There has been a significant change in the focus of the Charity Commission’s guidance on reserves (CC19 – revised in 2016). The new key messages include underlying steer towards keeping reserves to address risks of ‘unplanned closures’ and to plan for the maintenance of essential services. This is a turnaround from having to justify why reserves are being retained, to requiring an explanation as to why they are adequate.Read More
With the vast majority of measures already being announced, and with very few sector specific announcements, there were no real surprises for the Not for Profit (NFP) sector in the 2017 Spring Budget.
Items with a NFP focus which were previously made public and will come into effect shortly include:
Amendments to Social Investment Tax Relief (SITR) – whilst the government has increased the amount of investment which can be raised under this scheme to £1.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.
To be effective, charity board members must fully understand their role.Read More
As we first blogged on 22 October 2015, HMRC have published new Gift Aid declarations for one-off donations, multiple donations and sponsored events.
Declarations already in place do not need to be updated. However, at that time HMRC advised that any declaration issued after 6 April 2016 must be in the new format.Read More
We wanted to share the following, received from Charities Aid Foundation:
You may have heard of #GivingTuesday, a global campaign that was brought from the US to the UK last year by the Charities Aid Foundation in partnership with BlackBaud. After the two days of mass consumerism that we know as ‘Black Friday’ and ‘Cyber Monday’, #GivingTuesday provides the opportunity for 24 hours of pure selfless giving by both individuals and organisations.Read More
Damien Hinds MP, who was appointed Exchequer Secretary to the Treasury after the election, presented the new government’s plans for charity tax to the Charity Tax Group conference on 22 June. These included a number of areas of review for the gift aid system, which were expanded on by HMRC and Treasury officials.Read More
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.Read More
The festive season has got off to a great start with good news for charities in the Autumn Statement. The National Press coverage is concentrating on stamp duty reforms that will affect you if you are buying a home, amongst other announcements. Hidden behind those headlines are a number of positive measures for charities; perhaps the most direct measures are the extension of VAT rebate schemes for hospices and search and rescue charities.Read More
You may have already heard about this US-led tax anti-avoidance initiative, which aims to prevent tax evasion by US citizens using foreign accounts and imposes obligations on certain UK resident trusts. We are pleased to confirm that for UK based charitable trusts and other charities operating solely in the UK no action is needed.Read More
The Charity Commission’s website includes reports on recent casework, to act as cautionary tales for trustees and encourage better practice. These reports commonly include governance failings that they feel have led to improperly handled conflicts of interest. To encourage trustees to improve in this area, the Commission have reissued CC29: Conflicts of Interest – a guide for Charity Trustees with a tougher tone.Read More