Financial Matters

With David Frederick FCCA | Marcus Bishop Associates | marcus-bishop.com

It’s all change this August

Traditionally, August is the month of the great getaway to sun, sea and sand. However, this year may be quite different for overseas holiday seekers. This has nothing to do with the challenges of our airports or airlines or any other vacation related activity. At the end of this month trustees of UK express trusts and certain non-UK trusts that came into existence on or before 6th October 2020, must ensure that their trusts have been registered with the UK Trust Registration Service (TRS). As the deadline date is 1st September 2022. The TRS was born on 26th June 2017, to provide a register of the beneficial owners of trusts. Initially, this was a component of the EU anti money laundering strategy and fulfilment of The Money Laundering and Terrorist Financing (Amendment) Regulations 2019. However, registration by 1st September 2022 arrived post Brexit in October 2020. This change automatically widened the previous legislation, which had only required trusts that paid certain taxes to be registered with the TRS. The October 2020 legislation effectively provided mandatory registration of all trusts. The new requirement became, all UK trusts, excluding those granted HMRC exemption (tinyurl. com/3vxadmws) and some non-UK trusts that came into existence on or after 6 October 2020, to register with HMRC by 1st September 2022. This also included trusts that had been closed since 6th October 2020. However, trustees of taxable relevant trusts are not granted the luxury of 1st September 2022. Such trusts set up before fiscal year 2021-22, have a registration deadline date of, on or before 31 January after the tax year in which the tax liability occurred. If the taxable relevant trust had an income tax or capital gains tax liability for the first time, the trust registration deadline is 5th October after the end of the tax year. With this in mind, it is imperative that trustees are fully aware of what trust they have and what is the deadline for registration with the TRS. It is not unusual for trusts to be born out of the will of a deceased individual. Trustees should be aware that will trusts are also required to be registered unless they were closed within two years of the date of death. Registration of the trust with HMRC is the responsibility of the lead trustee. However, trust deeds rarely state a lead trustee. This requires the trustees to appoint their own lead trustee and it is this trustee’s responsibility to register the trust. Some trustees may find the task of trust registration unattractive for a variety of reasons, often because it is outside of their comfort zone. If this is the case, trustees may appoint an agent to register their trust. However, the trade-off is there will be a financial charge. HMRC provides a comprehensive list (bit.ly/3o4lddO) of the information required to register a trust. Following registration of a trust, trustees have an ongoing obligation to maintain complete and up to date records of the trusts’ beneficial owners; trustees; the beneficiaries; and the person(s) who set up the trust (settlor). In addition, there is a requirement to annually update the register and in the event of any significant changes in the life of the trust. The current HMRC penalty for non-compliance is a modest £100. However, this penalty is likely to be increased to a more penal deterrent for errant trustees who deliberately fail to comply. So as August draws to a close and before trustees disappear to enjoy the sun, sea and sand, a final check must be undertaken to ensure their trust is registered or it has been delegated to an appropriate agent.

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Monday 22 & Tuesday 23 August: Into The Wild Painting Workshop

9.30am – 12.30pm. Kids Summer Holiday Club, Ages 6 to 11. At The Arts Factory we provide an outlet for your child’s creativity to blossom during school holidays. We run holiday club sessions for any child with an interest in art. Goose Green Community Centre, 62A East Dulwich Road, East Dulwich SE22 9AT. www.theartsfactory.london/

Saturday 27 August: Mosaic Workshop 1pm-5pm

Join artist Giulia Manzoni in this one-day workshop to discover the ancient art of mosaics. You will learn how to use mosaic tools and materials to create a unique piece of mosaic art, whilst also discovering more about the history and design process behind it. All materials will be provided. You will be able to select one of four designs which Giulia has created especially for this workshop, which use four artworks from the exhibition, Reframed: Woman in the Window, as inspiration. Selecting your own colour palette from a range of tiles, you will walk away with your own, individual 10x10cm mosaic square and the beginners’ knowledge to continue your adventure in mosaics. Entry to the gallery and exhibition for the hour prior to the beginning of this workshop is also included in the ticket price, allowing you to become inspired by the multidisciplinary artworks on display.

https://my.dulwichpicturegallery.org.uk/

Wednesday 31 August: Cooking with Scissors

6.45pm-8pm. An opportunity for local business professionals to meet, make new contacts and gain new business. The last Wednesday of every month. Free Admission. Find out more or register at: www.cookingwithscissors.co.uk/ The Lordship Pub, 211 Lordship Lane SE22 8HA

September Preview

Thursday 1 September: An Evening with Maggie O’Farrell

7:30pm - 8:30pm.

Maggie O’Farrell is a bestselling and awardwinning author. She has written eight novels and in 2020 her novel Hamnet won the Women’s Prize for Fiction. Maggie will be discussing her latest novel The Marriage Portrait with journalist Hannah Beckerman. The Marriage Portrait brings to life Florence in the 1560s as Maggie tells the tale of Lucrezia, third daughter of Cosimo de’ Medici. When Lucrezia’s sister dies on the eve of marriage to Alfonso d’Este, ruler of Ferrara, Modena and Reggio, Lucrezia is thrust into the limelight. Alfonso quickly asks for her hand in marriage and Lucrezia faces court life for the first time. With the drama which she illuminated Shakespeare’s world, Maggie brings Renaissance Italy to life and offers an unforgettable portrait of a resilient young woman’s battle for her survival. Tickets: Book & Ticket £35 (Includes a copy of The Marriage Portrait, book RRP £25) Standard Ticket £20 Concession £15. A Village Books and Alleyn’s School Enterprise event. The MCT at Alleyn’s School, Townley Road, Dulwich, SE21 8SU. Book Tickets at:

https://mct.alleyns.org.uk/

Friday 2 September: Live Band Karaoke

7pm - 11:30pm. Belt out classics from Dolly Parton to Metallica, live on stage, backed by a sensational 5 piece band, in front of an electric crowd at Peckham Rye’s historic Ivy House. Pick from around 300 tunes. Lyrics are provided on screen, and our compere will be on stage with you to provide additional support and / or add those critical backing vocals. Doors + signups from 7pm; £6 (adv) / £8 (door, subject to availability). Ivy House, 40 Stuart Road, London SE15 3BE. Advance tickets from:

https://live-band-karaoke.designmynight.com

Saturday 3 September: Parkruns in Dulwich Park and Peckham Rye Park

9am-10am. Free, weekly timed 5k run, jog or walk. Every Saturday at 9am promptly starting from Queen Mary’s Gate (Dulwich Park) and Colyton Road Entrance (Peckham Rye Park). Register once and bring your printed barcode (can be used at any parkrun across the world). First-timers briefing at 08.50am.

https://www.parkrun.org.uk/dulwich/ https://www.parkrun.org.uk/peckhamrye/

Saturday 3 September: Peckham Rye Park Fete

12pm-5pm. The Fete will be back this September with renewed vigour and all the familiar traditional attractions: the always popular dog show, children’s fancy dress competition, Punch and Judy, coconut shies and sack races, lots of stalls including the Friends-run ones selling books and plants., together with the Friendsrun Pimms, wine and beer marquee and tea and cakes tent, and various other food stands. Full details in our next issue or keep in touch via

www.peckhamryepark.org/news

Saturday 3 September: Bell House Open Garden

11:30am-1pm. Set behind the Georgian manor house, visitors can explore the peaceful twoacre garden. Bell House is opening its garden for visitors to explore. The Walled Garden comprises of raised beds filled with kitchen essentials grown organically. The House Garden features a rose garden and woodland walk designed to attract wildlife and provide safe habitats. The gardens are a place of community learning, maintained by volunteers who promote gardening as an activity for physical and mental well-being. The gardens are a place of community learning, maintained by volunteers who promote gardening as an activity for physical and mental well-being.

http://www.bellhouse.co.uk/