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Internal audit of systems and controls
Internal audit is the organisation’s third line of defence and provides independent assurance to senior leadership and board that the organisation’s risk management, governance and internal control processes are operating effectively. The new status quo has led to modified working practices and direct impact on the first and second line of defence, which could now […]
Winter Economy – VAT announcements
Reduced rate of VAT for hospitality The temporary reduction in the rate of VAT applying to certain supplies in the hospitality sector was due to come to an end on 12 January 2021. The rate cut is now being extended until 31 March 2021. Deferral of VAT payments The VAT due on returns covering the […]
HMRC challenging Coronavirus Job Retention Scheme claims
Whilst the Coronavirus Job Retention Scheme (the Scheme) has provided employers with a much needed ‘lifeline’, HM Revenue & Customs (HMRC) are now taking the first steps to recover grant payments which have either been: Made in error, for example, through a misunderstanding of the Coronavirus Direction, or mis-calculated as to the level of grant which could […]
Independent schools insight: important things to consider when preparing your 2020 statutory accounts
We find ourselves in unprecedented times following the emergence of COVID-19 and subsequent government lockdown restrictions earlier this year. Whilst the restrictions have now been lifted and schools have re-opened to pupils at the start of the new academic year, we face a period of uncertainty over the coming months as it is still unclear what the long term implications of COVID-19 will be on the economy and the independent school sector. Effective communication will therefore be key in preparing your 2020 statutory accounts and we have provided some of the areas to consider below.
Termination payments and some practical guidance
From the outset of the COVID-19 pandemic the Government has provided businesses with a wide range of financial support packages, in particular the Coronavirus Job Retention Scheme which is due to end on 31 October 2020. However, everyday we hear on the news details of many household names announcing store closures, redundancies and re-structuring of their business model.
Travel and subsistence
The rules concerning the tax relief for travel and subsistence are extremely complicated, which partly reflects the different ways employees are now able to work.
Employers need to consider several factors to help determine the treatment of those costs for tax and National Insurance purposes.
Changes to living accommodation rules
Withdrawal of the representative occupiers exemption from 6 April 2021 Currently there are a limited number of exemptions where a benefit-in-kind does not arise in respect of employer provided living accommodation. There are three statutory exemptions which many independent schools are reliant upon and will apply where the accommodation is provided for: The proper performance […]
Comments on Financial Times article
Richard Weaver, haysmacintyre’s Head of Charities and Not for Profit, is quoted in the Financial Times website, click here.