Blog

Budget 2017 – What it means for the Not for Profit Sector

Giles Kerkham

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.

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Big Brother is watching you

Peter Glading

Big Brother is watching, and I am not referring to the Channel 5 programme! The term originated from a warning that appears on posters throughout Oceania, the fictional dictatorship described by George Orwell in his book ‘Nineteen Eighty-Four’. Now, in 2017, the tools are available to allow all sorts of organisations to correlate information about us.

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New ‘Transactions in Land’ legislation

Jordan Brown

After months of waiting and a lot of speculation, HMRC have finally published their guidance on property development tax and the new ‘transactions in land’ legislation that was introduced in the Finance Act 2016.

The new Property Development tax rules can apply where land or relevant property in the United Kingdom is sold at a profit.

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New tax allowances for micro-entrepreneurs

Chris Bale

From April 2017 taxpayers will be able to take advantage of two new allowances, aimed at reducing the burden (of both tax and administration) for those making small amounts of money. HM Revenue & Customs (HMRC) refer to this group of taxpayers as ‘micro-entrepreneurs’.
The allowances will allow an individual to receive income of up to £1,000 from trade plus a further £1,000 from property without having to declare this income to HMRC.

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Helping new businesses to network

Glenn Matthews

At Larking Gowen we help new businesses start up and flourish by being there to support them and by providing practical business advice. We also help to arrange networking events for new businesses so that they get to meet with likeminded entrepreneurs and other businesses at the start of their journey in order to share experiences and advice.

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How effective is finance reporting to your charity board?

Chris Yeates

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.

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Why should you stress test your business?

Peter Glading

We often hear that the banks are being stress tested to determine their ongoing viability. Do you just assume that this is ‘economics’ that goes way over our heads? Actually, we can apply similar principles to all types of business. It involves applying systems to identify potential problems, however extreme or unlikely, and then devising strategies to minimise or alleviate their effect.

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How effective is your charity board?

Giles Kerkham

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.

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Employment FAQs

Tessa Brown

With the end of the tax year on the horizon, employers are starting to think about the year-end reporting requirements (and if not, perhaps should be) so I thought this the ideal time to share some FAQs.

I have been subject to Construction Industry Scheme (CIS) deductions as a company. How do I get this money back from HM Revenue & Customs (HMRC)?

Your CIS deductions can be claimed as a credit against the company’s monthly PAYE/NIC bill.

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HMRC’s database increases risk of tax investigation

Richard Proctor

HMRC’s growing reliance on Connect database could mean an increasing number of innocent taxpayers face investigation.

Over 80% of all tax investigations undertaken by HMRC now follow potential leads generated by its £45 million database system, Connect, according to recent reports. The new reliance on automated systems to identify targets means that taxpayers could face an increased risk of investigation, simply for having their name thrown up by HMRC algorithms.

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