my father (and the resultant absence that was required to deal with hospital/hospice visiting, funeral and other family commitments) the support given across the breadth of the firm gave me strength at a very difficult time. The genuine and heartfelt words of comfort and reassurance from the partners downwards that the team were there to help reduced some of the mental and emotional strain. Moreover, upon my return to work the actions within the team of helping me prioritise, taking work off me and getting me back to operational speed is testament to a great team of people and firm.”

Now we just have to wait until March 9 to find out if we’ve won. Watch this space!

If you’d like to know more about life and PM+M, or would like to check out our latest vacancies, visit www.pmm.co.uk/careers.

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Looking forward to ATED

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If you own residential property in a company and its worth more than £500,000, then you may need to comply with the Annual Tax on Enveloped Dwellings (ATED) rules.

The rules require an annual tax return to be submitted by 30 April covering the forthcoming year.  The ATED charge for the forthcoming year must also be paid on that date.

Who needs to file an ATED return?

ATED returns must be filed and an ATED charge paid every year by non-natural owners of residential properties located in the UK, where the property is worth more than £500,000, and one of the reliefs or exemptions has not been claimed for the property.

A non-natural person can be defined as one of the following:

–       Any company wherever it is registered;
–       A partnership where one or more of the partners is a company;
–       A collective investment scheme.

There are exemptions from the charge, for example for properties which are commercially let, but there is still a requirement to submit the annual ATED return and claim the exemption, even if you have nothing to pay.

The rates

The new rates have recently been revealed for the chargeable year beginning 1 April 2017. The charge for the period will need to be paid by 30 April 2017.

Property value £ 2016/17 £ 2017/18 £
500,001 – 1,000,000 3,500 3,500
1,000,001 – 2,000,000 7,000 7,050
2,000,001 – 5,000,000 23,350 23,550
5,000,001 – 10,000,000 54,450 54,950
10,000,001 – 20,000,000 109,050 110,100
Over 20,000,000 218,200 220,350

The valuation band is determined by the properties’ market value as at 1 April 2012. If the owner acquired the property since that date, the value to use is the open market value at the date of acquisition.

If the property falls within 10% of a valuation band, the owner can apply to HMRC for a pre-return banding check. These checks can take at least 30 days to process, so it is best to apply as soon as possible.

For more information on ATED or if you’re worried about the above rates, please get in touch with our tax team by emailing tax@pmm.co.uk or by calling 01254 679131.