Your business and tax updates from Carpenter Box
Published: 08 Sep 2021
Welcome to our August newsletter, and the winding down of summer activities. I hope the good weather continues for this weekend's Bank Holiday. September brings Carpenter Box to our 'new normal' with our office opening fully to staff and clients from 6 September.
It also brings us our first in-person event in over 18 months! Our Chichester office is holding a celebration event to mark the one year anniversary of our new office. More details can be found below but if you're local to the area, we do hope you'll come along and meet the team. We are also launching the first webinar in a monthly series, offering local advice on setting up internationally. The first webinar will cover doing business in Hong Kong and China.
There are a number of business awards up and running again. We are pleased to once again support two close to our hearts in the South East. The Adur and Worthing Business Awards (open to businesses in the local area) and the Made in the South East Awards (open to manufacturing businesses in the South East) are now open for entries, with both closing on Friday 17th September. So there is still plenty of time to enter!
As we welcome our latest trainee intake (I'll be able to share more information next month), I want to give a special mention to Tabitha Nicholls from our Business Services Team in Worthing. Tabitha recently passed her final ACCA exam after transferring to our new apprenticeship route and taking 7 exams over the past year! She gave an interview earlier this month about her experience as a trainee.
Carpenter Box continues to grow and invest in our staff. We have a number of vacancies available across our offices, so if you're looking for a new opportunity please do get in touch.
Webinar: Doing business in Hong Kong and China
Date: Tuesday 21 September 2021
Format:Zoom (registration required)
Is your business looking to expand into China?
Carpenter Box is pleased to host Tax PartnerHenry KwongfromCheng & Cheng Limited to discuss doing business in China. Cheng & Cheng Limited is a professional Hong Kong based accounting firm that can help advise UK businesses looking to expand in the Asia region, and is a member of our global association PrimeGlobal.
Join this webinar designed specifically for businesses looking to set up in Hong Kong and China to find out:
- Options for corporate structure
- Profit repatriation out of China
- Ways to work with Chinese business partners
- Importance of Hong Kong tax resident company
What should you include in a business plan?
Financial planning is essential to building a successful business.
A business plan serves as a road map for the business and can be used when pitching investors or financial institutions for debt or equity financing.
A good business plan should contain the operational and financial plan of a business, and detail how your objectives will be achieved. It needs to outline the resources needed, the team and resource budgets as well as any risks you might face.
There are 7 key elements you need to include in your business plan.
Find out what to include in your business plan
Overseas working – what employers need to know
The ability to work remotely may tempt employees into considering working abroad.
After all, if all their role requires is a computer and an internet connection, why not work from a different country?
Some may wish to return home to spend lockdown with family. Others may just like the idea of working in a warmer climate. Some employees may not have any choice but to work in another country because of potential travel restrictions entering the UK.
Whatever the reason, there are lots of tax and employment issues which their employer must consider before accepting an employee’s request to work remotely abroad. These include (but are not limited to):
- Tax and Social Security
- Employment related issues
- Health and safety
- Data confidentiality
How to claim the fifth self-employed Income Support Scheme grant
HMRC has issued guidance on claiming the fifth and final self-employed Income Support Scheme (SEISS) grant.
Unlike previous SEISS grants, the amount of the fifth grant available is determined by how much a self-employed individual’s turnover is reduced.
The fifth grant is 80% of three months’ average trading profits capped at £7,500 for those self-employed individuals whose turnover has reduced by 30% or more. Those with a turnover reduction of less than 30% will receive a grant based on 30% of three months’ average trading profits, capped at £2,850.
Claims must be made by 30 September 2021. It is the taxpayer who must make the claim – an accountant or agent cannot submit the claim on their behalf.
Adur & Worthing Business Awards 2021
The Adur & Worthing Business Awards (AWBAs) are back and open for entry!
Closing date for entries: Friday 17th September
Award ceremony: Friday 12th November
After the challenges the last year and a half has brought, it’s more important than ever to come together and support, recognise and reward the strength and achievements of the impressive businesses and individuals across Adur and Worthing.
Awards are a fantastic way to demonstrate and celebrate success in your business. Whether you are a start-up, SME or a large international corporation there is an award for everyone – from recognising individual achievement, sector excellence, business growth or exceptional customer service.
Carpenter Box are once again delighted to be attending the event as sponsors of the Manufacturing and Engineering category. We have been proud supporters of the Awards since its inception back in 2007.
Made in the South East Awards
Calling all manufacturers: The Made in the South East Awards are now open for entries!
Closing date for entries: Friday 17th September
Award ceremony: Thursday 25th November
During the last year, the manufacturing sector has been at the forefront of developing new ways of working, diversifying product lines, finding new supply chains and discovering new customers.
These awards recognise and reward manufacturing companies (of all sizes) based in the region that have demonstrated success in innovation, product development and revenue growth in either domestic or overseas markets. They showcase many of the high-quality manufacturing businesses in the region that have built reputations for first-class products and services.
- Digital Engineering/Technology Award
- Manufacturing Innovation Award
- Export Award
- Manufacturing Apprenticeship/Training Scheme Award
- Food & Drink Award
- Sustainable/Ethical Manufacturing Award
- Apprentice of the Year Award
- Manufacturing Company of the Year (under £25m turnover)
Trust Registration Service: new obligations for trustees
The UK Trust Registration Service (TRS) was first introduced in 2017 to enact the EU Fourth Money Laundering Directive (4MLD).
It currently requires all trusts with UK tax liabilities to register with the TRS and populate it with certain information on their settlors, beneficiaries, power holders and assets.
The UK tax liability includes any of the following:
- Income Tax
- Capital Gains Tax
- Inheritance Tax
- Stamp Duty Land Tax
- Stamp Duty Reverse Tax
Fifth Money Laundering Directive: new obligations
The UK has now implemented the EU’s Fifth Money Laundering Directive (5MLD), which took effect on 6 October 2020. As part of the 5MLD, significant changes are being made to the Trust Register
Read more on the new requirements
Tips to protect your charity from cybercrime
There has been a continued increase in cybercrime in recent years, which is a concern for all entities, including charities.
Cybercrime takes many different forms and can involve data breaches, identity fraud or phishing emails.
Charities can be targeted for a number of reasons, some of which are common for all types of organisations. But some of these are increased as a result of being a charity. These include:
- The number of online donations has increased year on year recently which can be more susceptible to hacking
- Remote working has become increasingly common which can lead to a weakening of internal controls
- The number of phishing and malicious emails are ever increasing.
- Charities may have fewer online security controls in place.
- Charities are unlikely to have a trustee on the board responsible for monitoring cybercrime.
Despite the increasing levels of cybercrime, there are steps that charities and their trustees can take to protect them from cybercrime.
Tabitha’s path to success
Every year, Carpenter Box welcomes a new intake of trainees, studying a range of professional accounting qualifications.
Trainees are mentored by our team of qualified and experienced accountants, business advisers and auditors – many of whom began their own careers at Carpenter Box as trainees!
Newly qualified trainee Tabitha Nicholls from our Business Services team in the Worthing office went down a slightly less traditional route of transferring to an apprenticeship. She provides us with some insight into life at Carpenter Box as an apprentice, as well as advice for trainees just starting out!
"Make sure you take advantage of all the support that is available for you, Whether that is from the apprenticeship provider or internally at the firm. Everyone has been in the same place as you before, and will be more than willing to help you with any questions."
- Tabitha Nicholls
Find out more about Tabitha's journey
Careers with award winning Carpenter Box
We’re looking for motivated and excited people who share our values to help us serve our expanding client base and grow our exceptional practice.
We have a number of vacancies available for the right candidates including:
- Tax Trainee
- VAT Manager
- Digital Solutions Specialist
- Audit Senior
- Payroll Assistant
We are always looking for people to join Carpenter Box who share our commitment to providing clients with an outstanding level of service.
Whether you are starting your career in accountancy or you are looking for the next step in your career, talk to us about the opportunities that we can offer you.
Find out more about working at Carpenter Box
Carpenter Box Financial Advisers news update
Read the August newsletter!
This month, take some inspiration from the tenacity and commitment of the competitors of the Olympics and Paralympics. Win or lose, to put yourself in the running is an achievement to be celebrated. Likewise, so is taking yourself out, should it be the right decision for your wellness at that time.
This newsletter covers:
- Recent financial movements within the UK, including industry updates and the state of the economy
- European news
A global overview: the US, Far East and Emerging Markets
- Doing business in Hong Kong and China webinar: 21 September – click here to register
- Chichester office celebration event: 30 September – click here to register
- Financial Update August newsletter
- Trust Registration Service fact sheet
- SDLT for mixed-use transactions
- Changes to VAT from 1 July 2021
- Budget Summary
- Tax Rates 2021-22
- IR35 Fact Sheet
- Domestic Reverse Charge
- Brexit Deal
- Electric car tax considerations
- The Momentum of Electric Vehicles
For a full listing of our resources and information sheets, visit our resources page on the Carpenter Box website.
01 September 2021
- New fuel rates come into force.
- Corporation tax payment due for year end 30 November 2020, for those companies not liable to pay their liability by instalments.
07 September 2021
- Due date for July VAT returns unless exempted.
19 September 2021
- Construction Industry Scheme: monthly return due for period up to 5th of previous month.
- If you pay by cheque through the post, pay PAYE, class 1 NICs, student loan deductions and deductions from payments to subcontractors for the month up to the 5th of this month
21 September 2021
- Intrastat: Due date for payment of supplementary declarations for August 2021.
22 September 2021
- If paying electronically, pay PAYE, class 1 NICs, student loan deductions and deductions from payments to subcontractors for the month up to the 5th of this month.
30 September 2021
- Deadline for filing your company tax return is 12 months after your accounting period for corporation tax ends.
- Filing deadline for corporation tax return self-assessment form CT600 for period ended 30 September 2020 to be submitted to HMRC.