Communication with the outside world has never been more important. Making sure you successfully communicate what you are doing and the difference you make to your beneficiaries can mean the difference between future funding being awarded or not. You should communicate not just how funds are spent, but the impact it has, that is, the public benefit you deliver.Read More
Charities are certainly adapting to changing funding environments. In seeking to reduce reliance on grant funding, many charities have looked to increase enterprise trading and charging for services. But the tax impacts of developing new opportunities and even delivering the same services under different arrangements have sometimes been overlooked – these need to be on a charity’s radar.Read More
Making Tax Digital – charities exempt but trading subsidiaries will be affected
The Government has confirmed that it will introduce legislation to exempt charities from the Making Tax Digital requirements. This is welcome and will protect smaller charities and those with limited digital capability.Read More
With MHA, we have created Keeping Your Charity on the Right Track, a 12 month programme to help you improve your organisational governance in a stepped and measured way. Each month’s article covers an area of charity governance for review and leads you through good practice.
Often as board members rotate, the new trustees simply accept what has gone before and receive the same financial reports without question.Read More
HM Revenue & Customs (HMRC) are changing the way they collect tax information. The changes, referred to as Making Tax Digital (MTD), are billed as a “digital revolution” that will “transform the experience of millions of taxpayers”. The changes will come into force from April 2018 with plans to deliver a full digital tax service by 2020.Read More
The Education Funding Agency (EFA) has released the Academies Financial Handbook 2016, which is effective from 1 September 2016.
We consider the Handbook essential reading for trustees, members, accounting officers and chief finance officers/school business managers. Must-reads are Annex B: Schedule of freedoms and delegations and Annex C: Schedules of requirements.Read More
The Small Business, Enterprise and Employment Act 2015 has brought about a number of changes to the regulations of companies. The changes aim to simplify filing requirements and improve the transparency of ownership and control. The changes will affect all companies, including charitable companies.Read More
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.Read More
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.Read More
As you will no doubt be aware, significant changes to UK accounting standards are coming (and for some they have already come!) Unless FRS 101 or IFRS is adopted (which is unlikely in the majority of cases), FRS 102 is the new mandatory accounting standard for medium or large entities for accounting periods commencing on or after the 1 January 2015.Read More