Your June business and tax updates - Carpenter Box
Published: 18 Jul 2022
Welcome to our June newsletter!
As you may be aware, June is Pride month: the time of year when we celebrate the impact that lesbian, gay, bisexual, transgender and queer individuals have had on history. At Carpenter Box, we are committed to encouraging equality, diversity and inclusion among our workforce, and promoting dignity and respect for all.
Our team celebrated this month by speaking with people who identify as being part of the LGBTQIA+ community. We asked for their thoughts on why Pride is important to them and how people can be better allies to the community in the future. We also celebrated with a lunchtime event launching our newly formed LGBTQIA+ working group, designed to elevate LGBTQIA+ voices and discuss topics to help make the company a more inclusive and diverse working environment. You can read more about what our staff had to say below.
I also want to highlight that entries are now open for Adur & Worthing Business Awards! We are proud sponsors of the Manufacturing category, and have supported the Awards since its inception nearly 15 years ago. The Awards shine a light on successful and innovative businesses whether large, small, new, or established, doing fantastic things in Adur and Worthing. Be sure to take a look at the categories and enter if you can.
I hope you enjoy this month's newsletter.
Entries for the Adur & Worthing Business Awards are now open!
Nominations and entries are now open for the Adur & Worthing Business Awards. Local businesses are invited to enter these awards which offer 19 separate categories, all designed to recognise successes and achievements across various industries.
Made Smarter Innovation: Future of Supply Chain Labs
The Future of Supply Chain Labs programme launches next month, led by EDGE Digital Manufacturing and delivered by Digital Catapult.
Taking place in July 2022, the fully funded labs will provide SME manufacturers the opportunity to discover how to leverage digital technologies and to develop smarter supply chains.
Future of Supply Chain Labs will provide you with ideas and approaches to:
- Improve forecasting and demand management
- Improve visibility of real-time data, tracking and traceability
- Manage disruption and the impact on lead times
- Measure carbon footprint, emissions and reduce energy use.
- Improve stock control, reduce waste and manage materials price volatility
SME manufacturers are invited to participate through structured workshops and one-to-one activities in July. Attendance in the Labs is fully funded for SME Manufacturers.
Registrations are open until 08 July 2022.
Happy Pride Month
Each year, Pride is celebrated in the month of June, as that was the month when the Stonewall riots took place.
This year, we interviewed several men and women across the business, who identify as being part of the LGBTQIA+ community. We asked for their thoughts on why Pride is important to them and how people can be better allies to the community in the future.
What is the Trust Registration Service?
The Trust Registration Service (TRS) was first introduced in 2017 as part of the anti-money laundering regulations by HMRC.
All trusts with a UK tax liability were required to register with the TRS. This has now been extended with the TRS now applying to non-taxable trusts.
What is business asset finance?
Asset financing refers to the use of a company’s balance sheet assets, including short-term investments, inventory and accounts receivable, to borrow money or get a loan. The company borrowing the funds must provide the lender with a security interest in the assets.
You will need to ensure your management accounts are up to date, you have current detailed lists of debtors and creditors and all assets, and you might need up to date projections before a lender will consider your application.
Can I claim National Insurance when hiring a veteran?
From the 6th of April, any employer who hires a military veteran in their first year of civilian employment after leaving the armed forces, will not have to pay National Insurance Contributions (NICs).
As long as the veteran has not worked in a civilian role since leaving the HM Armed Forces, the relief is accessible to any employer of a veteran, no matter when they left the forces. Each time a qualifying veteran leaves the forces the relief will be available.
Celebrate English Wine Week
It’s WineGB’s national campaign to raise awareness of English wine and its wide availability across the country. This year English Wine Week ran from Saturday 18th June to Sunday 26th June, and English wine producers ran events and promotions across the country.
We are proud to provide a full range of accountancy and tax advisory services to the vineyard and winery sector. We support our clients through the entire process, from the early days of planting vines, to producing bottles of wine.
Carpenter Box Financial Advisers news update
Read the June newsletter!
Last month saw the official start of summer, so we all enjoyed some well-deserved sunshine and holidays.
June, of course, began with a four-day weekend, as we marked Queen Elizabeth II’s historic Platinum Jubilee.
June also presented a host of impressive occasions, from Sir Paul McCartney marking his 80th birthday with a Glastonbury headline slot to what was a month-long Pride Celebration to celebrate our LGBTQIA+ community.
And of course, we had a number of high-profile awareness drives taking place last month, notably Men’s Health Week.
However, we can’t forget the impact of the cost of living emergency, as inflation soared to a 40-year high and put households and businesses under intense financial pressure.
As always, if you have any concerns or questions, we’re here and happy to help. So don’t hesitate to get in touch.
Events and resources
- Spring Statement Summary 2022
- Spring 2022 Newsletter
- Financial Update June Newsletter
- South East Property Newsletter: Issue 1
- IR35 Fact Sheet
- Domestic Reverse Charge
- Electric car tax considerations
- The Momentum of Electric Vehicles
- Trust Registration Service fact sheet
- SDLT for mixed-use transactions
For a full listing of our resources and information sheets, visit our resources page on the Carpenter Box website.
01 July 2022
- Corporation tax payment due for year end 30 September 2021, for those companies not liable to pay their liability by instalments.
06 July 2022
- Final date for agreeing any PAYE settlement agreements for 2021/22.
07 July 2022
- Due date for May VAT returns unless exempted.
14 July 2022
- Due date for income tax for the CT61 quarter to 30 June 2022.
19 July 2022
- 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.
- Deadline for postal payments to reach HMRC for any outstanding class 1A NICs for the tax year ending 5 April 2021.
- Construction Industry Scheme: monthly return due for period up to 5th of previous month.
- Q1 (2022/23) PAYE/NIC payment due where paid by cheque. The cheque must be with HMRC by this date in order to avoid automatic interest charge.
21 July 2022
- Due date for payment of supplementary declarations for June 2022.
22 July 2022
- Deadline for any electronic payments to reach HMRC for any outstanding class 1A NICs for the year ending 5 April 2021.
- Q1 (2021/22) PAYE/NIC payment due where paid electronically in order to avoid automatic interest charge.
- 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.
31 July 2022
- Filing deadline for corporation tax return self-assessment form CT600 for period ended 31 July 2021 to be submitted to HMRC.
- Deadline for filing your annual accounts is 9 months after your company’s financial year ends.
- Deadline for second payment on account for tax year ended 5 April 2021.
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