Charity Commission Filing changes

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Annual Return – Charities filing annual returns for financial years ending in 2015 will need to answer three new questions on the form:

• In the reporting period, how much income did you receive from:

- contracts from central or local government to deliver services

- grants from central or local government?

• Does your charity have a policy on paying its staff?

• Has your charity reviewed its financial controls during the reporting period?

Trustees may wish to take action in respect of questions two and three prior to drafting the return Accounts – It has previously been possible for your accountant or adviser to submit accounts on your behalf by emailing them to Charity Commission.

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Small company thresholds are rising

Chris Yeates

The Government’s response to its consultation on the UK implementation on the EU Accounting Directive has been released, and although legislation, expected by April 2015, will be required to implement the changes, gives a clear indication of what the significant changes will be. The new rules will apply to accounting periods commencing on or after 1 January 2016.

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Revolutionary changes to UK accounting standards – goodbye FRSSE, hello FRS 105 and FRS 102 for small companies

Chris Yeates

UK financial reporting is certainly experiencing exciting times! Hot on the heels of the Government’s announcement on how it will implement the EU Accounting Directive (main impact being a big increase in the small company thresholds) the Financial Reporting Council, the body responsible for setting accounting standards, has launched a consultation on its planned changes to accounting standards.

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New guidance from the SRA

Martin Bugg

The Solicitors Regulation Authority (SRA) and The Law Society are continually providing guidance and comment in respect of frequently asked questions. Highlighted below are key points where guidance has recently been issued.

Keep your client account usage for clients

Rule 14.5 is in place to ensure that your client account is not used for criminal or other uses.

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As memories of January deadlines fade, are we saying goodbye to the £100 penalty?

Martin Hales

According to an HMRC press release issued on 2 February, around 4.3 million people filed their tax returns in January and approximately 2.5 million (seven percent of the total number of submissions) missed the deadline, resulting in (yet again) another large bonus to the Treasury.

However, the amount of the ‘penalty income stream’ has the potential to increase significantly if a new system of penalties detailed in a recently issued consultation paper is implemented.

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Charity audit threshold to double to £1 million

Giles Kerkham

The Government has confirmed its intention to double the income threshold for charity audit to £1 million from £500 thousand. Assuming the regulations are passed as planned, charities with accounting periods ending on or after 31 March 2015 would be able to apply the new thresholds in deciding which form of scrutiny is appropriate or necessary.

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