Tag: schools

Independent Schools VAT Roundtable

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  • Independent Schools VAT Roundtable
     April 17, 2024
     11:00 am - 2:00 pm

We would be delighted for you to join us at our upcoming Independent Schools VAT Roundtable on Wednesday 17 April 2024 at 11:00. Hosted by Tracey Young, Partner, Head of Education, alongside Phil Salmon, Partner and Co-Head of VAT. We will consider the current issues affecting independent schools including the Labour Party’s comments regarding VAT. The (more…)

Schools Briefing – Spring 2024

Posted on by Catherine Balle

This edition of our schools briefing looks at some political and environmental considerations which may be a concern for independent schools. Phil Salmon, Partner and Co-Head of VAT, sets out some things for independent schools to consider in the event Labour form the next Government and introduce VAT on school fees.

Andrew Roberts, Senior Manager, explores how schools are continuing to both plan and construct new build projects. Despite current challenges and uncertainties, we are seeing a continuation of capital projects with an increased focus on sustainability. Andrew goes on to explore carbon reduction considerations and why it is important.

With the continuing theme of uncertainty, our first guest author Daniel Jacklin, Corporate Relationship Director, Education at NatWest Group, shares the key considerations for an independent school when borrowing. He goes on to highlight what information a lender might ask for regarding the project, and what they may need the school to provide to secure funds.

Given the current economic climate, schools are seeking ways to bolster and diversify their income streams. Ramzan Khan, Senior Manager, looks at various ways schools can do this
across letting of school grounds, hiring out theatres, and letting out event space for weddings, filming and photography. He explores how the VAT treatment can often differ depending on the type of supply and how the many variations can be navigated.

After the latest announcement from HMRC regarding payrolling of benefits in kind, Nick Bustin, Employment Tax Director, explains what this will mean for schools and how they should prepare ahead of April 2026. He goes on to shed further light on past experiences, and what employers will need to consider.

Finally, Louise Veragoo, Not for Profit Tax Director, shares a Corporation Tax update based on the recent changes to legislation. This includes the amount of Corporation Tax that will have to be paid by companies, the impact on the schools’ sector and touches on interest rates which furthers the importance of timely payments.

I hope you enjoy this edition and find these articles of interest.

Do feel free to let the authors, me or your regular contact know if you have any questions concerning the matters discussed.

Schools Briefing – Autumn 2023

Posted on by Catherine Balle

With another school year well underway, we look at some of the current political and environmental factors that could potentially impact the sector. Our first guest author, Simon Bulleyment, Director at Sibrossa Ltd, tackles one of the most prominent concerns for schools currently – cyber security. In his article, Simon addresses the risks and shares various examples of malicious attacks that schools may fall victim to, including fraud and ransom. He shares a number of considerations schools should consider to best future proof their systems against cyber-attacks, and provides several useful sources to seek guidance from.

Nick Bustin, Director, gives an update on Employment Tax to include challenges that may be faced from off-payroll working arrangements. He expands on the HMRC campaign letter, what it means for individuals within schools, and provides a helpful list of what HMRC are looking for, concluding with recommendations and how he can help you with a proposed response.

With the continuing political uncertainly around Government, our second guest author Sam Macdonald, Partner at Farrer & Co, delves into what it might mean for schools by an incoming Labour rule. Sam gives his opinion on the impact of the removal of charitable status, taxation on parents, and if there will be any social mobility enhancements should Government change.

Jane Askew, Partner, looks into the recently published Charity Commission guidance for trustees on investing charity money. The advice focuses on supporting trustees to better invest their charity’s money into assets like shares, bonds and managed funds. With current higher interest rates now available, the guidance is recommended reading for all governors, and particularly members of finance and investment committees.

Finally, Alacoque Marvin, Employment Law Partner at Wrigleys Solicitors, explores the Supreme Court ruling on holiday pay, what is included in holiday pay, and what might be considered “a series of deductions”. Alacoque concludes with advice for independent schools on conducting a review of the potential risk of claims for arrears of holiday pay.

I hope you enjoy this edition and find these articles of interest.
Do feel free to let the authors, me or your regular contact know if you have any questions concerning the matters discussed.

Schools Briefing – Autumn 2022

Posted on by Kyra Thompson

To begin with, Nick Bustin, Director, provides an employment
tax update considering the changes to be implemented across
IR35, National Insurance and pension salary exchange.

Following the recent Autumn Statement from the Chancellor,
Jeremy Hunt, we have addressed some of the key highlights
which may impact independent schools.

We are grateful to Simon Bevan, partner at law firm VWV, who
examines the practical impact on schools from the Supreme
Court judgement in the case of Harpur Trust v Brazel.
Continuing through these current economically challenging
times, schools are looking to maximise income wherever
possible. Louise Veragoo, NFP Tax Director, provides a
summary of the main circumstances in which Gift Aid can be
available for schools, recent changes to note and provides
some pointers on how to maximise the amount reclaimed from
HM Revenue & Customs (HMRC).

Rakesh Vaitha, Senior Manager, looks at IT general controls
and the implications of ISA 315 (revised) which will impact on
the 2023 financial statement audits for independent schools.
Finally, Ramzan Khan, Senior Manager, looks at the VAT
implications of Electrical Vehicle (EV) Charging as more
employers, including independent schools, are installing EV
charging points for use by their staff.

I hope you enjoy this edition and find these articles of interest.
Do feel free to let the articles’ authors, me or your regular
contact know if you have any questions concerning the matters
discussed.

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