Staff Focus
Welcome to the latest edition of The View, our quarterly update on the key issues both internally and externally that we think will be of interest. In each edition we feature one of the team and in this edition it is Associate Director Chris James.
Staff Focus
Chris James
Chris joined Charterhouse as an accounts senior and soon after ran the audit and accounts department as manager before being promoted to Associate Director. In addition to his role as Associate Director, Chris assists the Accounts and Audit department and supports the department managers with technical input. He also undertakes valuations for a whole host of different clients and businesses and is involved in due diligence work on business acquisitions. As an Associate Director his expertise includes:
- Giving strong advice on any financial and accounting related issues you and your business may face.
- Advice on tax planning, particularly in respect of properties.
- Skilled in HMRC enquiries, Tax Preparation, Income Tax, Partnership Tax Returns, and Payroll.
- Able to prepare business valuations.
- Undertake due diligence on the sale and purchase of businesses,
- Able to prepare business plans, forecasts and projections.
Chris loves golf but does not play as much as he would like to because of family commitments, so when he recently advised a client on a new golfing entertainment business which has now successfully launched and is up and running, work and personal interests came together. Also known as the Quizmaster, he is keen on Quizzes and usually forms part of a Charterhouse team with other members of the firm. He has organised a number of quizzes for Charterhouse itself, the local church and other charity events, where he sets all the questions.
CSR Update
CSR Update
Diversity
As a business Charterhouse have always had a diverse culture and this is now central to our business strategy. We have seen continuous positive change over the years and these are some of the initiatives we have taken:
- Commitment to being transparent and sharing diversity data with our staff, following a yearly diversity audit
- Updated Equal opportunities policy and anti-harassment and bullying policy
- Diversity and inclusion training for all new staff
- Regular performance reviews and transparent salary bands based on levels within the firm
- All staff have the right to request flexible working
- Mental health & wellbeing support and resources are available to all staff.
Our newest initiatives to continue to support diversity are:
- Employees can request to take their bank holidays on specific days special to them instead of using the days on the UK bank holidays. This can include religious holidays, gay pride, birthdays, etc.
- This is in addition to being able to buy and sell holidays above their contractual holiday entitlement.
- Enhanced maternity, paternity and adoption leave has been introduced.
- Enhanced Parental bereavement leave has been introduced.
- Hybrid working rolled out 14 February 2022.
MIND in Harrow
MIND in Harrow
As a business, we have always put the health and wellbeing of our staff at the forefront of everything we do and this, to a large extent was behind our decision to adopt MIND in Harrow as our Charity of the Year. Here are 5 highlights of how we are helping them make a difference – so that Harrow is the best place to talk about and take care of mental health and wellbeing;
- This winter, 6 new volunteers have been recruited and trained for our Mental Health Helpline and Information Service
- 2500 people have used our Talking Therapies Service in the last 9 months alone
- 5 new mental health and wellbeing courses have just begun – including Yoga, Bollywood Dance and Writing for Wellbeing
- They have expanded our Winter Wellbeing Befriending Project – offering short term support for people self-isolating because of covid
- They are launching a pilot project supporting parents of teens struggling with their mental health
If you want to talk to someone or know someone who needs support find key numbers and information here. For more information on our support of MIND in Harrow and our other community work please contact us. With the easing of restrictions, yet rising rates in covid infections, Mind in Harrow is now pulling out all the stops to support local people struggling with their mental health – as some want to return to face to face support and some want telephone or journey to better mental wellbeing.
Spotlight on Befriending
Mind in Harrow’s Befriending Service provides a mix of one to one and telephone/zoom support for around 55 people each year most vulnerable and isolated because of their mental health. Service users are matched with a befriender for up to two hours a week to share a walk in the park, a cuppa in a café or trip to a garden centre, cinema or perhaps a game of cards to reduce their isolation, to find out more have a look at their website.
Wycombe Homeless Connection (WHC)
Wycombe Homeless Connection (WHC)
2021-22 emergency winter night shelter and the local rough sleeping picture On the 1st December 2021, they opened their emergency winter accommodation – self- contained rooms in a building not far from the town centre – and it quickly became full. Fifteen people, who otherwise would have been rough sleeping in south Buckinghamshire, were given a place to stay in those first weeks. They support them with food, clothing, healthcare and any help they need working with the local council to understand their ongoing housing options. In Christmas week alone, they helped four people with an extra-special service where they made sure no one has to spend even one night on the street.
An update on homeless health project
The people they serve can have poor health and face many obstacles in getting the healthcare they need. People who are street homeless in the UK are more likely to die young, with an average age of death of 47 years old, compared to 77 for the general population. Read more here.
Ride London 2022: Are you a new, or keen cyclist looking for a challenge?
WHC have three free charity places in the RideLondon-Essex 100 cycle festival on Sunday 29th May 2022. For more information on any of the issues mentioned above see the WHC website or call 01494 447699
Kinja – The season so far
Kinja – The season so far
Kinja FC have enjoyed a positive start to the new year within their girls programme, with all teams showing fantastic signs of progress and development, as we kick on with the second half of the 2021/22 season. Our Wildcats Centre for our youngest girls [aged from 4-7 years old] has seen a growth in numbers, with now 6 players within that age group, as well as a number of other girls who are keen to join later in the year… Our U10 Girls have sadly had a couple of departures in the side, with COVID having an impact on a few of the girls not being able to return just yet. Therefore, a decision was made to combine the U9 Girls with the U10 Girls for the remainder of the season. This exciting opportunity will allow the U9 Girls to experience a lot of game time at a strong level, and will allow our U10 Girls to develop their leadership skills, alongside their game development skills, by being role models for our younger girls within the group… The U13 Girls have had a fantastic start to the new year, having come up against Ickenham U14 Girls [an older girls team] in the County Cup… The fantastic performances and growth within our Girls teams has meant the demand for us to create a new U15 Girls side is higher than ever. We have brought in a fantastic new coach in Ashwin, who is helping to build a new U15 Girls side, with great success so far… Finally, our U18 Girls have enjoyed a fantastic start to 2022. After a difficult first-half to the season, the girls managed to beat a strong Watford Ladies side to progress to the Semi Finals of the County Cup.. Read more about these stories and other updates from Kinja here.
Corporate Services - Property
Corporate Services
Property
I have built up a property portfolio and I’m worried about Inheritance Tax ‘IHT’, should I gift properties to my adult children?
Raj Jiwani – Joint Managing Director
I have come across this same question from numerous clients over the last 20 years and being a tax advisor it is not natural to say to clients that tax is not the most important factor they should be considering.
Important factors I ask clients to consider in the first instance are:-
- Does the income from the properties fund your current lifestyle?
- Does the income from the properties feature in your plan to fund your retirement?
- If you were to gift the properties to your children, are you prepared to never be able to benefit from the income or capital value of the properties again?
- If you were to gift the properties to your children they become both the legal and beneficial owner, how do you intend to protect the family wealth in the event that your children were to squander the wealth or get divorced?
The answer to the first question can be complex. Many clients have said I’m prepared to give the properties to my children, they will look after me, they will continue to give me the income earned from the property so long as I need it. This in the world of IHT is known as a gift with reservation of benefit, HMRC will still treat you as owning the property for IHT purposes until such time as you cease to benefit from it. The situation gets worse because the gift gives rise to an immediate charge to capital gains tax ‘CGT’ based on the open market value of the property, so the donor could find themselves paying CGT on the gift and then the estate would also pay IHT on the value of the property that had been gifted. It is possible to gift in excess of £650k (for a couple) to family members without giving rise to tax charges depending on your personal circumstances. There are ways in which to mitigate tax charges in every scenario, you should talk to a tax advisor to establish the options available to you. We can help you achieve your goals but will look at a holistic solution to meet your needs. To find out the answers to the rest of these questions read the full article here.