Your June business and tax updates
Published: 26 Jul 2023
Welcome to our June newsletter!
We've had a bit of a green theme this month, with a number of events and articles on sustainability. If you're looking for information on how to offset your carbon footprint or find out more about Net Zero Emissions, look no further than our newsletter. There are also a number of Green Tax Reliefs available, which Tax Partner Rachel Pearce covers in the latest South East Property Newsletter.
There's news below if you're a Xero user: Xero is retiring its old versions of reports on 30 July. We offer you a guide to ensure a seamless transition. And do take a look at our summer newsletter. It covers a number of topics on both business and personal tax. As a reminder, we always recommend considering tax at an early stage before any major transactions so we can help save you money in the long run.
As you may be aware, June is Pride month, and our LGBTQIA+ working group celebrated by fundraising for our 100th birthday. They threw a number of fun and educational events and even offered Carpenter Box pride lanyards, which you may see the next time you're in our offices! These vibrant lanyards serve as a symbol of support and inclusivity.
Our fundraising activities continue this weekend, with an inter-office walk/run/cycle between our 5 offices with nearly 30 members of our team taking part! I've dusted off my bike and helmet, and will be cycling from our Gatwick office down to Worthing on Sunday. If you're interested in supporting our efforts, please do visit our fundraising page. You can also catch up with all the action by following our social media platforms.
Finally, I want to once again thank all of our corporate sponsors for helping us towards our goal to raise £50k for our local community.
I hope you enjoy this month's newsletter. As usual, if you have any questions on anything covered below, please get in touch with your usual Carpenter Box contact or drop us an email.
After the multiple fiscal statements in 2022, which often reversed changes that had only recently been announced, the last few months have been relatively tranquil on the tax front. The Budget contained high-profile announcements of changes to childcare and pensions, but the former only begin being phased in next year and the latter only affect a small minority of taxpayers.
One thing is certain: tax has become more complicated in recent years. This trend is likely to continue, so it is very important that you consider tax at an early stage in your decision-making process, whether to do with business matters or personal ones (e.g. deciding to cash in investments or to transfer assets to family members).
Take a look at our Summer newsletter, which covers important items such as payroll hygiene, improving your state pension, selling your buy-to-let and relief for excess mortgage interest.
We are here to help you negotiate a tax minefield, so please speak to us if you are planning any major transactions soon. Tax planning can often save a lot of money in the long run.
Transitioning to new reports in Xero: a guide to a smooth switch
As technology advances, software platforms undergo updates and improvements to enhance user experience and functionality.
Xero is retiring its old versions of reports on the 30th of July at 7pm. To ensure a seamless transition and avoid any disruptions, it is crucial for users to switch to the new reports before this deadline.
Read more to find out about the upcoming changes, the steps you need to take, and how to make the most of Xero’s new reporting features.
How to offset your carbon footprint and emissions
Carbon offsetting is a scheme designed to counterbalance carbon emissions by investing in projects that reduce or remove greenhouse gas emissions elsewhere.
Carbon offsetting works by calculating the amount of carbon dioxide emitted by a business or individual and then purchasing offset credits equivalent to that amount.
We break down the advantages and methods of offsetting your carbon footprint and emissions.
Construction tax updates: Green tax reliefs
To help households improve energy efficiency and keep energy costs down – as well as supporting the UK’s long-term Net Zero ambitions – VAT relief is available for the installation of Energy Saving Materials (ESMs).
From 1 April 2022, the zero-rate of VAT applies to the installation of ESM in residential properties. A typical family having roof top solar panels installed will save more than £1,000 in total on installation, and then £300 annually on their energy bills.
What does it mean to have Net Zero Emissions?
Net zero emissions refers to achieving a balance between the total amount of greenhouse gases released into the atmosphere and the total amount removed from it.
This equilibrium can be attained through various approaches, including emission reductions, carbon capture and storage, and the expansion of forested areas.
In this blog we break down the advantages and methods of achieving net zero emissions.
June fundraising from Carpenter Box’s LGBTQIA+ Working Group
In the spirit of their centenary celebrations, Carpenter Box has allocated each working group a month to host engaging activities and raise funds for the Carpenter Box Charitable Foundation.
June belonged to the LGBTQIA+ Working Group, a vibrant and inclusive community within Carpenter Box. Let’s dive into their fundraising efforts and the exciting events that unfolded!
The challenges facing the Manufacturing industry in 2023
As the manufacturing industry evolves in the face of various economic and global factors, it becomes crucial for businesses to adapt and overcome the challenges that lie ahead.
Earlier this year we took part in Insider Media’s South East manufacturing briefing, engaging with other industry specialists to discuss the sector outlook for 2023.
We outlined the key takeaways from the roundtable event, shedding light on the challenges faced by the manufacturing industry and the strategies employed to address them.
Becoming a UK tax resident: what you need to know
As an international business owner or finance director operating in the UK, one of the most important decisions you’ll need to make is when your company becomes a UK tax resident.
Knowing when this happens can have a major impact on how much tax your business pays and what regulations it needs to comply with.
English Wine Week 2023: Celebrating the Best of Homegrown Wines
Carpenter Box celebrated English Wine Week once again, running from 18th June 2023 – 26th June 2023.
This annual WineGB event aims to raise awareness of English wines and their availability across the country. The English Wine Industry has flourished and today, there are over 700 vineyards in England and Wales, producing a wide range of sparkling and still wines.
At Carpenter Box, we have been providing accountancy and tax advisory services to vineyards and wineries for many years. We are proud to support the entire process, from planting vines to producing bottles of wine.
With thanks to our Sponsors
To celebrate our 100th birthday, our goal for the year is to give back to the community we’ve been a part of for 100 years. With the help of corporate donations and fundraising events throughout the year, we are aiming to raise £50,000 this year for our own Carpenter Box Charitable Foundation (CBCF).
All profits raised during the year will be donated to the CBCF, with funds going directly to local charities and organisations.
Thank you to our Sponsors for their support.
- Summer 2023 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.
06 July 2023
- Final date for agreeing any PAYE settlement agreements for 2022/23
07 July 2023
- Due date for May VAT returns unless exempt
14 July 2023
- Due date for income tax for the CT61 quarter to 30 June 2023
19 July 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
- Deadline for postal payments to reach HMRC for any outstanding class 1A NICs for the tax year ending 5 April 2023
- Construction Industry Scheme: monthly return due for period up to 5th of previous month
- Q1 (2023/24) PAYE/NIC payment due where paid by cheque. The cheque must be with HMRC by this date in order to avoid automatic interest charge
22 July 2023
- Deadline for any electronic payments to reach HMRC for any outstanding class 1A NICs for the year ending 5 April 2022
- Q1 (2023/24) PAYE/NIC payment due where paid electronically in order to avoid 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
31 July 2023
- Filing deadline for corporation tax return self-assessment form CT600 for period ended 31 July 2022 to be submitted to HMRC
- Deadline for filing your annual accounts is 9 months after your company’s financial year ends
- Deadline for second payment on account for tax year ended 5 April 2023