Category Archives: PM+M

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

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Two Wheels Of Business

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Life is short. We know this but often take it for granted – I’m being reminded that it can be shorter than we expect thanks to my father’s ill health at the moment and fundamentally this is one of the reasons that we should enjoy what we do and be passionate about it. I’m passionate about helping new and existing clients and contacts – I’m also passionate about cycling. Thankfully, since joining PM+M Wealth Management earlier in the year I’m finding that the corporate environment enables me to do both, or at the very least it did this last weekend.

For the uninitiated Colnago is an Italian bike brand, and one which carries the same qualities of prestige, pedigree, heritage, quality and premium as the Ferrari car brand. In actual fact the connection is a strong one as Colnago’s latest bike has been designed in collaboration with the carbon composite engineers within Ferrari to create one of the lightest and most aerodynamic bikes that you can buy today. With the recent growth in cycling popularity and the suggestion that cycling has become the new golf, there is a feel that board-rooms throughout the land have a Colnago (or its equivalent) propped against the desk.

With this in mind PM+M Wealth Management were quick to agree their support of this weekend’s Colnago weekend, organised by Richard Paige of The Green Jersey bike shop in Clitheroe. The event allowed guests to test-ride the latest Colnago range of bikes at the Steven Burke Sports Hub in Pendle on Saturday – this included the Campagnolo Super Record equipped Colnago C60 (a bike that would retail at close to £8,000) amongst others. Thereafter guests rode back to Clitheroe to partake in Italian themed culinary delights from the shop’s café kitchen and to take in the end of the day’s Tour of Italy (Giro D’Italia if you wish) stage on their big screen. Sunday saw the inaugural ride of the UK Colnago Owners’ Club, with a fantastic forty miles of Ribble Valley riding enjoyed by all.

The event brought together like-minded souls, happy in each other’s company and with shared stories of cycling exploits, their interest in Colnago, and the varied justifications used to self and significant others on why a purchase was needed (cyclists inevitably believe that want and need are the same thing). The openness of communication revealed further stories of successful businesses and opened the door to financial planning discussions that would never have happened without the two-wheeled conduit. In time I hope to play an active role in the Colnago Owners’ Club – this post alluding to the multiple benefits I will take from involvement.

I am loving life within PM+M and their desire to engage with, delight and have fun with clients old and new. If you see two smiling cyclists riding along they are just as likely to be talking about pensions as they are about lycra!
AAEAAQAAAAAAAAkRAAAAJGEyOTgyMmVlLWIzYmEtNGM1OC05YjI0LWRlOGM0MDhjZjI3MwNeil Welsh – Wealth Management IFA 

Promotions & New Starters Update

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We are pleased to announce a series of promotions across the business as well as the appointment of Jill Morris as a director in its Run My Business division.

Jill joins Run My Business – which is PM+M’s dedicated fixed fee package covering bookkeeping, accounts, payroll, VAT and tax returns – from CLB Coopers where she worked for 11 years. Her role will be focussed on helping owner managed businesses to drive growth and streamline their processes, systems, procedures, recoveries and efficiencies using technology and innovation. Jill trained at Thompson Jones in Bury and is FCA Qualified.

Jill said: “I’m really excited about taking up this new role as I’ve admired PM+M for many years. I was attracted to the firm because of its strong vision for the future, its modern approach and clear commitment to technology and software. I’m now looking forward to working with my clients and adding real value to the business.”

The first promotion is Chris Johnson who becomes a partner in the corporate services team. Chris joined PM+M 16 years ago and was previously a corporate services director.

Jane Parry commented “The last few months have been strong so it’s an exciting time for Jill to be joining us. She has some fantastic experience and I’m sure she will be a great addition to the team.

Jane added: “Chris Johnson started his career at PM+M and his promotion is hugely deserved. He does an amazing job for his clients and has become a key member of our senior team. We are delighted that he is now a partner as it is a clear reflection of his talent.”

Claire Furnival and Ben Thornley – both colleagues of Chris in the corporate services team – have been promoted from assistant manager to manager; whilst Jonathan Cunningham has also been promoted to manager in the tax team.

The PM+M Team Go The Extra Mile In Support Of Tommy’s Charity & New Start

Helen Clayton & Faye Hughes

Helen Clayton & Faye Hughes

On the 10th April, Helen Clayton (Corporate Services Partner), Faye Hughes (Marketing & Business Development Manager), Katherine Sime (Paraplanner) and Dan Hill (Marketing Assistant) took on the MLP Law Greater Manchester Marathon Half and Half Corporate Challenge in aid of Tommy’s charity and New Start.

Tommy’s fund research into pregnancy problems and provides information to parents. New Start is a charity set up to provide financial assistance to Wythenshawe Hospital Transplant Fund. Both charities are very worthy causes and have special meaning to the PM+M team.

Everyone achieved a fantastic time and raised a total of £901.20 to be split 50/50 between the two charities. Donations to both charities can still be made until 31st May by clicking here. Thank you to everyone who has contributed to our fundraising efforts so far. Your donations are greatly appreciated.

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FRS105 – Should You Be An Early Adopter?

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In December 2015, we blogged about the new optional accounting standard, called FRS105, which is for micro entities and how their company’s accounts are prepared and filed at Companies House.  For those companies that qualify to use this new accounting standard, we consider here whether it’s worth adopting this new set of accounting principles early.  As a reminder,  while it comes into force for accounting periods commencing in 2016, it can be adopted for the 2015 year end.

A decision for directors and owners of many small companies will be whether to stick with the current accounting standards and methodologies of preparing the company’s accounts for one last year, or whether to adopt the new methodologies early?

One benefit of early adoption is the reduced amount of information in the accounts that will be on public record. For example, the format of a balance sheet will be condensed to just display the main headings such as Current Assets and it may mean that accounts filed at Companies House will fit onto one single page.

Unlike Companies House, at the moment, HM Revenue and Customs does not offer the option of filing the CT600 (Corporation Tax Return) in a paper format. HMRC are preparing to upgrade its electronic system in April 2016, at which point the new format FRS105 accounts can be attached to the CT600 submissions.

If you prefer lower disclosure requirements that FRS105 can provide,  then early adoption could be better for you.

For more information or advice on FRS105, please email Helen Clayton on helen.clayton@pmm.co.uk or call 01254 679131.

 

 

The Budget Now The Dust Has Settled

shutterstock_343024226Now that the dust has settled on last week’s Budget and the immediate storm surrounding disability benefits has subsided, here is a quick round up of the key points from a tax and financial planning perspective:

  • A new lifetime ISA will be available from April 2017 for adults under the age of 40 to save up to £4,000 per year with a 25% contribution from the Government making it equivalent to basic rate tax relief on the amounts saved.
  • New dividend tax rates and personal allowances take effect on 6 April.  These provide a £5,000 tax free allowance per person but then an across the board 7.5% tax increase on any dividends over and above that amount.
  • Capital gains tax rates reduce to 20% on 6 April (or 10% for basic rate tax payers).
  • Entrepreneurs’ Relief – with its 10% capital gains tax rate – is extended to external investors in unquoted trading companies for new share capital subscribed post Budget day and owned for at least 3 years.
  • Corporation tax rates, set to reduce from 20% to 19% in April 2017, will reduce further to 17% in April 2020 and new rules will be introduced in 2017 to allow more flexibility in the use of brought forward trading losses.
  • A major revamp of business rates, permanently doubling the small business rate relief.
  • A new banded system of stamp duty land tax on commercial property, mirroring the residential property changes introduced last year.
  • A package of measures aimed at the residential buy to let sector, including a 3% stamp duty land tax supplementary charge from 1 April this year and changes to the deduction for interest payments from 6 April 2017.

With this Budget, plus the extensive range of measures previously announced and taking effect now, we are currently experiencing one of the most complex periods of change in tax legislation in recent history, making it more and more difficult to plan with certainty.  With the prospect of a post EU referendum emergency Budget in the Summer, it does not seem likely that tax is going to get simpler any time soon.

PM+M Host Successful Round Table Event

Following the Chancellor’s budget speech on 16 March, eight guests joined Jane Parry, David Gorton, Antony Keen and Helen Binns for PM+M’s very first round table event. The event successfully brought together business owners, a Council Executive and prominent members of the East Lancashire business community. Amongst guests were Brian Bailey (Blackburn Council), Mike Cheston (Blackburn Rovers Football Club), Caroline James (Trevor Dawson), Richard Slater (Fettle PR), Jason Gledhill (HSBC) and Jenny Burke (Forbes Solicitors).

In our summary video, David Gorton, Jason Gledhill and Mike Cheston give their views on how the Budget will affect Lancashire businesses.

Also, you can view the full commentary of the Budget by clicking the button below.

BUDGET BUTTON

Following this successful event, PM+M now plan to host a series of roundtables on a wide range of topics. The next one is planned for immediately after the EU Referendum result is announced and is entitled “Where next for Britain?”. If you would like to register your interest in attending this or other future events, please email events@pmm.co.uk.

Jane Parry, Managing Partner & Head Of Tax At PM+M, Responds To The Budget

Autumn Statement 2015With the EU Referendum only months away, it wasn’t much of surprise that this Budget was relatively non-eventful as far as middle England is concerned, with the Chancellor was obviously keen to not offend – or rile – either side of the divide.
I think it’s fair to say that it was more about tax tinkering, rather than it being a career defining Budget. The changes to the tax thresholds for low and middle earners are without doubt crowd pleasers and will help.

In our view, this Budget has certainly made things more complicated for business owners; especially if you consider the changes made to dividends last year and coming into effect in April.

As regards Capital Gains Tax, his headline announcement that it will drop to 20% (and 10% for basic payers) sounded great but there was also a lot of complexity introduced, with different rates for residential property and carried interest.  There were some welcome amendments to Entrepreneurs’ Relief, some of which were undoing the overly tough measures he introduced last year, but some genuinely widening the relief to non employee investors in unquoted companies – a welcome boost for business investors.

The Chancellor also reinforced his attack on buy to let investors.  Rather than backing away from the 3% stamp duty land tax surcharge he confirmed it and widened it to include larger investors.

The introduction of commercial property Stamp duty land tax banding is welcomed and echoes the change made for residential property last year.  It will help the bottom to middle end of the commercial property market just as it did in the residential sector, so that can be applauded. The flip side to that is that larger commercial properties costing more than £1m just became more expensive.

This followed the news that the threshold for small business rate relief  will rise from £6,000 to 15,000; again, it’s great news but only if his prediction that half of all UK businesses will either see a fall in how much they pay or will pay nothing at all.

Changes to Corporation Tax were widely expected.  The Chancellor is trying to tread the fine line between making the UK attractive as a base for global businesses whilst making sure that those businesses actually pay a fair amount of tax in the UK.  A range of measures to do this, along with a further planned reduction in the rate of corporation tax to 17% by 2020 should go a long way towards that.  It will also be interesting to see how the changes will affect medium sized companies over the coming years, as that remains unclear and there is a danger that the reduced tax rate becomes outweighed by the burden of ever increasing complexity of the tax compliance burden for those businesses.

The news that the ISA limit will rise to £20,000 is positive as is the launch of the Lifetime ISA. They should, in theory, encourage young people to save. But my gut feeling is that this is the introduction of pensions ISA’s by another name and possibly another step towards the lump sum ultimately being abolished. Time will, however, tell.

The devolution of power to local government has been a cornerstone of Conservative policy for a while. George Osborne’s announcement that local authorities will be responsible for collecting rates but not setting them seems somewhat strange; especially when you look at the challenges around local fundraising including a potential drain of young talent to London/ the South East and an ageing legacy population that will need to be paid for.

Infrastructure and the Northern Powerhouse were the other two things that jumped out. The green light for HS3, a four-lane M62, a potential tunnel between Manchester and Sheffield to better connect the North West together with increases in flood defences should all be welcomed. All are long term projects, so need to be treated with cautious optimism.

To sum up, this Budget didn’t contain any major shocks and the Chancellor’s chants of low unemployment, the importance of staying in the EU and the fact that Great Britain has grown faster than any other major advanced economy this year were no surprise.

I think we’ll see a bolder Budget post 23rd June.

To view the full Budget commentary, please click the button below.

BUDGET BUTTON

Jane Parry – Managing Partner & Head of Tax

The Budget 2016 – What Should We Be Expecting?

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With the Chancellor set to make his announcements next week, we are wondering what he may have up his sleeve. What we do know is the next stage of the pensions revolution has been cancelled it seems, or at least postponed.

We do not know what the Chancellor will have up his sleeve for us next week, but we can expect some significant tax changes and we haven’t entirely ruled out further changes to pensions.

We will be hosting our annual Budget seminars this year and details can be found below:

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If you would like to attend one of our seminars, please book by clicking the button below or by calling 01254 679131.

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We will also have all the key points from George Osborne’s Budget announcements on our blog on the afternoon of Budget day (16 March), followed by a full detailed commentary the day after.

 

Tax Deadline Extension For Flood Victims

shutterstock_356163935With the tax return deadline looming, HMRC have issued guidelines to those affected by recent flooding. Businesses and individuals who are unable to complete their tax returns online by the 31 January deadline as a result of flood damage should contact the HMRC. A new deadline will be agreed directly with the taxpayer by HMRC and fines will apply if this new deadline is missed.

Failure to contact HMRC to alert them of a late filing due to flooding will result in a fine, but those who miss the deadline will have the opportunity to appeal. HMRC will also agree to payment in instalments if taxpayers are unable to pay as a result of the floods.

Please be advised that this is not an indefinite suspension of self-assessment penalties, but a recognition by HMRC that many businesses and individuals are being affected by adversities beyond their control.

Full details are available on the Accountancy Age website. If you require more information and think you may need to apply for an extension, please get in touch with our tax team by phone on 01254 679131 or by email at tax@pmm.co.uk.