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.

Dulwich Hamlet FC

www.dulwichhamletfc.london @DulwichHamletFC | info@dhst.org.uk | 07951 640099 @dhstorg

Like a deceptively dormant Vanarama Vesuvius, Dulwich Hamlet have exploded into life, spewing molten signings all over South East London while launching a pyroclastic surge of a new kit to blow the minds of awe-stricken locals. You lava to see it. First the players, where whimpers of joy met the news that the Pink and Blues have retained a sack-load of fan favourites from last season; including salmonesque shot-stopper Charlie

Grainger, Danny "puts the tall in stalwart" Mills,

Sanchez "The Emperor" Ming and square-jawed club captain Jack Holland. Welcome back boys. In addition, new players there are plenty. Deadfield,

Porter and Splatt might sound like a dodgy firm of

Peckham bailiffs. But these non league galacticos bring with them the promise of getting their foot in the

National South’s door before taking and flogging its sofa and tele. And then there's others like Krasniqi,

Owusu, Comley, and Osaghe, who have driven the Hamlet's crack team of terrace songwriters to frenziedly ransack the back catalogue of early nineties electronica for inspiration. With Gavin Rose remaining at the helm, could this be the side to put some dog back into Dog Kennel Hill? “Hope is the pillar that holds up the World. Hope is the dream of a waking man” as Pliny the Elder said just before his Pompeian petrification. Meanwhile, sight of the Sons of Edgar Kail's new kit has sent eruptions of hot joy shuddering through the fanbase. We've had the horizontal stripe. We've had the sash. We've even had a bit of bauhaus asymmetry. But for 2022/23 we've got a pink and blue quartered Battenberg beauty of a kit that is so damn sexy it will make you consider leaving your spouse and kids to set up a love nest with it above a disappointingly understocked delicatessen on the Forest Hill Road. Proper gorgeous. Or peng if you're a nipper. The away kit is a looker too, paying homage to our much loved German pen-pals Altona 93.

So there you have it. If you're not inspired by all of that, perchance to buy yourself a season ticket, or an ill-advisedly tight replica shirt, then there's not a lot we can do for you. You are interested? Well then get yourself down to the club’s website for ticket news and all your preseason and early season match details:

https://www.pitchero.com/clubs/dulwichhamlet. And keep an eye on the Supporters Trust website for updates on new merch, including replica kits https://dhst.org.uk/. We’re all going to look like a right bunch of swaggering dandies walking down Lordship Lane in this clobber. In the meantime, Up The Hamlet and we’ll see you down Champion Hill.

Peckham Festival

Peckham Festival (CIC) returns from 15-18th September

with a long weekend of art, performances and

activities for everyone. Created in 2016, the free event aims to support a more cohesive and diverse multi-generational community through the arts and celebrates the diverse creativity, culture and community of Peckham and beyond. Festival events will be held across

Peckham, with two of the main sites located at Copeland

Park and Peckham Levels, creative hubs that were formerly a

Victorian factory and multi storey car park. The heartbeat of the festival is the family friendly

Community Hub, where local community groups, charities and organisations offer free talks and workshops. Festival goers will have the chance to try new experiences and engage with local action groups. This year there will be a health and well-being element offering free fitness classes including Hip Hop Yoga and Pilates. The ‘Made in Peckham’, open spaces event will see over a hundred local artists open up their homes, workshops and studios over two weekends this year, offering the public an intimate and unique insight into their work practices. Art forms range from fine art to sculpture; jewellery; ceramics; photography; print and furniture design. The festival stage at Copeland Park will offer a variety of performances ranging from the Nunhead Community Choir and Rye Chapel reggae gospel band to the Peckham Chamber

Orchestra; South London Youth Theatre; carnival performance

Peckham Festival www.peckhamfestival.org

group, Kinetika Bloco; drag and spoken word. Local DJ's and some of South East London's established bands will perform in the evenings. One of the underlying themes of this year's festival is sustainability. Peckham-based Electric Pedals will launch this year’s event with a bicycle-powered film screening outside at Copeland Park simultaneously promoting the value of electricity and cycling. Copeland Gallery will feature 'Life after Life', curated by local artist Katrina Adams. By challenging a consumer, habitual society and culture in which goods and services create waste, the exhibition showcases works where artists are predominantly striving to find more sustainable ways to develop their practice and those of others including art pieces created during the pandemic when usual materials were hard to acquire and repurposing ‘lost’ & ‘found’ objects. Through their art, exhibiting artists ask visitors; “Is the future of art changing to help minimise its impact both socially and environmentally?” Local sustainable mead producer, Gosnell’s Mead, who ferment their honey in Peckham will be bringing their mead garden to the festival and there’ll be a sustainable makers popup curated by local event organisers, Pexmas. Peckham Festival could not exist without the support of local sponsors, which include Copeland Park, Peckham Levels, Future Strategy Club, Gosnell’s Mead and Truepenny’s or without the efforts of the festival volunteers. If you would like to join our festival team as a volunteer please contact: oi@peckhamfestival.org. / www.peckhamfestival.org