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Not for Profit VAT and Tax update – Q2 2021
Here is our second quarterly tax newsletter for not for profit organisations. If you are still following Government guidance and working from home, then I would have suggested taking a break from your desk and popping into the garden to have a break and read through this, but looking at the weather outside, maybe just […]
Uncertain tax treatment
With effect for returns submitted from April 2022 onwards, HMRC is introducing a requirement for certain businesses to notify HMRC if they submit a return which is based in part on what HMRC refer to as an ‘uncertain tax treatment’. This requirement only affects organisations with a turnover of at least £200m, or assets of above £5bn at present.
The requirement covers many taxes, including VAT, but basically says if you submit a return where you have taken a view as to the tax treatment of a transaction, or situation which is at odds with HMRC’s published views on what the tax treatment should be, then you have to notify them.
Questions to ask… overseas grant-making
A key role of any charity trustee is to ensure that the funds of the charity are used for their intended charitable purpose. Trustees of grant-making charities have additional responsibility to ensure grants are being used as expected by beneficiaries.
Key disclosures for charities with grant-making activities when preparing financial statements
Charities that make grants tend to have similar characteristics, such as grant-making being a material part of total charitable expenditure, and large investment portfolios or investment properties held to generate income to fund charitable activities. We have put together a list of some of the key disclosures required for these specific areas to help management and trustees when preparing the financial statements.
Charities Bill 2021: Proposed changes to permanent endowment
In the Queens Speech in May 2021, key changes to the Charities Bill were announced based on the 2017 Law Commission review of technical issues relevant to Charity Law. It has been a long time coming, but on 22 March 2021 the Government published its responses to the Law Commission’s report and has accepted the majority of the recommendations. For those charities that hold permanent endowment funds, there are some key changes to note.
Charity and Not for Profit eNews
The latest edition of our Charity and Not for Profit eNews is now available to download.
Charity and Not for Profit eNews
Click on the button below to download the latest edition of Charity and Not for Profit eNews.
Arts and Culture Briefing – Summer 2021
Welcome to the Summer 2021 edition of our briefing for arts and culture organisations.
Awards and Accreditations
