The world of trusts often feels complex, but at its core it’s about safeguarding assets for others. Whether you’re considering setting up a trust, have been asked to serve as a trustee, or are evaluating your current arrangements, this discussion offers guidance on finding the right trustee for your specific needs. Hosts, Leonora Stevens and […]
When thinking about submitting a tax repayment claim or signing a tax return, it’s important to consider whether the person making the submission or signing the return is authorised to do so. This is especially important to check in the run-up to the deadline for making Gift Aid repayment claims. Gift Aid claim deadline Deadline […]
In her statement on 29 July 2024, the Chancellor announced an end to the VAT exemption for education provided by private schools to take effect from 1 January 2025. The Labour Party had included this commitment in their manifesto with the aim of raising tax revenue to improve standards in state schools by recruiting more […]
Routing commercial activities through trading subsidiaries can help charities to generate extra money more tax efficiently. We highlight some top tips to help you use trading subsidiaries more effectively. Be clear on the reasons for the subsidiary There are many reasons why a charity might set up a subsidiary. The main ones are to protect […]
The Labour Party has been elected with a promise not to raise taxes on ‘working people’. With a fiscal plan based on increasing tax revenue by over £8.5 billion a year by the end of the parliament (shown below), this leads to questions about where the extra tax will come from, and who is likely […]
Performing a going concern assessment has been increasingly difficult against the backdrop of a challenging economic environment over the past eighteen months, and charities are no exception to this. Is a going concern basis appropriate for your charity? Under the going concern basis of accounting, the financial statements are prepared on the assumption that the […]
Many of us are keen to support charitable causes, either during our lifetimes or by including bequests in our wills. A number of tax incentives for giving to charity are made available to incentivise taxpayers to donate – Gift Aid being the most commonly used income tax relief. This article considers the various options available […]
As charity regulation continues to increase in complexity, here’s a reminder for those involved in the preparation and scrutiny of financial statements of charities. What are the thresholds for the different levels of scrutiny? The relevant threshold will depend on whether a charity is registered in England and Wales and/or Scotland as the requirements are […]
How many times have we heard: “Charities do not pay tax. Everyone knows that.” Of course, nothing could be further from the truth. VAT and charities Almost without exception, every charity in the UK suffers the cost of irrecoverable VAT. Yet, despite this, many charities who could (or should) be registered for VAT are not, […]
Trusts have long been used to help manage and direct private wealth; the first recorded use of them in England dates back to the 12th century. Family members or friends may be asked to act as trustees of a trust, and their natural inclination to help may be hindered by a lack of knowledge and […]
