Your February business and tax updates
Published: 10 Mar 2023
Jeremy Hunt is busy preparing for the Spring Budget on 15 March. With Corporation Tax rising to 25% from 1 April, it will be interesting to see what rabbits he has planned to pull out of his hat to mitigate the impact. As usual, we will publish the post-budget summary and commentary on our website following the announcements.
We have a couple of events coming up in March that may be of interest to you. With our partners DMH Stallard and NatWest, we're hosting our first METALL event of 2023 for manufacturing and engineering businesses. If you're on your journey to net-zero or looking to get started, come along to our event next week and hear from Ian Hopping from Auditel, Andrew Lanworn of Focus SB and Tamara Roberts of Ridgeview Wine Estate. They will discuss the benefits and challenges of achieving net-zero for manufacturing businesses. There's also still time to register for our annual Investment & Tax Seminar on 23 March, covering an overview of the economic and investment landscape, with some tips for financial planning for the upcoming year.
And finally, our Head of Tax Stuart Noakes took part in a brilliant initiative called the Tiger's Pen, as part of a panel of experienced investors. Aspiring entrepreneurs recently presented their business ideas to the Tiger’s Pen at the University of Brighton. Well done Stuart!
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.
Investment and Tax Seminar
Date: Thursday 23rd March 2023
Venue: Amex Stadium, Brighton
Building and passing on your wealth in challenging times
Planning for the future can be a bit overwhelming, especially in the current climate. This seminar will give you an overview of the economy and current investments to consider, as part of financial and personal tax planning for 2023/24, to potentially build and pass on your wealth to future generations.
Topics covered include:
- Background to the current financial climate
- Why should you consider planning your finances?
- Making the most of your investment options
- Examples of the benefits of financial planning
- Tax planning checklist
Estate planning – what actions should you consider?
Date: Tuesday 7th March 2023
Venue: Cottesmore Hotel, Golf and Country Club
A growing number of businesses are pledging to cut their greenhouse gas emissions, in line with the Government's own target of reaching net zero by 2050.
The manufacturing sector accounts for a sixth of all UK greenhouse gas emissions due to the sector's energy-intensive processes, highlighting the work needed to reduce emissions and the potential to save money in the long run.
In this METALL event, we will be joined by Ian Hopping of Auditel, a leading carbon solutions company, who will present on the benefits and challenges of achieving net zero in your manufacturing business.
We will also hear first hand from two manufacturing businesses who will share their stories as they embark on their journey to achieving net-zero.
Carpenter Box Partner joins the Tiger’s Pen
Partner and Head of Tax, Stuart Noakes was recently included in a panel of experienced investors, where aspiring entrepreneurs were invited to present their business ideas.
The Tiger's Pen is designed for start-ups looking for investment, and for students at universities or Colleges looking at starting their own businesses, to get free guidance from experienced directors who form the collective hub of The Tiger’s Pen, and can advise them in their entrepreneurial venture.
What is Super Deduction Tax Relief?
It’s all about companies investing in new qualifying plant machinery assets. If you need new machinery, you will be able to claim the super deduction capital allowance relief, which provides relief at 130% in the year of acquisition!
Your company is able to claim an additional 30% relief in comparison to the annual investment allowance (AIA) which provides relief at 100% or writing down allowances (WDA) which provides relief at a slower rate of 18% or 6%.
We were pleased to be embracing National Apprenticeship Week which took place between 6th and 12th February.
National Apprenticeship Week (NAW) 2023 is the 16th annual week-long celebration of apprenticeships. The week brings together businesses and apprentices across the country to shine a light on the positive impact that apprenticeships make to individuals, businesses and the wider economy.
Update to Research & Development tax claims
At the beginning of the new tax year in April, there will be changes for those looking to make research & development (R&D) claims.
With HMRC’s increased scrutiny around R&D it is important those looking to benefit from this relief, are up to date with the changes. From 1 April 2023, the Research and Development Expenditure Credit (RDEC) rate will increase from 13% to 20%, for small to medium enterprises (SMEs) additional relief will decrease from 130% to 86%, and SME company tax credit rate will go from 14.5% to 10%.
Transfer pricing – documentation regulations released by HMRC
HMRC has now published draft secondary legislation that is intended to become ‘The Transfer Pricing Records Regulations 2023’.
The proposed regulations set out the documentation required by large multinational enterprises (MNEs) and their UK entities to have prepared and retained in support of their transfer pricing policies for accounting periods starting on or after 1 April 2023.
Carpenter Box Financial Advisers news update
Read the February newsletter!
Spring is moving ever closer, the days are getting longer and our plans for the year are slowly taking shape.
This month alone, the country will be marking LGBT History Month and other events such as Safer Internet Day and, of course, Valentine’s Day.
But many of the issues that weighed heavily in 2022, from Russia’s invasion of Ukraine to high inflation, continue to linger and are putting pressure on many people’s finances.
As always, if you have any concerns or questions, we’re here and happy to help, so don’t hesitate to get in touch.
- METALL Event: 7th March 2023 - click here to register
- Investment and Tax Seminar: 23rd March 2023 – click here to register
- Autumn Statement 2022
- Financial Update February newsletter
- Academies newsletter: Summer/Autumn 2022
- 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.
Key dates and deadlines
01 March 2023
- Corporation tax payment due for year end 31 May 2022, for those companies not liable to pay their liability by instalments.
- New fuel rates come into force.
07 March 2023
- Due date for January VAT returns unless exempted.
15 March 2023
- The Spring Budget 2023 will take place on 15 March 2023.
19 March 2023
- If you pay by cheque through the post, monthly payments due for PAYE, class 1 NICs and student loan deductions from February 2023.
- Construction Industry Scheme: monthly return due for period up to 5th of previous month.
21 March 2023
- Intrastat. Due date for payment of supplementary declarations for February 2023.
22 March 2023
- 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 March 2023
- 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 2022 to be submitted to HMRC.
Deadline for filing your annual accounts is 9 months after your company’s financial year ends.