I hope everyone is enjoying the start of their Summer holidays (let's hope we see some more sunshine over the next few weeks!).
As you know we have been a member of PrimeGlobal, an international association of independent accountancy firms for over two years now. It is therefore fantastic news to share that PrimeGlobal has reported a record-breaking revenue milestone of $4.3 billion in 2022/23 across its 311 member firms. We are proud to be a part of this strong and growing association and have exciting plans in the pipeline to collaborate with other member firms.
We are increasingly supporting international clients and our team have provided a series of useful guides for businesses looking to expand or trade globally including how to register for VAT and safely moving money out of the UK. You can read more on these topics below.
Continuing with our 100 year fundraising, some of our team embarked on an inter-office walk, cycle or run on Sunday 2nd July and managed to raise an impressive £1,648.84 (including Gift Aid) for the Carpenter Box Charitable Foundation. A huge well done to all those who participated - you can read how they got on in our blog.
Did you know that Carpenter Box have an app? It contains lots of useful features including the latest news, tax calculators, mileage tracker and a link to our Portal. You can read more about the app below or download from either the App Store or Google Play.
Also featured in this month's edition is the latest Academies Newsletter, which includes helpful articles from our colleagues across PrimeGlobal. Finally, we are pleased once again to be supporting the Adur and Worthing Business Awards which close for entries on Friday 15th September, so there is plenty of time to enter!
PrimeGlobal's Year: Record Revenue & Global Growth
In 2022/23, PrimeGlobal marked a record-breaking total annual firm revenue of $4.3 billion.
This achievement is a testament to the dedication and hard work of all member firms, including Carpenter Box. This significant milestone underlines the substantial growth and robust performance of the association globally.
Carpenter Box is also celebrating a significant milestone, its centennial year. The relationship between PrimeGlobal's success and our centennial celebrations highlights our shared commitment to progress and innovation.
How to register for VAT (Value Added Tax)
VAT stands for Value Added Tax, and it is a tax paid on goods and services.
As an international business owner, you may need to register for VAT if operating in the UK. If you do, there are certain requirements you must meet in order to be registered. In this blog, we will discuss the steps required to register for VAT.
Unlocking Financial Freedom: How to Safely Move Money Out of the UK Banking System
In today's interconnected world, it is common for families or companies to have temporary associations with the UK, before a later departure onward.
While they are here, they may generate profits/savings stored in UK banking institutions. It is still prevalent also for some professionals to permanently migrate away from the UK. In either eventuality, there is the need for transition of capital out of the UK banking system into the banking system of the destination country.
Government launches consultation into Employee Ownership Trusts
Employee Ownership Trusts ("EOTs") have been with us for almost 10 years. To mark this, the Government thinks it is time for a review.
On 18 July 2023 the Government published its much anticipated consultation on the taxation of EOT and other Employee Benefit Trusts ("EBTs") arrangements. EOTs were introduced by the government in 2014. They were established as a way of encouraging indirect employee ownership of trading companies by providing a number of specific tax reliefs.
Have you downloaded the Carpenter Box app?
The Carpenter Box App is free and it keeps some of the most useful information all in one place. Whether you're looking for insights as a business professional or need guidance as an individual, this app has got you covered:
- Get the latest news and updates, carefully curated by us, to keep you well-informed about the ever-changing business and tax landscape.
- Utilise the up-to-date tax rates and calculators available within the app, ensuring accurate calculations and peace of mind.
- Keep track of important financial deadlines and milestones, ensuring you stay organised and on top of your responsibilities.
- Easily manage your receipts and expenses on the go, making it a breeze to stay organised and track your financials.
- Travelling between different locations? You can access the GPS Mileage Tracker to accurately log your business mileage, saving you time and simplifying your expense claims.
- Login to the Carpenter Box Portal and your cloud software account directly from the app, giving you easy access to manage your details anytime, anywhere.
Carpenter Box Inter Office Adventure
On Sunday 2nd July we ran our latest fundraising event for the Carpenter Box Charitable Foundation.
A group of dedicated staff members laced up their shoes and hopped on their bikes to participate in the Inter Office walk/cycle/run. The event boasted a diverse range of routes, catering to different fitness levels and interests. In celebration of Carpenter Box's 100th year of business, the goal was to raise money for the Carpenter Box Charitable Foundation and have a blast while doing it!
A Day in the Life of an Outsourced Finance Function Trainee at Carpenter Box
Paige has been a trainee with Carpenter Box since January 2023 and works in the Worthing office as part of the Outsourced Finance Function (OFF) Group.
They provide 'back office' finance functions for clients. This covers everything from general bookkeeping work to finance director advisory roles. She has been training for her CIMA qualification and is currently studying for her CIMA B4 exam.
Welcome to the Summer/Autumn edition of our Academies Newsletter
Trusts are being stretched all ways. Energy prices remain high, other costs are rising, and there are the continued costs of supporting pupils whose education was disrupted by lockdown.
This edition includes information about Academies & VAT, deregulation in the Academy Trust Handbook, managing risk, impact of the cost of living crisis and offering employees an electric car scheme.
These articles are produced from a whole host of financial experts from across the PrimeGlobal network- a national and international association of independent accounting firms, which includes a group of experienced and proactive academy auditors.
Adur and Worthing Business Awards 2023
Businesses and professionals across the region are being encouraged to enter the AWBAs.
After the challenges of the past few years, it's more important than ever to come together and support, recognise and reward the strength and achievements of the impressive businesses and individuals across Adur and Worthing.
Carpenter Box are once again delighted to be attending the event as a sponsor of the Manufacturing and Engineering category. We have been proud supporters of the Awards since its inception back in 2007.
Events & Resources:
- Summer 2023 newsletter
- Academies Summer Newsletter
- South East Property Newsletter: Spring 2023
- Spring Budget Summary 2023
- Tax Rates 2023-24
- Tax Enquiry Protection
For a full listing of our resources and information sheets, visit our resources page on the Carpenter Box website.
KEY DATES AND DEADLINES
01 August 2023
- Corporation tax payment due for year end 31 October 2022, for those companies not liable to pay their liability by instalments.
07 August 2023
- Due date for June VAT returns unless exempted.
19 August 2023
- 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.
- Construction Industry Scheme: monthly return due for period up to 5th of previous month.
22 August 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 August 2023
- Filing deadline for corporation tax return self-assessment form CT600 for period ended 31 August 2022 to be submitted to HMRC.
Deadline for filing your annual accounts is 9 months after your company's financial year ends.