Category Archives: Uncategorized

PM+M payroll shortlisted at The Rewards 2018

We are pleased to announce that for a second year running, our PM+M payroll team have been shortlisted for The Service Provider Team Award at The Rewards 2018.

The popular ceremony, The Rewards, previously the payroll world awards, is returning for its 7th year and is known as the leading independent awards for payroll, HR and reward professionals in the UK.

The ceremony will be taking place at Hilton London Bankside on November 7 and is the most distinguished event on the industry’s calendar. It is the perfect opportunity to celebrate high achievements and excellence in payroll, reward and related sectors.

Entrants must demonstrate outstanding performance and the judges will be looking for evidence of success in one or more of the following criteria;

  • Outstanding effort under testing circumstances
  • Significant improvements in performance
  • Achievement of targets/incentives
  • Achievement of training/qualifications
  • Implementation of new procedures or systems
  • Excellent teamwork within their own team or with other departments
  • Excellent customer service record

Providing outsourced payroll solutions to over 400 clients, our payroll team at PM+M are highly regarded as one of the leading payroll providers in the North West. Over the past year we have seen many changes to our way of working, having implemented several changes that have enhanced both our procedures and our service delivery to clients.

Julie Mason – head of payroll at PM+M – commented: “The PM+M payroll bureau has grown tremendously and seen a digital transformation over the last twelve months. We have introduced new systems and procedures to improve our services for clients and ensure we provide great value for money.  We work really hard to help our clients and are thrilled to be nominated.  We can’t wait to find out the results!!”

PM+M apprentice James Cocker appears on Sky News

Yesterday saw thousands of students across the UK receive their highly anticipated A-Level results, which for many acted as a deciding factor of where they were going to spend the next three years at university.

Recent statistics however have shown that more and more students are opting for apprenticeships over university degrees, as a way of kickstarting their careers through work-based learning without the burden of debt.

As a firm committed to supporting the region’s young people and producing home grown talent, PM+M recruits a number of apprentices each year. This year’s intake of 7 apprentices was our largest to date. We are so pleased that the first 5 are settling in well and taking working life in their stride and are looking forward to the remaining 2 joining us in September.

Yesterday was a particularly eventful day for James Cocker, one of our new Run My Business team apprentices, who alongside receiving his own A-Level results, also made an appearance on Sky News discussing the benefits of apprenticeships compared to university tuition.

In his interview, James commented, “I know there’s a chance I’m missing out on some of the social aspects of university, but I can easily visit my friends at uni and I’m already making new friends at work, so I’m definitely going to have a good social life.

“Plus, instead of being £60,000 in debt after three or four years, I might have earned a similar amount, so I’ll effectively be £120,000 better off.”

We would like to offer our congratulations to James and our corporate services apprentice, Rebecca Nuttall, on their outstanding A-Level results, and a huge thank you to all of our apprentices for choosing to join us at PM+M.

Inheritance tax hits record high

Inheritance tax planning is something that many of us don’t want to think about. Facing your own mortality isn’t easy and can involve some difficult decisions, particularly in complex and extended families.

Recent statistics released by the government have revealed that over the last financial year, inheritance tax receipts reached their highest-ever level (totalling £5.2bn in 2017/18), a value that has increased by a staggering 8% (£388m) since the 2016/17 financial year.

There can be significant benefits from doing some basic tax planning at the right time, providing reassurance that your affairs are in order and your family aren’t going to face a huge tax bill. We always tell our clients to keep it simple. There are some elaborate schemes out there, but they usually bring lots of complexity and can reduce future flexibility. More often than not, some sensible advance planning can achieve substantial benefits without the complexity.

The right tax planning can help you steer clear of large inheritance tax bills and make sure that you avoid adding to this tax take, allowing you to achieve more from your money and secure your family’s future. The key to inheritance tax efficiency is to think about it early and be open with your family. Having conversations now can avoid problems later and pave the way for some effective tax planning.

To find out more about how we can help you plan efficiently to reduce future tax liabilities, please feel free to contact either Jane Parry (jane.parry@pmm.co.uk) or Wendy Anderson (wendy.anderson@pmm.co.uk).

Full article and latest statistics available here

Is your business ready for Making Tax Digital?

Making Tax Digital (‘MTD’) for VAT is the first phase in what is intended to make the UK tax system more streamlined and will bring about major changes to affected businesses.

As part of the new legislation, businesses that are VAT registered and trading over the VAT registration limit on 1 April 2019 will be required to keep their accounting records digitally and submit their VAT return to HMRC through MTD compatible software. This means businesses will no longer be able to submit manually through the HMRC gateway.

It is vital that all affected businesses are aware of their obligations relating to these changes and the processes which need to be put in place to make them compliant.

We are urging all UK business owners to consider their options now to ensure that they are compliant in time for the deadline of 1 April 2019. PM+M have already helped numerous clients prepare for MTD and will continue to support businesses as they start the process to comply with HMRC’s new rules.

We would be more than happy to answer any questions you have about MTD and advise you on the best route to take for your business. Please feel free to:

  • Read our helpsheet
     
  • Attend one of our FREE Making Tax Digital seminars to find out more about the implications of MTD:

Tuesday 4 September
PM+M, Greenbank Technology Park, Challenge Way, Blackburn, BB1 5QB (register your place here)

Tuesday 11 September
East Lancashire Chamber of Commerce, Red Rose Court, Clayton Business Park, Accrington, Lancashire, BB5 5JR (register your place here)

  • Call into one of our FREE MTD drop-ins – with no appointment necessary, call into our offices from 9am – 5pm on one of the below dates for a free consultation with a specialist MTD consultant who will talk you through your next steps and provide guidance on which software to use and how / when to implement this into your business:

Wednesday 18 July
PM+M, Greenbank Technology Park, Challenge Way, Blackburn, BB1 5QB (register your place here)

Thursday 9 August
PM+M, 9A Finsley Gate, Burnley, BB11 2HA (register your place here)

Friday 17 August
PM+M, Waterfold House, Waterfold Business Park, Bury, BL9 7BR (register your place here)

  • Get in touch with us for a consultation on how to prepare for MTD, which will be followed by software set up and training – we would welcome the opportunity to sit down with you to discuss your options in more details. Once you have chosen your preferred cloud software package, we will then provide you with setup assistance, alongside ongoing support whenever you need it. We will also train you and your team on the best ways to use whichever system you have decided to use.

For any further information, help or advice with your Making Tax Digital requirements, please do not hesitate to contact us on 01254 679131 or email MTD@pmm.co.uk

Informative and Entertaining – who would have thought you’d hear that when talking pensions?

On 6 June 2018, over 40 delegates gathered at Turf Moor, not to greet the imminent arrival of European Football at Burnley FC for the first time in 55 years, but for the arrival of Sir Steve Webb, former Minister for Pensions and now Director of Policy for Royal London, to listen to him deliver a highly anticipated ‘Tour of the Pensions Landscape’ as guest speaker at our wealth management seminar.

It is probably fair to say that pensions aren’t known for being exciting, but that view was quickly dismissed by the passionate and witty discussion of Steve. Having spent 18 years as an MP, Steve’s public-speaking abilities are second to none and his presentation at Turf Moor yesterday certainly didn’t disappoint. Steering away from the standard PowerPoint presentation, Steve took a freshly-upholstered chair from Burnley FC’s newly refurbished Chairman’s Lounge, literally turned it upside down and used the four legs as the four pillars of his discussion, giving insight into state pensions, workplace pensions, pension freedoms and the tax treatment of pensions, describing the latter as the broken leg of the chair.

Discussion and debate took place around the merits of making voluntary national insurance payments for those unlikely to receive a full state pension and increasing workplace pension contributions to ensure employees can afford to retire. When he got to explanations around pension freedoms and tax there were notes aplenty being taken, interspersed by fits of laughter as Steve ensured there was never a dull moment – it was a masterclass of content and delivery.

Should you wish to discuss your own pension and retirement issues, please don’t hesitate to get in touch with a member of our team. PM+M wealth management works collaboratively with our tax team and can navigate you from the beginning to the end of your pension journey, considering everything from investment choice to tax-relief, and Lifetime Allowance to Tapered Annual Allowance and estate planning. Our specialists can help you to plan, understand your options and ultimately help you achieve more from whatever route you take. For a confidential, no obligation discussion, please contact us 01254 679131 or via email at wealthmanagement@pmm.co.uk.

PM+M Wealth Management Ltd is authorised and regulated by the Financial Conduct Authority.

Gender pay gap: a comparison

By 4 April 2018, all UK firms with over 250 employees were required to publish details of their gender pay gap.

Although we don’t fit this description and so were not legally required to submit a report, we decided to conduct our own analysis to help us understand our own pay gap patterns and identify ways in which we could make changes for the better.

We are pleased to report that PM+M has a mean gender pay gap of only 2.9 per cent, comparable to the top 20 accountancy practices in the UK which average a 16.8 per cent gap. When looking at the median gender pay gap, PM+M posted a -14.6 per cent gap, which compares to a 12.1 per cent national average and a Lancashire average of 7.6 per cent.

Our minimal pay gap is reflective of our strong belief in a diverse workplace, inclusive culture and flexibility for our people, and we are really proud to be so far ahead of our peers in this area.

With PM+M having a female managing partner and four of our thirteen partners being female, we truly understand the importance of gender diversity in the workplace and equal opportunities for all. Our focus on gender equality as a priority area confirms our commitment to closing the gender pay gap altogether to ensure that diversity and inclusion is maintained at PM+M in the years to come.

EMI share options lose tax relief

The very generous tax reliefs available to employees who are granted share options under the Enterprise Management Incentives scheme (EMI) are classed as an EU State Aid.

This expired on 6 April and, unexpectedly, has not been renewed. We expect that this will be resolved in due course, but anyone who is currently in the process of setting up new EMI share options should pause because, as it stands, there will be no tax reliefs available for those new options.

Existing options granted before 6 April 2018 are unaffected and will continue to benefit from the generous tax reliefs.

For further advice on this or any other tax matters, please do not hesitate to contact Jane Parry on 01254 679131 or via email at jane.parry@pmm.co.uk.

The ‘who’ and ‘how’ of succession

Helen Clayton, Partner, takes a look at one of the main questions of succession planning, who is going to allow you to retire and how is it going to happen?

To make succession effective, including minimal disruption on your firm, your teams and your clients, I cannot emphasise enough the importance of thinking ahead.  This isn’t reserved for those considering retirement; it’s also for those in the firm (or outside of the firm) who are considering, or champing at the bit, to be the future leaders.

Understanding who might be coming through the ranks and who might be attracted to joining, or indeed who you would like to join the business, is critical in ensuring it is they who are equipped with the appropriate skills to lead and manage in the future. Time investment is important to ensure you really know these people. What drives them? What are their ambitions? What do they need to be able to create a seamless succession plan?

Below are some of the areas that you will need to understand:

  • Age group and corresponding generic attributes
  • Ambitions and goals, including timeframes
  • Strengths and areas for development
  • Experience (and ability) in managing and leading
  • Do they take people with them?
  • Are they open to change and personal development?
  • Attitude to risk
  • Is your firm in the right place for these individuals to take it forward?

Mentoring and coaching will be a key element of developing people into future leaders. In an era of increasing competition, regulatory change and ongoing challenges and opportunities, future leaders will need to be business owners, role models, great with people, business developers, and not to mention great lawyers. It may be that one individual does not need to be first class in all of these areas; it may be that as a partner group these skills are spread across everyone and therefore as a team, it’s as powerful as it can be. In fact, it’s probably preferable that these skills are spread throughout a team, with overlap. After all, we’re not meant to be clones, are we? We’re individuals with our own strengths.

There is a key word in all of this however that I have not yet mentioned: experience. Without experience, how is anyone expected to become the future leader of a business? As my mum has always said: you only learn by your own mistakes. Any mistakes made cannot be catastrophic and with the right role models, mentoring and guidance in place, none should be. Therefore, what is there to lose?

If you’re in the position where you’re considering succession in your firm, make it about the people. If you don’t already really know them as individuals, make that time investment. It’s your business and your success that you’re handing over, so why not make it the best it can be to the best people?

For advice and guidance on succession planning, please do not hesitate to get in touch with a member of our team on 01254 679 131.

What could you achieve with cloud accounting?

Advancements in technology are constantly changing the world as we know it. One particular software development within the accountancy sector has altered the market completely, succes­sfully streamlining processes for business owners in new ways, allowing them to gain better control of cash flow and increase profitability.

We are of course, talking about cloud accounting, a type of software which enables you to access your finances in the ‘cloud’, from anywhere, at any time. In recent years, cloud accounting has proven to be an increasingly compelling choice for thousands of people looking to manage their finances, but with so many different options available, you might find yourself asking “where do I even start?”

Here at PM+M, we believe that the best way to prepare is to find an adviser who understands your business, your current financial operations and your objectives. From here, your adviser can guide you towards a cloud package based on what you want to achieve, and what will work best for you.

It is also wise to consider the benefits of adopting a cloud accounting package in comparison to your current processes.

Alongside helping you to make better decisions, save time and boost profits, cloud accounting software can also act as a flexible, low maintenance, cost effective alternative to traditional accounting software, putting you in control of your cash management and allowing you to gain real-time insights into your finances.

We understand that the move to the cloud might be daunting at first, so here at PM+M, we stay by your side at all times. Our team of dedicated advisers are always on hand to guide you through the process, and answer any questions you may have about your cloud package.

Whilst we are more than happy to manage the software on your behalf, we can teach you to use the software yourself so that you can better understand what we do, and take control of your software, should you wish to do so.

Our team have a wide range of experience in the operation of various cloud accounting platforms, allowing us to recommend a software package that will work best for you. Our chosen software providers are Xero and QuickBooks, both leaders in the field, and widely regarded to be some of the most technologically advanced cloud accounting software providers in existence.

Whether you are managing a start-up business, a growing SME or a large scale enterprise, we can guide you towards a cloud solution that will give you a clear insight into your cash, drive your profits and change your business for the better.

If you believe that cloud accounting might be for you, or want to learn more about our available software packages, get in touch with Jill Morris today on 01254 679 131, or via email at jill.morris@pmm.co.uk.

Calling all business owners…

When was the last time you took time out to consider where the value lies in your business? What is creating value and where is it being diminished? This is especially important if you are thinking about selling.

It matters little what flattering numbers might have been whispered in your ear, it is unlikely that a buyer will go for it if they can’t see how to create more value or if your business just has too many inherent risks?

Important questions to ask yourself might be:

  • What does my customer base look like? Am I winning customers, if so why am I winning them? Or is my customer base no different to what it was 5 or 10 years ago? What happens if I lose my largest customer?
  • What value do my products or services create for my customers? Are there better or new products on the market that can do the job? How do they compare in price? What is my profit margin per product? What is happening in my end user markets?
  • How do you compare to your competitors? Where are you better than them? Or worse? What are they up to? Are there any new kids on the block?
  • Where does the goodwill lie in my business? Intellectual property? Know how? Customer relationships? Is it secure?
  • What would happen if I wasn’t there? Would I be missed and if so how badly?
  • Where am I in the economic cycle? Is my business growing or declining relative to the sector?

Take a good look at yourself and be honest. Would you buy your business for what you think it is worth (or what someone else is telling you it is worth)?

If you need objective, independent advice on the value of your business, then get in touch and speak with our corporate finance team on 01254 679131.