Do your tax affairs and investments need a make-over? Sussex and South East accountants Carpenter Box surveyed the post-Budget landscape at an Investment & Tax seminar in Horsham, offering practical tax saving tips and insights on wealth management.

Having been challenged recently to justify ‘return on investment’ for management development courses and programmes, I gathered together some ideas… and hope the following helps/interests you…

Sussex and South East accountancy firm Carpenter Box has appointed two new Client Service Directors within their Audit Team. This coincides with the addition of a new Associate Director through the recent merger with Jones Avens.

Sussex and South East accountants Carpenter Box has announced that it has joined Sumer, the UK’s fastest growing accountancy and professional services group.

The 12th annual Kreston UK Academies Benchmark Report published today has revealed a marked increase in the number of academies dipping into their reserves to keep up with the significant cost increases that have hit the sector.

South East businesses accounted for 12% of administrations in 2023 – the third highest region in the UK – according to analysis by Sussex law firm Mayo Wynne Baxter.

An interesting new opportunity to join SOS Systems.

The annual tax-free gifting allowance remaining static for the past four decades means its real value is lagging by 360%, research from Sussex law firm Mayo Wynne Baxter has revealed.

Celnor Group, a specialist in testing, inspection, certification, and compliance (TICC), acquired a majority share of Assurity Consulting Ltd, the UK’s leading independent workplace health, safety, and environmental compliance consultancy.

Sussex and South East accountancy firm Carpenter Box has reached agreement with Jones Avens accountants to merge the practice into its south coast operations.

Kreston Reeves has acted as reporting accountants to Kondor AI on its admission to the Aquis Stock Exchange. Kondor AI was admitted on 21 December raising £1.5 million.

Be the best business owner you can be by continually learning, asking experts for advice and guidance and staying aware of evolving strategies and opportunities!

The Chancellor of the Exchequer, Jeremy Hunt, delivered his Autumn Statement on Wednesday 22 November against the backdrop of the yet to be announced General Election.

Christmas is now on the horizon, and our diaries are filling up with lots of Christmas events, both with our clients and the wider business community.

Our summary boils his 110 different proposals down to a concise report of the key points.

The government is extending the NICs relief for employers of eligible veterans for one year.

Kreston Reeves has acted as reporting accountants to Cykel AI on its admission to the Aquis Stock Exchange. Cykel AI was admitted on 25 October 2023 raising £1.75 million.

There is no doubt that whilst the Chancellor’s 2023 Autumn Statement introduced many welcomed tax cuts, the announcements concerning business rates have been less well received by ratepayers and businesses alike.

Welcome to the October edition of your monthly news. Half term has been and gone and Will is back from paternity leave after welcoming his baby boy. We're now beginning to look ahead to Christmas and the new year. First though, we'll be taking a look at; the importance of keeping your will up to date, the case for increasing pension contributions, the uncertain future for the triple lock, our thoughts on NSI's new one-year bonds and lastly the Spring budget cycle.  We hope you find the content informative and valuable. Please do not hesitate to contact us if you have any questions on the above. If there are any subjects or areas you'd like us to feature in the future, please let us know, as we're always open to feedback and suggestions.   The case for increasing pension contributions A new think tank report highlights the need to increase pension contributions. Read more.   Intestacy limit breach delays uplift A recent lapse in concentration from the Ministry of Justice illustrates how important keeping your Will updated can be. Read more.   Savings rates: don’t be caught in the numbers net NSI launched two top of the savings league table one-year bonds, but they were quickly withdrawn from the market due to popular demand. Read more.   An uncertain future for the Triple Lock State pension increases could be outpacing inflation next April, and there’s no guarantee of the Triple Lock surviving the next election. Read more.   A spring Budget cycle will resume shortly The Chancellor has announced that he will issue an Autumn Statement on 22 November. Read more.                                                

What you should consider when resigning a Company Director Changes to a company’s management team and structure can happen for many reasons. Some common factors that may prompt such changes include strategic realignment, leadership succession, performance issues and market conditions. These are just a few of the reasons why companies make changes to their management team and structure. Each situation is unique, and the specific drivers for change will depend on the business’ circumstances and goals. However when resigning directors there are a number of issues to consider before taking action. Find out more     Considerations when setting up an EMI scheme Enterprise Management Initiative (EMI) schemes can be a great way of recruiting, retaining and incentivising key staff. Whilst offering employee share options is particularly popular with younger entrepreneurial companies, they can also be helpful for more established businesses. EMI schemes offer very favourable tax treatment to employees through granting options to employees, which entitles them to acquire shares at a later date, by exercising their options. No income tax or NIC is payable at the time when the options are granted. Provided that the “exercise price” at which the employee can buy the shares is not less than their market value at the time when the options were granted, there is also no income tax or NIC charge when the options are exercised. This means there’s no income tax or NIC on the uplift in market value. Learn more about EMI schemes   Considerations when setting up an EMI scheme Enterprise Management Initiative (EMI) schemes can be a great way of recruiting, retaining and incentivising key staff. Whilst offering employee share options is particularly popular with younger entrepreneurial companies, they can also be helpful for more established businesses. EMI schemes offer very favourable tax treatment to employees through granting options to employees, which entitles them to acquire shares at a later date, by exercising their options. No income tax or NIC is payable at the time when the options are granted. Provided that the “exercise price” at which the employee can buy the shares is not less than their market value at the time when the options were granted, there is also no income tax or NIC charge when the options are exercised. This means there’s no income tax or NIC on the uplift in market value. Learn more about EMI schemes     What are KPIs and why should they be important to my organisation? Monitoring business performance is crucial to the success of any organisation, and Key Performance Indicators (KPIs) are powerful tools for measuring progress towards business goals.KPIs help organisations to focus on the metrics that matter most, identify areas for improvement, and make data-driven decisions. In this blog, we will highlight the benefits of using KPIs to monitor business performance. Read more about KPIs     Payroll Management: Why is compliance and accuracy important? In the ever-evolving world of business, payroll management plays a crucial role in maintaining employee satisfaction and adhering to legal requirements.At Carpenter Box, we understand the challenges faced by businesses when it comes to implementing effective payroll schemes. In this blog post, we will explore a scenario where our expertise in payroll management came into play, helping a client navigate two distinct payroll schemes while ensuring compliance and accuracy. Read the case study     The pros and cons of being a charity Many charitable causes start off being organised and run by a small informal group, such as within a family or community, with no formal structure.However, as things grow, or there is a desire to apply for public grants or other funding, a more formal vehicle for the good cause may need to be considered. There are lots of things to think about when setting up a new entity. In this blog we have considered the pros and cons of setting up as a charity. Read the pros and cons     The Charities Act 2022: what you need to know The Charities Act 2022 is finally rolling out its changes, and the results are promising for charity trustees.  This legislation promises to simplify and empower trustees in managing their charitable organisations. However, the road to implementation has been phased, with the first wave of changes taking effect in October 2022 and the second wave arrived on June 14, 2023. In this blog post, we delve into the latest June changes, which include measures that ease restrictions on small endowment spending, streamline land disposal processes, and reinforce the Charity Commission’s role in regulating charity names. Read about the changes     Understanding the 2023 Annual Return for Charities The Charity Commission has taken a significant step forward in enhancing transparency and accountability within the charitable sector with the launch of the 2023 Annual Return.This crucial document is now readily accessible through the My Charity Commission Account service platform. The 2023 Annual Return represents a significant step toward greater transparency and accountability within the charitable sector. Embracing these changes will not only help your charity fulfil its legal obligations but also contribute to a more informed and responsible charitable landscape. Learn more     September 100-year Fundraising  To celebrate our centenary, every department within Carpenter Box has been allocated a specific month to organise activities aimed at fundraising for the Carpenter Box Charitable FoundationIn September, it was the turn of the Sustainability Working Group, a driven and passionate community that highlights our dedication to making a positive impact on the world. Our commitment to sustainability has been a cornerstone of our journey, and our Sustainability Working Group is at the forefront of these efforts.  Read about their fundraising efforts   Resources: Autumn 2023 newsletter Academies Summer/Autumn Newsletter Tax Rates 2023-24 Tax Enquiry Protection South East Property Newsletter: Spring 2023 Spring Budget Summary 2023 For a full listing of our resources and information sheets, visit our resources page on the Carpenter Box website.       Upcoming Dates 01 November 2023 Corporation tax payment due for year end 31 January 2023, for those companies not liable to pay their liability by instalments. 07 November 2023 Due date for September VAT returns unless exempted. 19 November 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 November 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 November 2023 Filing deadline for corporation tax return self-assessment form CT600 for period ended 30 November 2023 to be submitted to HMRC. Deadline for filing your annual accounts is 9 months after your company’s financial year ends.