Your March business and tax updates - Carpenter Box
Published: 06 Apr 2022
Welcome to our March newsletter.
Last week saw Rishi Sunak’s Spring Statement, set against the backdrop of soaring inflation. The Bank of England expects rising fuel, energy and food costs to drive inflation up to 8% within months. To help you make sense of what the Statement means for you, we have produced a summary guide. It will give you an overview of the main points, as well as the detail should you want to drill down.
On a more positive note, I am really excited to share that our colleagues at Carpenter Box Financial Advisers have been named finalists in not just one but two categories at the upcoming Professional Advisers Awards: ‘Best Adviser for Vulnerable Client Care’ and ‘Adviser Firm of the Year for the South East’. If they scoop the South East Award, they join the other regional winners in the running for the ‘Adviser Firm of the Year 2022’ It’s a real testament to the growth and improved client service to be recognised by an independent body, and we wish Roy and the team the best of luck at the glittering awards ceremony in April.
We also celebrated International Women’s Day earlier this month, which included lunchtime networking sessions in our offices discussing this year’s theme Break the Bias. You can take a look at the video interviews from myself and several influential women within the firm.
Finally, I am excited to let you know we are partnering with Action Coach Worthing to deliver a brand new course to help business owners grow their businesses. Our new Growth Academy begins the end of next month with a choice of two free taster sessions for you to come along to and see what it’s all about. There’s more information about registering below.
I hope you enjoy this month's newsletter. If you have any questions or concerns please speak to your usual Carpenter Box contact or get in touch with our team.
Spring Statement 2022
On 23 March 2022, Chancellor Rishi Sunak delivered the Spring Statement.
The 2022 Spring Statement was expected to review the economic situation and adjust forecasts. It was not supposed to include anything significant about tax. Of course, things have changed dramatically since October. There is a war in Ukraine, energy prices are rising sharply, and inflation has returned to levels last seen in the early 1990s.
The announcement of significant tax changes several times a year, to apply from different dates, makes it hard to keep track of what is changing and when, and how it affects your finances.
Our Spring Statement Summary covers the most important points and how they affect businesses and individuals.
Breaking the Bias
Every year on 8th March, International Women’s Day is globally celebrated and recognised to honour the social, economic, political and cultural achievements of women around the world. It increases visibility, while calling out inequality.
The theme of IWD this year was #BreakTheBias. Whether deliberate or unconscious, bias makes it difficult for women to move ahead. Knowing that bias exists isn’t enough, action is needed to level the playing field.
This year, we interviewed several women across the business, as well as Managing Partner Alan Edwards. Watch Senior Manager Melissa Hardwick, Senior Financial Planning Manager Gill Lynes, Senior Tax Manager Lisa Neale and Alan share their thoughts on why International Women’s Day is important, and what #breakthebias means to them.
Solicitors Update Series: Estate Planning
Date: Wednesday 6 April 2022
Delivery: Zoom (registration required)
Effective Estate Planning requires collaboration between legal advisers and tax services/financial planning teams. There are a number of investment-based and tax-focused estate planning tools available to offer your clients a comprehensive Estate Planning solution.
This webinar is for solicitors and lawyers working predominantly with private clients engaged in or in need of Estate Planning, to keep your abreast of the latest tax changes and what they mean for your clients.
- Investment-based Estate Planning (short/long life expectancies)
- Debt-based Inheritance Tax mitigation
- Enhancing the power of regular small gifting
- Portfolio lending and equity release
- Effective tax planning
- Family investment companies and partnerships
Attend our Growth Academy taster session
Want to know more about how to grow your business?
Carpenter Box is pleased to announce a brand-new initiative delivered in partnership with Action Coach Worthing called Growth Academy.
To find out more about the Growth Academy, book onto a free of charge, hour-long taster and gain some actionable tips to take away and improve your business from day one.
Venue: Carpenter Box Worthing Office
Session #1: Wednesday 27th April: 10-11am
Session #2: Thursday 28th April: 4-5pm
- 6 steps to a better business
- Increasing your profits
- Getting more done in less time
- How to recruit, motivate, education and retain exceptional employees
- Introduction to the 12 month Growth Academy course
Spaces are limited, so make sure to book your free space today.
Does the Annual Tax on Enveloped Dwellings affect you?
Annual Tax on Enveloped Dwellings (ATED) is an annual tax charge which can apply if a UK residential property valued at over £500,000 is owned by a company or other non-natural person(s).
You will need to complete an ATED return if your property is a UK dwelling and was valued at more than £500,000 and is owned completely or partly by a:
- Partnership where any of the partners is a company;
- Collective investment scheme – for example a unit trust or an open-ended investment vehicle.
How will the Plastic Packaging Tax affect your business?
HMRC have recently issued guidance around Plastic Packaging Tax (PPT).
This tax will come into force on 1 April 2022 and will be charged at a rate of £200 per tonne. As PPT has not started, the guidance will be subject to change until all the legislation is approved by Parliament.
Do I need to register for PPT?
You need to register for the Plastic Packaging Tax if you have manufactured or imported ten or more tonnes of finished plastic packaging components within the last 12 months. Or you will do so in the next 30 days. From 1 April 2022 to 30 March 2023, the 12 months threshold will be worked out differently.
VAT Flat Rate Scheme: How will the changes affect you?
There are important changes to accounting for VAT that come into force from 1 June 2022.
This will apply to small businesses using the Flat Rate Scheme who are importing goods and using postponed VAT accounting. Those businesses using the Flat Rate Scheme must currently add the value of imported goods to the total of all their supplies before they carry out the scheme calculation.
Carpenter Box Financial Advisers news update
Read the March newsletter!
Ukraine is a thread which runs through this month’s Bulletin. It directly impacts the sections on Europe and Emerging Markets and stock markets all around the world were hit by the initial shock of Vladimir Putin’s decision. Clients have been understandably worried, and many have contacted us.
This newsletter also 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
- Solicitors Update Series: Estate Planning Webinar: 6th April 2022 – click here to register
- Growth Academy taster session: 27th and 28th April – click here to register
- Spring Statement Summary 2022
- Spring 2022 Newsletter
- Financial Update March 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.
31 Mar 2022
- End of corporation tax financial year.
- End of CT61 quarterly period.
- Filing deadline for corporation tax return self-assessment form CT600 for period ended 31 March 2021 to be submitted to HMRC.
- Deadline for filing your annual accounts is 9 months after your company's financial year ends
01 Apr 2022
- Corporation tax payment due for year end 30 June 2021, for those companies not liable to pay their liability by instalments.
- National living wage increases from £8.91 to £9.50 an hour for over-23s.
- MTD for VAT kicks in for all VAT-registered businesses.
06 Apr 2022
- Start of new tax year
- Company van benefit charge rises £3,600, multiplier rises to £688.
- Car benefit multiplier rises to £25,300.
07 Apr 2022
- Due date for February VAT returns unless exempted.
14 Apr 2022
- Due date for income tax for the CT61 period to 31 March 2022.
19 Apr 2022
- If you pay by cheque through the post, monthly payments due for PAYE, class 1 NICs and student loan deductions from March 2022.
- Q4 (2020/21) PAYE/NIC payment due where paid by cheque. The cheque must be with HMRC by this date in order to avoid automatic interest charge.
- Construction Industry Scheme: monthly return due for period up to 5th of previous month.
22 Apr 2022
- Q4 (2020/21) PAYE/NIC payment due in order to avoid an 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.
30 Apr 2022
- Filing deadline for corporation tax return self-assessment form CT600 for period ended 30 April 2021 to be submitted to HMRC.
- Deadline for filing your annual accounts is 9 months after your company's financial year ends.