But first we had Chancellor Jeremy Hunt deliver his Autumn Statement on Wednesday 22nd November which contained a range of announcements impacting businesses and individuals. We have put together a comprehensive Statement Summary which details the key announcements, along with reaction videos from our team. You can find these in our Autumn Statement Summary blog which is linked below.
This week is Charity Fraud Awareness Week, a campaign which is headed up by the Charity Commission. It is an important week which aims to educate and raise awareness about fraudulent activities targeting charitable organisations which can take shape in many forms. Cybercrime is a growing area of concern for many organisations, and we have provided some guidance on protecting your charity against digital fraudsters in our blog.
Finally, we were delighted to attend the Adur and Worthing Business Awards recently as sponsors of the Manufacturing and Engineering category. Partner and Head of Business Services Charlie Eve stepped up to the stage present the award to the winners, Gemini Print Group. Huge congratulations to Gemini and all those who won awards, as well as to the organisers for another memorable awards night!
Autumn Statement 2023 Summary
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On 22 November 2023, the Chancellor Jeremy Hunt delivered the Autumn Statement 2023.
Significant announcements include:
- Cuts to employee NICs take effect from 6 January 2024 and self employed NICs from 6 April 2024
- 100% first year allowances (‘full expensing’) for companies made ‘permanent’ (originally due to expire 31 March 2026)
- Extension of the ‘cash basis’ of computing taxable profits for unincorporated businesses
- Reforms to tax reliefs for research and development and creative industries
- Affirmation of support for the state pension ‘triple lock’ with an 8.5% increase from April 2024, based on average earnings
- No changes announced to Income Tax, Inheritance Tax or Stamp Duty Land Tax – all remain fixed at levels previously announced
- Simplifications announced to the Making Tax Digital regime to be introduced for income tax self-assessment in April 2026
Our Statement Summary compiles the most crucial points and elucidates their impact on businesses and individuals.
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Companies House New Identity Verification Process
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The Companies House new identity verification process comes as part of the Economic Crime and Corporate Transparency Act, which received Royal Assent at the end of October 2023.
The timing of the majority of measures will be set through secondary legislation and remains undefined, but we felt an article to explore in advance the verification process set for Companies House would be welcome.
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Delay in Changes to UK Accounting Standards
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The recent decision by the Financial Reporting Council (FRC) to delay the proposed amendments to UK accounting standards might draw parallels to the suspenseful moments created by the Video Assistant Referee (VAR) in football.
Even if there are no widespread changes made to the initial proposed amendments, the delay gives companies more time to prepare for implementation. Ultimately, this makes the ‘accounting game’ fairer for those involved in preparing financial statements.
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Tips to Protect Your Charity from Cybercrime
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There has been a continued increase in cybercrime in recent years, which is a concern for all entities, including charities. Cybercrime takes many different forms and can involve data breaches, identity fraud or phishing emails.
Charities can be targeted for a number of reasons, some of which are common for all types of organisations. But some of these are increased as a result of being a charity. These include the number of online donations, cost savings and hybrid working.
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What Should Be Included in Management Accounts?
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In the dynamic world of business, having the right financial information at your fingertips can be the difference between thriving and just surviving.
Enter management accounts, the internal financial reports that provide invaluable insights for decision-makers. In this blog post, we’ll explore what should be included in management accounts, the five primary functions of management accounting, how management accounts should look, and the key focus of management accounting.
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Preparing for an Audit – The Unofficial Survival Guide
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At some point, it is likely that you will have to prepare for or be actively engaged in and audit for your company or organisation.
Regardless of whether you are embarking on your inaugural audit experience or possess considerable expertise in all things audit, this blog aims to provide you with valuable insights into the audit process and how to prepare for it.
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Adur & Worthing Business Awards 2023
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Carpenter Box was delighted to sponsor the category of “Manufacturing and Engineering” at the Adur and Worthing Business Awards 2023 on Friday 10th November 2023 at The Pavilion, Worthing.
These awards provide a platform for local businesses to showcase their excellence, and contributions through hard work and innovation. Each winner and finalist has played a pivotal role in the growth and success of our region, collectively illustrating that business in Adur and Worthing is truly unparalleled!
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A Day in the Life at Carpenter Box and StarBox
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Junaid has been a Manager at the Carpenter Box Chichester office for nearly six months.
While every day offers its unique challenges and rewards, Junaid will walk you through a representative day that showcases his work routine, family time, and commitment to personal well-being, including the days when he works from home.
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Sam joined the StarBox team in late April 2022 and works in the Brighton office.
His role is an accounts clerk, day-to-day tasks include assisting with personal tax return planning, creating personal tax returns and working on a limited company’s accounts.
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October 100 year fundraising
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As part of our centennial celebrations, each working group at Carpenter Box has been granted a dedicated month to organise fundraising initiatives in support of the Carpenter Box Charitable Foundation.
In October, it was the turn of the Your Voice Working Group, a dedicated group that takes staff ideas around well-being, development and the firm, and channels them into workable and effective ideas to improve and enhance the business.
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Resources:
For a full listing of our resources and information sheets, visit our
resources page on the Carpenter Box website.
01 December 2023
- Corporation tax payment due for year end 28 February 2023, for those companies not liable to pay their liability by instalments.
- New fuel rates come into force.
07 December 2023
- Due date for October VAT returns, unless exempted.
19 December 2023
- Construction Industry Scheme: monthly return due for period up to 5th of previous month.
- 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.
22 December 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.
30 December 2023
- Deadline for online submission of self-assessment tax returns for tax year ended 5 April 2023 for HMRC to collect tax through PAYE codes, where they owe less than £3,000.
31 December 2023
- Filing deadline for corporation tax return self-assessment form CT600 for period ended 31 December 2022 to be submitted to HMRC.
- Deadline for filing your annual accounts is 9 months after your company’s financial year ends.
- End of CT61 quarterly period.
