Your January business and tax updates - 2023
Published: 01 Feb 2023
Welcome to our January newsletter, the first one of 2023 which is now in full swing.
2023 is a very special year for Carpenter Box as we will be celebrating our centenary! Robert Carpenter and Harold Box went into partnership in late 1923 trading under the name Carpenter Box & Co. Starting out in Brighton initially, they established themselves in Liverpool Gardens in Worthing, and the firm stayed there until the late 1980's.
To celebrate this exciting year, we have a number of events and fundraising activities planned, launching at the end of March, so be sure to watch this space.
With the tax deadline looming today, our tax team has been working around the clock to ensure tax returns are processed in time. With literally thousands of returns to process, the number of cakes and biscuits fuelling the tax team is a sight to behold!
Don’t miss our annual Investment & Tax seminar on 23rd March, at the American Express Community Stadium. With economic uncertainty on everyone's minds, this year we'll discuss the background to the current market, actions to consider for the following tax year and some additional information about building and passing your wealth in challenging times.
Finally, if January has you considering a new role, our growing firm is always looking for people to join us who share our commitment to providing clients with an outstanding level of service. Take a look at some of the opportunities available on our website, and do get in touch if you'd like to join the Carpenter Box team.
Investment and Tax Seminar
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: Thursday 23rd March 2023
Venue: Amex Stadium, Brighton
2-year delay for digital self-assessment
The Treasury has announced that Making Tax Digital (MTD) for income tax self-assessment (ITSA) will be delayed for two more years until April 2026.
Digital self-assessment was due to take effect from April 2024 and would have required all self-employed individuals and landlords with income over £10,000 to report earnings quarterly through the MTD for ITSA system.
Innovate UK grants and programmes
Innovate UK is part of UK Research and Innovation. They have recently launched another round of Smart Grants funding for game-changing and commercially viable research and development (R&D) innovation.
Up to £25 million is available for R&D innovations that can have a significant impact the UK economy. Innovate UK Knowledge Transfer Network (KTN) is also looking for UK SMEs who are seeking private investment to fast-track sustainable food innovation. They are seeking SMEs who would benefit from investment pitch training and mentorship.
Blue Monday at Carpenter Box
Every year, the third Monday of January has been traditionally awarded the gloomy title of ‘Blue Monday’.
Certain elements come together to form what is known as the most depressing day of the year. This is due to a combination of post-Christmas blues, cold nights and digging deep to fulfil those newly formed new year’s resolutions.
To help counteract the Blue Monday gloom and give everybody in the office a little boost of dopamine, the Carpenter Box team caught up with each other and enjoyed a selection of delicious treats provided by the firm.
New HMRC campaign – Offshore Corporates owning UK Property
HMRC launched a new campaign from last month, to target offshore companies’ non-compliance linked to owning UK property.
Reports from The Chartered Institute of Taxation (CIOT) states that this campaign follows a specific review of data that identifies; non-resident, corporate owners of UK property failing to comply with UK tax obligations.
When does a company need an audit?
The short answer to this question is that all UK registered companies are required to have an audit unless they can claim an exemption.
There are a handful of exemptions available under the UK Companies Act 2006.
A day in the life of a business services trainee at Carpenter Box
Business Services trainee, Deaglan Johnson, gives us an insight into a working day at Carpenter Box.
Deaglan (Dec) has been a trainee with Carpenter Box since July 2019 and works in the Worthing office as part of the Business Services Group. He has been training for his ACCA qualification and has recently just completed his last paper in December 2022.
If you, or anybody you know, is interested in starting a career in accountancy at Carpenter Box, be sure to apply for Platinum-approved programme!
Carpenter Box Financial Advisers news update
Read the January newsletter!
As 2023 gets underway, many of us will be taking stock, looking forwards and putting plans in place to reach our goals.
We look forward to being at your side as you aim to stick to your new year’s resolutions and achieve your objectives.
Whether you’re planning to pick up the pace or slow down, we’re ready to guide you through this uncertain and unpredictable climate.
As always, if you have any concerns or questions, we’re here and happy to help, so don’t hesitate to get in touch.
- Investment and Tax Seminar: 23rd March 2023 – click here to register
- Autumn Statement 2022
- Financial Update January 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
31 January 2023
- Deadline for paying Self-Assessment balancing payment and capital gains tax for tax year ended 5 April 2022.
- Deadline for the first payment on Self-Assessment account for 2022/23.
- Final online deadline for Self-Assessment tax return.
- Deadline for filing of accounts with Companies House for accounting periods ended 30 April 2022.
- Corporation Tax returns due for accounting periods ended 31 January 2022.
- Deadline for overseas entities, who own, want to buy, sell or transfer property or land in the UK, to register with Companies House.
01 February 2023
- Corporation tax payment due for year end 30 April 2022, for those companies not liable to pay their liability by instalments.
07 February 2023
- Due date for December VAT returns unless exempted.
19 February 2023
- If you pay by cheque through the post, monthly payments due for PAYE, class 1 NICs and student loan deductions from January 2023.
- Construction Industry Scheme: monthly return due for period up to 5th of previous month.
21 February 2023
- Intrastat. Due date for payment of supplementary declarations for January 2023.
22 February 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.
28 February 2023
- Filing deadline for corporation tax return self-assessment form CT600 for period ended 28 February 2022 to be submitted to HMRC.
Deadline for filing your annual accounts is 9 months after your company’s financial year ends.