Penpoll Accounts are based outside of Bodmin, Cornwall and are a small accountancy practice specialising in small businesses, offering an efficient, prompt and personal service.
Fully qualified licensed member of the AAT (Association of Accounting Technicians)
Sole traders, Partnerships, Limited companies - we offer a complete bookkeeping service
We can offer expert advice as you need it, for as long as you need
We will complete and submit your annual Self Assessment return to HMRC, online
Employees like the comfort of being paid correctly - any errors made can be costly and worrying
We can prepare and submit your vat returns online and on time
Penpoll Accounts is a friendly, professional accountancy practice that provide a personal service.
We have been in practice for over 9 years and have built up a highly regarded reputation in offering a quality, local service to small businesses.
View Our Services
SELF-ASSESSMENTS
- For personal or business tax, whether it for the sole trader, partnership or if you are an individual that rents a property, has savings and pensions we can help.
We will provide a Statement of Earnings informing you of your Income Tax and National Insurance liabilities, complete the self-assessment form online and send you a copy for you to check and approve, before we submit online on your behalf to HMRC.
DO I NEED A TAX RETURN?
If you received a notification since last April saying you need to submit a self-assessment form, then you must do it. If you fall into one of the following categories it's likely you'll need to file a return even if you have not received a notification:
• You are self-employed.
• You are a company director.
• Your annual income is £100,000 or more.
• You have an income from savings, investment or property.
• You need to claim expenses or relief's.
• You or your partner receives child benefit and your income is over £50,000.
WHAT IF I AM LATE PAYING?
If you're late making your payment on account you'll be charged 3% interest. This is on top of the minimum £100 fine for missing the deadline for filing your tax return.
Let us at Penpoll Accounts take all the worry and hassle away, we will complete and submit your annual Self Assessment return to HMRC, online. All you need to do is make sure you pay the amount payable when you receive the notification letter.
Paying fines, or missing out on claimable expenses, can make the world of difference to your life. By letting us do the hard work, you can relax in the knowledge that we will prepare and submit your legal responsibilities on time and in compliance with HMRC regulations.
PAYROLL SERVICES
- Taking the headache out of payroll, employees like the comfort of being paid correctly and any errors made can be costly and worrying, so let us remove the stress.
At Penpoll Accounts we ensure your staff are paid on time and correctly, we act as your agent with HMRC and will deal with HMRC on your behalf, covering starters, leavers, tax code changes throughout the year and all statutory payments.
Just give us your staff’s hours each pay period and we will do the rest giving you peace of mind.
Real Time Information (RTI) submissions will be taken care of as well as payslip's supplied, we will inform you of your quarterly or monthly payments due to HMRC.
Auto Enrolment refers to new legislation requiring Employer’s to enroll all eligible Employee’s into a qualifying workplace pension scheme.
We can assist employers with an affordable solution to support the small business and making sure you comply with legislation.
BOOKKEEPING SERVICES
Our clients include Sole traders, Partnerships and Limited companies and offer a complete bookkeeping service that they can rely on. Many of our clients have come to us through recommendation and we take pride in maintaining our reputation.
We have a very flexible approach to meeting our client’s requirements and can either work onsite at clients’ premises or at our office. We are fully trained and have many years of experience dealing with small business.
We make it our business to understand your business giving you real peace of mind.
Why do you need a professional bookkeeping accountancy service?
• It is a legal requirement to keep accurate accounting records.
• Avoid penalties for late filing of accounts or VAT Returns.
• Recording all expenses can ensure that you pay less tax.
• Know the state of your business.
• Ensure suppliers are paid on time & only paid what you owe.
• Make year-end a much smoother process.
• Ensure compliance with the 2007 Money Laundering Act.
• Spend more time generating new business.
VAT SERVICES
If you are already vat registered or are thinking of going vat registered we are here to help you. We can prepare and submit your vat returns online and on time. We will then inform you of any vat amount to be paid or if you are going to receive a reimbursement.
COMPLETING A VAT RETURN
The VAT Return contains information about your sales and purchases. In essence this will include the following information:
• VAT recorded on your sales invoices.
• VAT due on acquisitions from EU countries.
• VAT recorded on your purchases + VAT due on acquisitions.
• Your total sales excluding VAT.
• Your total purchases excluding VAT.
• Total value of goods you sold to EU countries
• Total value of goods you bought from EU countries.
OTHER SERVICES INCLUDE:
Sole traders accounts preparation
Partnerships accounts preparation
Tax information Page
Personal Allowance
2022/23 £12,570
The personal allowance goes down by £1 for every £2 of income above the £100,000 limit. It can go down to zero.
Income tax rate bands
Income up to | £37,700 | basic rate 20% |
Over £37,701 | higher tax at 40% | |
£150,000 | 45% |
PAYE tax thresholds
£242 per week
£1,048 per month
£12,570 per year
Minimum Wage
1st April 2022 | |
23 and over | £9.50 |
21 - 22 | £9.18 |
18 - 20 | £6.83 |
under 18 | £4.81 |
Apprentices* | £4.81 |
*Rate applies to apprentices under 19 or 19 and over in first year of apprenticeship.
National Insurance
(Please note National Insurance Rates will change after 6th July 2022 due to the budget changes)
Class 1 | |
LEL | £123 per week |
Lower earning limit | £533 per month |
£6,396 per year |
National Insurance is due on payments over £190 per week and remember Employers NI will pay 15.05 % over £175.00 per week.
Employers Allowance is available for the first £5,000.00 of the employer’s liability, conditions do apply.
If your employees earn over £120 per week for an allocated time they will be entitled to SSP,SMP,SPP,SAP statutory payments.
Class 2 Self Employed
£3.15 per week (£163.80 for the year)
Small profit threshold £6,725
Class 3 voluntary
£15.85 per week
Class 4 Self Employed on profits
(Please note National Insurance Rates will change after 6th July 2022 due to the budget changes)
£9,880 - £50,270 10.25%
Over £50,270 3.25%
Statutory Payments
Sick Pay (SSP) £99.35 per week
Maternity Pay (SMP) 90% of average weekly pay for first 6 weeks
Lower of £156.66 or 90% average weekly earnings for the next 33 weeks.
Adoption Pay (SAP) 39 weeks
Paternity Pay (SPP) 2 weeks
Lower of £156.66 or 90 % average weekly earnings.
Small Employers with total class 1 NIC’s from previous tax year are £45,000 or less can recover statutory payments from HMRC at 103%, from 6th April 2014 the recovery of SSP was abolished. You cannot therefore recover any SSP for any tax years from 2014/15.
Over £45,000 is 92%
Student Loans
Employee earning threshold at which repayment of student loan begins is
Rate 9%
Plan 1 | £20,195 | per year |
£1, 682.91 | per month | |
£388.86 | per week | |
Plan 2 | £27,295 | per year |
£2,274.58 | per month | |
£524.90 | per week | |
Plan 3 | £25,375 | per year |
£2,114.58 | per month | |
£487.98 | per week |
Post Graduate Loans
£21,000 per year
£1,750 per month
£403.84 per week
Rate 6%
Fixed Rate Deductions (Simplified Expenses)
Vehicle Expenditure per mile
Cars (first 10,000) 45p
Over 10,000 25p
Motorcycle 24p
Cycle 20p
Business use of Home
Hours per month Amount
25 or more £10
51 or more £18
101 or more £26
Private use of Business Premises
No. of occupants Disallowable amount per month
Value Added Tax
Standard Rate 20%
Lower Rate 5%
Registration threshold from 1 April 2018 £85,000 pa
Deregistration limit from 1 April 2018 £83,000 pa
Annual accounting scheme turnover limit £1,350,000 pa
Cash accounting scheme turnover limit £1,350,000 pa
Flat rate scheme turnover limit £150,000 pa
Capital Allowances
Plant and Machinery | % |
Annual Investment Allowance (AIA) | 100 |
First Year Allowance (FYA) | |
Energy saving/environmental beneficial assets | 100 |
New Cars with co2 emissions less than 0g/km | 100 |
New zero emission goods vehicles | 100 |
New assets for use in enterprise zones | 100 |
Writing Down Allowances (WDA) | |
General | 18 |
Cars (other than low emission cars) | 6 |
Special rate expenditure | 6 |
Long life assets | 6 |
Research & Development Allowance | 100 |
Structures & Buildings WDA General | 3 |
Freeports | 10 |
Registered Pension Schemes
2022/23
Annual Allowance £40,000
Links
Here are some useful links
www.gov.uk
www.att.org.uk
For more information regarding any of the services we provide, please get in touch..
01208 821846