Making Tax Digital for Income Tax and Corporation Tax approaching

Saffery Champness is encouraging owners of farm and land-based businesses yet to give consideration to compliance with the requirements of Making Tax Digital for Income Tax or Corporation Tax to take time to plan for those changes.

David Chismon, Partner, Saffery Champness, and head of the firm’s Land and Rural Business Group, says:

“Whilst it was recently announced that the introduction of MTD for income tax will be deferred for a further year to April 2024, there are major changes on the horizon. Businesses that are yet to start planning for the changes need to start thinking now.

“Many will already be set up and complying with the requirements of MTD for VAT. Those VAT registered businesses that are yet to report under the requirements of MTD for VAT will be required to comply from April 2022, regardless of size. However, digital reporting for Income Tax or Corporation Tax brings additional considerations.”

For Income Tax, compliance will be required from April 2024 for individuals with unincorporated businesses or landlords with turnover or property income exceeding £10,000. This will include digital quarterly reporting to HMRC of income and expenses through approved software.

Some general partnerships with income/turnover exceeding £10,000 will be required to comply from April 2025. However, other types of partnerships, including LLPs and general partnerships with trust or corporate members, will be required to join MTD for Income Tax at a future date, yet to be confirmed.

The precise date for the introduction of MTD for Corporation Tax is yet to be announced although it is thought that this is unlikely to be before April 2026. Many businesses will need to upgrade their financial recording and reporting systems to comply with the requirement to keep accounting records in a digital format and to be able to provide information digitally to HMRC.

David Chismon says:  “It may still feel like some way off, especially given the recent deferral of MTD for Income Tax for a further year, but for a lot of businesses, the changes that will be required to comply cannot be implemented overnight and will need careful thought and planning.”

Saffery Champness has produced two new briefing notes on MTD and Corporation Tax and MTD and Income Tax, now available online at https://www.saffery.com/our-services/tax/making-tax-digital

About Saffery Champness LLP
Saffery Champness LLP is a firm of chartered accountants that advises individuals and families, not-for-profit organisations and businesses across a range of sectors. As a member of Nexia International, it is part of a worldwide network of independent accounting and consulting firms. For over 160 years, the firm’s success has been founded upon providing clients with a genuinely partner-led service and working with them to create bespoke solutions that help them to achieve their personal and business objectives. For more information visit www.saffery.com or see Twitter @Safferys

Bournemouth University Nursing Students awarded Lewis-Manning Hospice Care end-of-life care Scholarships

3 Adult Nursing students at Bournemouth University who applied for a newly launched Lewis-Manning Hospice Care end-of-life care Scholarship scheme will receive £3,000 of funding each for the 2021/2022 academic year.

The students not only receive the financial support but will also receive a range of support from Lewis-Manning, which includes travel costs, online learning, conference opportunities and the opportunity to shadow a member of the Lewis-Manning Hospice Care clinical team.

Interest in the scholarship scheme was extremely high, with 25 applications received. 10 short listed applicants were interviewed by Dr Linda Thompson, LMHC Board of Trustees Dr Sue Green Deputy Head of Department and Dr Sue Baron, Senior Lecturer in Adult Nursing from the Department of Nursing in the Faculty of Health and Social Sciences at Bournemouth University.

The successful students include:
·       Grace Shobbrook, 28 years old, “This scholarship will allow me to graduate with invaluable professional development and experiences gained with the best support and knowledge from Lewis- Manning Hospice Care.  Palliative and end- of- life care is something I feel truly passionate about, and I am incredibly proud and grateful for this opportunity.  I look forward to starting this journey.”

·       Abbie McQueen, 21 years old, “This opportunity has given me the investment I need for my future, as nursing is not just a job for me, but a vocation. Palliative care is such an important stage of everyone’s life, and I am honoured to be a part of it.”

·      Tallulah Webb, 27 years old, “It’s an honour to have received the Lewis Manning Scholarship for the following year. I’ve had a special interest in palliative care since the start of my healthcare career and this will give me great learning opportunities that I would have otherwise not had.”                        
Dr Sue Baron, Senior Lecturer in Adult Nursing commented “This is an amazing development opportunity for Grace, Abbie and Tallulah and we are extremely grateful to Clare Gallie, CEO, the Board of Trustees at Lewis-Manning Hospice Care, and the Burdett Nursing Trust for making this possible.  Dr Linda Thompson and I had our first meeting with Abbie, Tallulah and Grace this week when their excitement at being awarded these scholarships, and enthusiasm for making the most of the development opportunities that lie ahead was a delight to experience.  We are both looking forward to supporting their development during this final year of their BSc (Hons) in Nursing programme.”

Dr Linda Thompson, Lewis-Manning Hospice Care Trustee said, “We were very pleased with the level of interest shown in the Scholarship scheme and extremely impressed by the talent and passion shown by applicants.”

Lewis-Manning Hospice Care CEO Clare Gallie added, “We are delighted to welcome on board Grace, Abbie and Tallulah and offer huge congratulations on their success in being accepted on to the inaugural Scholarship scheme kindly supported by the Burdett Nursing Trust.  We look forward to working with them over the coming year and helping them to develop their skills and understanding of end-of-life care.

“It’s great to be partnering with Bournemouth University on this new scholarship initiative and I know that it will open new doors and opportunities for the students involved. We see the huge value of investing in student nurses to encourage their interest in palliative and end-of-life care.  We look forward to nurturing this new talent from Bournemouth University.”

About Lewis-Manning Hospice Care

Lewis-Manning Hospice Care is a charity established 29 years ago, providing extraordinary care to patients and their families facing a life-limiting illness across Poole, Purbeck and East Dorset. We offer a range of free hospice care services aimed at helping people to live well through their illness, closer to home.
These include:
– Day hospices, virtual and in person
– Creative arts & wellbeing support
– Lymphoedema clinic for cancer patients
– Better breathing clinic
– Bereavement & family support
Every year we support nearly 500 local people and we develop new services, based on patient need and identified gaps in the area.
To do this we need to raise over £1.6m every year. Without these funds we could not exist.
Our important work increases people’s physical and social well-being, reduces isolation and loneliness, supports people to stay in their homes longer, and alleviates the huge pressures on family and carers.

Registered charity no. 1120193

Businesses urged to back new trading district initiative aimed at putting Wallisdown on map

A new initiative has seen the establishment of  a Wallisdown Trading District aimed at revving up the area and increasing footfall.

As part of the government’s plans to support the high street post-Covid, Bournemouth Chamber of Trade & Commerce (BCTC) has been awarded a one-off grant to re-develop, or launch, trading districts within specific chosen areas.

Jacqui Rock, BCTC President, said: “This is a fantastic opportunity for us to support businesses that are not currently part of the local BID campaigns, helping them create exciting synergy together and developing the area.

“We decided to start with Wallisdown, as it is a busy through route.

“Once we started delving into meeting businesses, there are some great dynamic young business owners with wonderful ideas who are keen to put Wallisdown on the map and get this off the ground.

“The official team to lead the Wallisdown Trading District is currently being finalised.

“However, we are thrilled to confirm that Emily Dillon, Founder and Owner of The Venue Beauty Salon, Wallisdown branch, will take the role of Chair with Kiera Lockett, Owner of Lockett Fuel as Vice Chair.”

Jacqui, pictured left, added: “We urge businesses in Wallisdown to support this initiative and develop a community of like-minded businesses and professionals all based in the same geographical area.

“Without the area working together we simply cannot develop this, and it is such a fantastic opportunity to use this one-off funding to help Wallisdown thrive.

“Businesses have been keen to engage with us so now is the time to act and get involved.”

Wendy King, BCTC Trade Group Liaison Officer, said: “Meeting local businesses in Wallisdown and seeing how they are really keen to work together to improve the area and put Wallisdown back on the map is inspirational.

“We have some very enthusiastic individuals on board to make this happen.”

The first official meeting to review how businesses would like to see the funding allocated will take place on Wednesday October 13.

Businesses are encouraged to contact Wendy for more information at Wendy.King@bournemouthchamber.org.uk or phone 07747 147781.

Latest research and innovation funding opportunities

Find the latest research and innovation funding opportunities from the UK Research and Innovation on their funding finder tool.
Some of the latest funds include:

  • Innovate UK smart grants for game-changing and commercially viable research and development (R&D) innovation that can significantly impact the UK economy.
  • Healthy ageing challenge for service-led innovations to support healthy ageing.
  • Digital security by design for projects to work on the development of the digital security by design (DSbD) software ecosystem.

Click here for further details. 

Small Business Virtual Conference: The Journey to Net 0

The Federation of Small Businesses is hosting a free online conference to explore the significant role small businesses will play in the transition to Net Zero.

The whole day is designed with you in mind; with the specifics around what “net zero” really means and exactly why these international targets apply to you. You will hear from other small businesses about what they are doing to adapt and diversify to meet the challenges. All that before leaving you inspired to form your own action plan so you can play your important part in the UK’s transition towards net zero emissions.

This event is being held on 2 November 10:00-15:30.

For more information, click here. 

Help to Grow: Management programme

Businesses in Dorset can benefit from 50 hours of in-depth training, 1:1 business mentoring, and the opportunity to grow their business, fast.

Help To Grow: Management is the 12-week programme that is 90% subsidised by the government and is aimed at senior leaders of small and medium businesses. Business leaders can take part around existing work commitments and access learning through a blend of online and face-to-face sessions.

The course covers financial management, strategies for growth and innovation, digital adoption and responsible business practices. It features inspirational business leaders and the opportunity to learn alongside local peers, with access to a national alumni network. Help to Grow: Management programme at Bournemouth University Business School is now open for applications.

To register, click here. 

Dorset Spark! Local Talent and Business Event

Creative and  digital tech businesses are invited to meet future talent and consider ways to attract the finest graduates via workshop activity with potential recruits at ‘Dorset SPARK’, taking place on Wednesday 20th October.

Dorset SPARK will focus on retaining and attracting talent to the creative and tech sector in the BCP area. This event is part of BCP Council’s ‘Future Skills and Employment Week’ at Boscombe Royal Arcade and is hosted by Dorset Growth Hub.

It’s the perfect time for collaboration between multi-generational and multi-sector teams to find a practical, innovative solution to their challenge.

To register, click here.

 

 

 

 

 

 

 

 

Take part in Future Skills Employment Week

Between 18th and 22nd October, Boscombe’s Royal Arcade will play host to the ‘Future Skills and Employment Week’. Whether you are an individual wanting to know more about careers in creative and digital technology or a business looking for new and innovative ways to upskill staff, this week is your opportunity to ask for expert advice, find out about the new ‘virtual careers platform’ and even test the latest technologies.

For example, find out how your team can use virtual reality as part of a training programme; and see 3D printing in action. The events programme includes a range of interesting talks from knowledgeable speakers too and you are encouraged to sign up in advance to secure your place.

In addition, Dorset Growth Hub is on hand to answer questions about setting up a business, they can even help get you started; and career advisors will be there for some friendly guidance.

Curious? Feel free to head in between 10 and 4 (every day except Wednesday), no appointment necessary.

For more information, click here. 

AFCB are hosting Arsenal at Vitality Stadium in their first home fixture of the season in the Premier League Cup. The Gunners make the short trip south on Wednesday 6th October for a 7pm kick-off in what is set to be an exciting tie.

The Premier League Cup proved crucial for the development of first-team players such as Jaidon Anthony, Jordan Zemura and Zeno Ibsen Rossi, and Wednesday night will give you an opportunity to catch a glimpse of the next generation of talent.

Previous Arsenal squads have included Premier League appearance makers Emile Smith-Rowe, Ainsley Maitland-Niles and England European Championship finalist, Bukayo Saka.

Tickets are now available for all ticketing account holders and are priced at just £5 for adults and £3 for concessions. Please note, each ticket must be assigned to a supporter with an individual ticketing account on a one ticket per person basis.

To secure your seat, simply click below, login to your account and follow the on-screen prompts.

There is also an opportunity to enjoy our exclusive matchday hospitality packages for this fixture which are priced at £50 per person. To speak to a member of our hospitality team, please click here.

AFCB look forward to seeing you at Vitality Stadium!

Coronavirus Job Retention Scheme ends on 30th September 2021

During the COVID-19 pandemic, the Government has been supporting businesses through the Coronavirus Job Retention Scheme for employees who have been on furlough or partial furlough for the last 19 months. This support will end on Thursday, 30th September 2021.

Many businesses dealing with this loss of support and increases in National Insurance beginning in April 2022 will face difficult decisions on future staffing requirements. There are a number of options that a business can consider while the economy continues to recover:

  • Redundancies;
  • Reduced hours and job sharing;
  • Flexible working patterns.
  • In the coming period, each business will face its own challenges and shall require planning advice and HR support to meet business objectives and comply with regulations. As always, TC is on hand to offer the guidance you need.

If you would like HR support, please contact our Head of HR, Wendy McGarvey. For business planning advice, please get in touch with your local TC Partner.