The March 2020 Budget included changes to the pensions Annual Allowance (AA) for higher earners effective from 6 April 2020. The AA is the maximum amount of tax-relieved pension savings accrual in a year and this is to remain at £40,000. However, for those on higher incomes, the annual allowance is reduced by £1 for every £2 […]

As independent schools face the prospect of being closed for a prolonged period, all are busy revisiting their financial forecasts and considering the potential implications on their finances. Many will be seeking additional finance in the form of overdrafts and loans to ensure they have sufficient funds available in these uncertain times. From discussions with our clients, the banks are being supportive. However, in most cases, any finance will be secured on the assets of the school.

The Chancellor has announced a significant assistance package for self-employed individuals adversely affected by the COVID-19 crisis. Having spent considerable time devising a method of assistance for the self-employed, the Chancellor’s statement also included the intention to find an equitable balance between the employed and self-employed, once the immediate crisis is over. This is a potentially significant declaration and may see increased tax and National Insurance costs for the self-employed going forward.

This article was last updated on 26 March at 10:32. Content of Trustees’ Annual Report COVID-19 will have a significant impact on the drafting of Trustees’ Annual Reports. Each charity will need to consider the impact of COVID-19 on its activities, financial position and future plans. The key areas of the Trustees’ Annual Report where we […]

Events have happened very quickly and the response of charities to these new challenges have varied widely as their sectors have demanded different responses: arts and culture organisations that run theatres and other for-hire spaces have had to close; fundraising charities have had to reforecast and anticipate the loss of income from cancelled public events and fundraising opportunities; and independent schools have activated their business continuity plans and are providing remote learning for their students.

There are a number of financial management and reporting tools that may lend themselves to further consideration in these times and may help in the short term to bridge the gap and provide more available finance, or at least identify potential funding options.

This article was created on 26 March and last reviewed on 20 May. In these unprecedented times there are many challenges that organisations, particularly charities, face. With most charities having either December or March year ends, the onset of another audit cycle adds to those pressures. So what is haysmacintyre doing and how can we help to […]

We are the auditors of a large UK international charity where it is not possible to rely on local auditors. This is because local auditors are only appointed where there is a statutory requirement to have local audits, meaning that most jurisdictions do not have local audits. Our approach starts with a detailed understanding of […]

haysmacintyre is pleased to announce an extension to its current support for businesses investing in capital expenditure who seek tax relief through capital allowances. Now offering a fully comprehensive service with chartered surveyor expertise, haysmacintyre tax experts can review clients’ business expenditure and make comprehensive claims, dealing with HMRC and the Valuation Office Agency.