All posts by admin

Charity Audit Survey success

admin

Our Not for Profit team was delighted to have been singled out once again for praise by Charity Finance magazine as part of its annual survey.
 
The Charity Finance Audit Survey examines questionnaires completed anonymously by more than 1,000 UK charities, along with audit data from the UK’s Top 350 charities by income.

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A summary of key changes in the Academies Accounts Direction

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A summary of key changes in the Academies Accounts Direction
2014 to 2015 (SORP 2005)
 

The Education Funding Agency (EFA) published the Academies Accounts Direction 2014 to 2015 (“The Accounts Direction”) at the end of June 2015. This document guides Academy Trusts and their auditors in the production of their financial statements for the period ending 31 August 2015.

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SRA Accounts Rules – May Update

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So what has happened so far?

We were expecting phase 2 to be implemented from 1 April 2015, however we know this has been delayed until at least 1 October 2015.

The reason for this delay, we think, is because the SRA still need to decide on the best process to adopt and what will constitute that process.

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Accounts uncovered

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Why do you need to understand a set of accounts?

Financial statements provide a summary of all the relevant information about a business. Therefore understanding your figures or financial information is an essential skill for any successful business owner.  By understanding accounts fully you will be able to analyse a set of accounts better so that you can manage and control your finances and make informed decisions using facts rather than intuition.

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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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How #VATMOSS became a great big #VATMESS

admin

As we have previously reported, and written a number of times, that the 1 January 2015 sees a substantial change in the law on VAT, involving digital services being taxed for VAT where the customer resides, not where the supplier resides. This change was brought about as a result of a growing annoyance within the EU and other international organisations such as the OECD (Organisation for Economic co-operation and Development) that large (and let’s be honest, mostly USA based) companies were using the current VAT rules to get an advantage.

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We’ve “never had it so good”: but is change afoot?

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It’s now nearly 58 years since Prime Minister Harold Macmillan made his famous speech, which included the quote above.  He was talking then about the UK economy in 1957 but it could equally apply now to the VAT system in the UK.  “Never had it so good” – VAT? Really? Let me explain why, compared to the rest of Europe, our VAT system here is really generous by using a few examples.

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Scotland’s got a brand new bag (tax)

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I recently blogged about the vote for Scotland to remain part of the Union, but, as David Cameron promised, Scotland is increasingly being allowed to go its own way on tax.  Only last week, the Scottish Parliament voted to impose a plastic bag tax on Scottish retailers.  To provide some context Northern Ireland has a bag tax, and so does Wales, and England is still debating how to introduce a bag tax later in 2015.

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Altering the past – one year left to claim on listed buildings!

admin

Charities and householders owning listed buildings will remember the 2012 Budget for scrapping a valuable relief for alterations to some listed buildings.  The argument the Treasury put forward was that there was an “anomaly” in that repairs to listed buildings carried the full 20 percent rate of VAT whereas approved alterations were free of VAT.

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