Category Archives: Videos

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.

VIDEO: Welcoming Our New Run My Business Partner, Andrew Cowking

We are very pleased to announce the recent appointment of Andrew Cowking (Run My Business Partner). Andrew will be bringing his many years of experience advising SMEs and family owned businesses to help grow our Run My Business service.

As well as conventional accountancy services, Run My Business offers all-inclusive, menu driven and fixed fee service that covers bookkeeping, accounts, payroll, VAT and tax returns.

Andrew said of his new role: ‘I’m really excited about joining the firm as I feel it is the right fit for my clients and my own way of working. The firm also boasts a high level of expertise and a culture that is firmly focussed on delivering a first class client service.”

Jackie Fisher, head of Run My Business, added: “Andrew’s appointment is a great addition to the team as he brings with him years of experience and knowledge. The last 12 months have seen Run My Business grow month on month so I’m sure he will help to further expand our client base across the North West and beyond.”

In the video below, Andrew talks about his role at PM+M:

VIDEO – Supporting Our Community With Blackburn College

Blackburn College, founded in 1888, provides higher education for young people in Blackburn with Darwen. PM+M have been working closely on various projects with Blackburn College since 2009.

Richard Ainscough, Corporate Services Partner at PM+M, and with other members of the PM+M team, work with the college to help develop the Business and Accounting courses, embedding practical accounting skills into the curriculum. We also work on wide variety of projects, actively getting involved with the college to develop and provide opportunities for young people in the area.

In our latest video testimonial, Nick Hall talks about his experience with PM+M:

For more video testimonials, please visit our YouTube page.

VIDEO: Autumn Statement 2014

Chancellor George Osborne delivered his Autumn Statement at 12:30 yesterday to a mixed response.  As always, there will be some winners and some losers from the measures announced.  On some of them, the details will only emerge as consultation processes progress. In the following video, Stephen Anderson (Managing Partner) and Jane Parry (Tax Partner) deliver their key takeaway messages from the Chancellor’s speech.

Our full Autumn Statement summary is available to download here and the full list of key points is detailed below:

Measures affecting business

  • The main rate of corporation tax falls to 20% on 1 April 2015 as planned.
  • The Annual Investment Allowance for investment in plant and machinery remains at £500,000 until 31 December 2015.
  • The R&D tax credit deduction for small and medium sized companies increases from 225% to 230% from April and the large company above the line deduction increases from 10% to11%.
  • Less good R&D news is that the cost of materials incorporated into products that are sold will not be eligible for inclusion in R&D claims after 1 April 2015.
  • The Patent Box, which provides a reduced rate of corporation tax on profits from qualifying patents, is to be phased out starting in 2016 and ending altogether in 2021.  No new claimants will be allowed to join the scheme after June 2016.
  • Entrepreneurs relief, which allows a 10% capital gains tax rate, will no longer be available on the sale of goodwill when incorporating a business.
  • A new 25% “Google tax” is to be introduced to tax multinational businesses diverting profits from the UK.
  • A package of investment in the Northern Powerhouse was announced including transport and connectivity improvements, research facilities and a new Sovereign Wealth Fund to reinvest fracking cash in the North.
  • £500m extra funding for the Funds For Lending/Enterprise Finance Guarantee scheme to support bank lending to businesses and £400m to support venture capital investment in businesses.
  • An increase in export funding of £45m to encourage development of export markets in Africa, Asia and South America.
  • A reform of business rates – results to be announced in 2016.
  • From April there will be no NIC cost of employing people aged under 21, or under 25 if they are apprentices.

Measures affecting individuals and trusts

  • The personal tax allowance increases to £10,600 on 6 April.
  • No changes to income tax rates.
  • The 40% tax threshold increases to £42,385.
  • There is to be a complete overhaul of the employment expenses and benefits rules and a removal of the distinction between employees earning above and below £8,500 from April 2016.
  • Universal credits to be rolled out nationwide.
  • The Annual Tax on Enveloped Dwellings (ATED) charge which taxes residential properties held in companies currently applies to properties worth £2m or more.  That threshold drops to £1m in April 2015 and £500,000 in April 2016.
  • The remittance basis charge applying to non-domiciled individuals living in the UK is to increase.
  • Non-residents owning UK residential property are to be made subject to capital gains tax from April 2015.
  • The major overhaul of trusts and introduction of the Settlement Nil Rate Band has been stopped.  Instead measures targeted at tax avoidance using multiple trusts are to be introduced.
  • New rules affecting 10 year charges for trusts and the treatment of accumulated income are to be introduced as planned.
  • Stamp duty land tax on residential properties is substantially amended with immediate effect so that rates apply in bands, rather than the current rate thresholds which apply one rate to the whole property value.

Pensions and investments

  • The major pension reforms announced earlier this year are to be introduced as planned in April 2015.
  • The current death tax of 55% is to be abolished and pension pots will be able to be passed to family members tax efficiently.
  • The beneficiaries of individuals who die under the age of 75 with a joint life or guaranteed term annuity will be able to receive any future payments under such policies tax free.
  • Pension savers will have much more flexibility in how and when to access their pension funds.
  • ISA income tax beneficial status will be preserved when ISAs pass to a surviving spouse.

If you think you may be affected by any of the above, please give us a call on 01254 679131 and we will be more than happy to assist or email info@pmm.co.uk.

VIDEO: PM+M Quiz for Derian House Children’s Hospice

Derian House is renowned throughout Lancashire as being the forefront of children’s palliative and respite care. Derian House currently support 300 families who have a child with a life shortening illness, and a further 200 who are receiving bereavement support. The support that Derian House provide is vital for so many children and families and they provide a range of care and support services to meet the individual needs.

We have recently had an influx of new team members starting at PM+M and hosting a quiz evening for our professional network was a great way to get together, whilst having some fun raising money for a fantastic cause.

PM+M raised a total of £400 for Derian House Children’s Hospice, Chorley. Woodcocks Solicitors took the trophy home on the night with an impressive 86.5 points, with Southern Solicitors following as very worthy runners up. We would like to thank all attendees for their generosity.

NP Structures Testimonial for PM+M

At PM+M, hearing what our clients think about our services is really important. We are always looking at ways in which we can improve our client service and a key part of this lies in receiving regular feedback from our clients.

NP Structures first started using PM+M for their yearly audit over 12 years ago and as they have grown, NP Structures have used more of the services we have to offer, such as helping them with a de-merger, monthly accounting and managing their payroll.

In our latest video testimonial Ian Wolfenden talks about his experience with PM+M.

For a look at what more of our clients have to say about PM+M click here.

VIDEO: UK Budget 2014 – The Essential Points Your Business Needs to Know

Filmed at our Budget 2014 Seminar held at The Dunkenhalgh Hotel, Clayton-le-Moors on Thursday 20th March, this video blog features our Managing Partner, Stephen Anderson and Tax Partner, Jane Parry, who outline the key ‘take-aways’ from the Chancellor’s budget that businesses need to be aware of.

The three key challenges facing businesses (according to Stephen) include:

  • Access to finance
  • Access to skills
  • Access to international markets

Stephen recommends businesses should:

  • Look at different forms of funding
  • Engage with the education sector
  • Start to use organisations like the Chamber of Commerce and UKTI to understand international markets

Jane highlights what businesses should be focusing on from a tax perspective including:

  • Tax relief on Capital Investments
  • Tax relief on Research and Development

Jane also outlines the impact changes in the budget will have on local businesses and business people, specifically:

  • Compliance – RTI and Auto Enrolment
  • Pension Planning

For more detailed information, see our ‘Spring Budget – Snapshot of Main Announcements’ blog post.  Or, for a full overview of the Spring Budget take a look at our Budget 2014 Summary.  You can also view our 2014/15 Tax Tables online.

We’d be really interested to hear readers thoughts on the budget and how it might impact your businesses – to do so, just drop a quick comment at the bottom of this blog post – and if you found it useful, you can share our video blog using the social sharing buttons at the top of the post.

Real Time Information and its Effect on SME’s – Video Blog

Real Time Information is a new initiative introduced by HMRC in April 2013 to help streamline the process of payroll for all businesses. In this blog our Payroll manager Julie Mason explains what it means for SME’s and what you should be doing now to prepare.

Key points from the video are:

  • If you have less than 50 employees, DON’T PANIC. The RTI compliance deadline has recently been extended to 6th April 2014 for smaller employers.
  • Even though the deadline has been extended, look at putting proceedures into place now. Keep on top of your employee data and PAYE liability payments and prepare for the changes well in advance.
  • Look at outsourcing your payroll function if you feel it is going to be too difficult to keep on top of.

How are you finding the transistion to RTI? Have you encountered any issues, and what would be your top tips for overcoming them? Leave a comment below, we’d love to hear from you!

Don’t Lose your Child Benefit

From 7 January if one parent in a household earns more than £50,000 he or she will have to pay the new child benefit tax , regardless of which parent is claiming the child benefit, and irrespective of the income earned by the second parent. For those earning over £60,000 the amount of the charge is the same as the Child Benefit received.

How to keep your Child Benefit!

Income used to calculate the tax is defined as net adjusted income, to arrive at the net adjusted figure you deduct any gross pension contributions made.

For example:

Andrew has a taxable income of £55,000 and his wife Beth £20,000, they have two children which gives Beth Child Benefit of £1,752.40.

Since Andrew’s income is £5,000 above the limit, he will face a tax charge of 50% of £1,752.40 (£876.20).  However, if Andrew makes a net pension contribution of £4,000 into his personal pension plan this will be grossed up to £5,000.  His net adjusted pay will be reduced to £50,000 and the tax charge will not apply!

By paying £4,000 into his pension, Andrew has saved £876.20 and through his tax return can claim an additional £1,000 tax relief as a higher rate tax payer.  So his pension contribution has cost him £4,000 – £1,000 – £876 =£2,124 and he has saved £5,000 towards his retirement!

Other things to consider are;

  • Buying extra holiday through salary sacrifice
  • Buying childcare vouchers
  • Donating money to charity through gift aid
  • Equalising income between spouses
  • Crystalising income tax losses

For further information or to review your pension or retirement planning, contact Antony Keen on 01254 679138 or email antony.keen@pmm.co.uk

For general advice on taxation issues, contact Jane Parry on 01254 679131 or email jane.parry@pmm.co.uk