Your October business and tax updates - Carpenter Box
Published: 01 Nov 2022
Welcome to our October newsletter.
Following the disastrous Mini-Budget from September, Liz Truss stepped down as Prime Minister after just 50 days in office. She appointed Jeremy Hunt as Chancellor of the Exchequer in an attempt to calm the markets before she resigned. Newly appointed Prime Minister Rishi Sunak kept Hunt in that position when he announced his new Cabinet earlier this week.
What does that mean for the upcoming fiscal event? The 31 October update has now been delayed to 17 November and upgraded to a full Autumn Statement. We expect a range of tax rises and spending cuts to try and plug a £35 billion fiscal shortfall – a far cry from the mini-Budget announced only a month ago. We will be sure to share our thoughts and comments on the announcements, as well as what the changes will mean for you and your business.
Closer to home, we have several events next month you won’t want to miss. In Worthing next week, solicitors Coole Bevis join Carpenter Box Financial Advisers to discuss the importance of Wills and Powers of Attorney. If you are a property investor looking for information about Inheritance Tax and Estate Planning, join us at the Chichester Yacht Club on the 10th of next month. And if you’re thinking about selling your business, we’re running an event in Eastbourne around preparing your business for sale. Read on to find out more about these free seminars.
Finally, we cover when you should send through your tax return information to your adviser (the sooner the better!). The filing deadline for electronic submissions is 31 January 2023; although the deadline was previously extended due to Covid, we don’t anticipate an extension this year.
If you have any questions about any of these articles, please do not hesitate to get in touch with your usual Carpenter Box contact.