Category Archives: PM+M

A spotlight on our new partners

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I am delighted to announce that Antony Keen and Helen Binns have been promoted to partner in PM+M.

Antony has been with PM+M for 29 years, man and boy.  He is a director of PM+M Wealth Management and continues with that role, giving financial planning, investment and pension advice to a wide range of clients.  Alongside that, his partnership role will see him playing a wider role across the firm and its future development.

Helen Binns heads up our Burnley office, having been with PM+M for 11 years.   She works with various charities and companies with turnovers from £50,000 all the way up to £50m in various sectors with all aspects of accounting, auditing and financial management.  She will continue to head up our Burnley team and will also take on a wider role in the leadership team of the firm.

I firmly believe that Antony and Helen’s promotions are hugely deserved as they are both incredibly talented in their respective fields. They embody what PM+M stands for with their unwavering commitment to both their clients and the success and culture of the firm. To keep PM+M thriving in the future, it’s key that we have a strong succession plan in place. As part of that, it is fantastic to reward and promote talent from within our own ranks.

This is just a small taste of why PM+M placed 3rd in the UK for best accountancy employer at the Accountancy Age awards back in December 2016.

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Jane Parry
Managing Partner
jane.parry@pmm.co.uk
If you are interested in joining the PM+M team, click below.

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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.

 

The Chancellor’s first (and last) Autumn Statement delivered little by way of surprises

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The main tax changes were already known about – the planned increase in the personal allowance and income tax higher rate threshold and the reduction in the rate of corporation tax and reform of corporation tax loss and interest relief rules being the key ones.

The confirmation that the planned reduction in corporation tax rates to 17% in 2020 (19% next April)  is to go ahead is good news.  Interestingly, there was no mention of the “15% and beyond” spoken of by Theresa May on Monday.

Only time will tell how the North West will benefit from the £1.1bn extra investment in England’s local transport network; the more than £1bn for digital infrastructure; the £2.3bn to help provide 100,000 new homes in high-demand areas; the £1.4bn to deliver 40,000 extra affordable homes; and the £400m for venture capital funds through the British Business Bank to unlock £1bn in finance for growing firms.  However, all are potentially positive announcements for the region.

It is to be hoped that a reasonable amount of the new £23bn National Productivity Investment Fund will find its way to the North West to support innovation by North West businesses and improve connectivity.

Given the advance publicity about R&D and innovation, it was a little surprising not to see any changes to R&D tax credits.  However, this is already a very generous relief.  The issue is more with the low take up of the scheme, rather than the nature of the tax reliefs on offer.  It is to be hoped that some of the new funding might be directed at improving accessibility of R&D reliefs.

The announcement of consultation on incorporation, which now seems to be seen as tax avoidance, was a little concerning and could cause uncertainty for many businesses who might be considering incorporation for perfectly legitimate commercial reasons.

There were a few targeted tax avoidance announcements, from a government which has already made significant strides in tackling avoidance and levelling the tax playing field.  None of them should have widespread impact.

Overall a relatively low key statement but some optimistic signs of a strong commitment to improving UK productivity and maintaining the UK’s attractiveness as a home for global businesses whilst helping UK businesses to compete in world markets.

Our full commentary will be emailed out tomorrow following our Autumn Statement seminar. If you’d like to receive a copy, please sign up to our mailing list here.

Scam Alert – A notice to clients and contacts to remain vigilant

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The latest scam to sweep the internet is clever. With this one, we’re not talking about a person in Nigeria claiming that he has £1,000,000 that he’d like to send you. The scam is seemingly a referral marketing tool promising you £75 for “signing up” and a further £25 if you refer a friend and they sign up.

All you have to do is provide 2 forms of ID which confirm your name, address and date of birth. You also need to provide your bank account details to receive the £75 and subsequent referral payments. Easy right? Whilst you will (and many have!) receive the money, have you thought about the consequences of divulging your information?

What you are essentially doing is facilitating identity fraud. A limited company set up in your name, using the details you have provided and registered to your home address. You will be registered as the sole director.

This company probably used to conduct an illegal activity of some sort, including but not limited to, money laundering or selling counterfeit goods. Given you’ve provided all the necessary information, the scammers will most likely open a bank account in your name, run up debt and ruin your credit history. This creates issues for the individual on both a personal and professional level. In extreme cases, you could potentially end up with a criminal record.

If you think you have fallen victim to this scam, or one which sounds similar, you need to arrange for the company to be struck off at Companies House. This will cost you £10 and you will need to fill in form DS01. A small price to pay to avoid the potential consequences. You should also notify the Police. There is however little they can do. There has been no ID theft involved as you willingly provided your ID to the scammers. Notifying the Police will at least alert them to the issue and will go towards helping build a case against those responsible for the scam. Lastly, you should contact your bank and close your account. Whilst this may seem extreme, you have no idea where your bank details have been passed on to and where they may be used in the future.

Should you have further questions, the PM+M team are on hand to help. Please call us on 01254 679131. No question is too silly and what’s most important to us is that our clients and contacts protect themselves in the best way that they can.

 

 

 

Pendleside Corporate Challenge

Picture taken by Tom Wright

Picture taken by Tom Wright

The PM+M team have been fundraising over the last couple of months as a part of the Pendleside Hospice Corporate Challenge. Over 25 companies took part in the challenge to raise as much money as possible. The challenge closed with an awards ceremony on Thursday 20 October at Burnley Mechanics. The PM+M team organised numerous “dress-down” days, a quiz for 75 local business professionals and sold raffle tickets which all added up to an impressive total of £1,303.47 raised for the hospice.

Pendleside Hospice enhances the quality of life for people with life-limiting illnesses, by delivering specialist and holistic care. Pendleside address their individually assessed physical, psychological, social and spiritual needs. This care is free of charge to those they serve and relies on the kindness of donations.

Neil Welsh, PM+M Financial Advisor, said of the event “It has been great to be associated with the Corporate Challenge and to support a number of the fundraising events. I have attended two black-tie events including the final awards night, an evening of drinking-games (don’t ask!) and a quiz-night, buying an inordinate amount of raffle-tickets along the way!”

Helen Binns, PM+M Director and Head of the Burnley office, added “We’ve been very proud to take part in the Corporate Challenge this year and it’s been a fantastic series of events. There has been a lot of great fundraising ideas and it’s been fantastic to see all the companies involved support each other’s events to raise as much money as possible for such a worthy cause. We can’t wait to start it all again next year!”

 

 

PM+M Christmas Present Appeal 2016

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We know – Bonfire night hasn’t even been and gone yet but it’s hard not to notice that Christmas decorations are starting to pop up in shops and on the high street already! So we thought, why not launch our annual Christmas present appeal a little earlier this year? Let’s make it our biggest one yet!

This year, the PM+M team are collecting gifts for Blackburn, Burnley and Bury Children’s Services. As our team is growing, it’s only fitting that our appeal should grow too so that more children can benefit from the incredible generosity the appeal receives.

If you are able to spare a little time and money, we know your donations will be greatly appreciated. For some children, this could be the only gift they receive this Christmas. Gifts can be for children of any age or gender and we have included a few guidelines below:

  • Gifts should be to the value of around £10
  • Gifts must be new
  • Please either deliver gifts wrapped or unwrapped
  • If wrapped, gifts should be clearly marked with gender and age range
  • Gifts should not contain confectionery or alcohol

Gifts can be dropped off at our any of our offices between 8:30am and 5pm before Friday 9 December.

The PM+M team would like to take this opportunity to thank you for your kindness and generosity and we do hope that as many of you as possible will join us in supporting such a worthy cause.

A reminder of our addresses is below but should you require any further information, please get in touch with our Marketing team on 01254 679131.

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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!
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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.