Policymakers have called for major changes to the Charities SORP – also known as the Statement of Recommended Practice on Accounting and Reporting by Charities. It comes after a panel of experts published their final report into the financial reporting requirements that apply to almost all charities preparing accounts. The Read more…
It has been confirmed that charities cannot recover VAT on social media advertising after HM Revenue & Customs (HMRC) issued a briefing notice to financial controllers. The letter – published online – clarifies the regulator’s position on the charging of VAT on physical and digital advertising media, the treatment of Read more…
The rules around new digital tax reporting requirements will be relaxed for charities and other not-for-profit entities, it has been revealed. The new system – known as Making Tax Digital (MTD) – requires almost all organisations to keep their VAT records digitally and submit their VAT returns using MTD-compatible software. Read more…
Since April 2019, the Government has increased the upper limit for trading that charities can carry out without incurring a tax liability. Updated guidance can be found https://www.gov.uk/government/publications/increases-to-charities-small-trading-exemption-limits/increases-to-charities-small-trading-exemption-limits This will allow charities to undertake more trading activity before a trading subsidiary is needed and is a welcome change having been at Read more…
The gender pay gap in the largest charities has decreased by seven per cent this year, new figures have revealed. The overall gender pay gap across the whole of the sector is still skewed 7.9 per cent towards men, however, suggesting there is still work to do. The findings form Read more…
Thomas Coombs
@ThomasCoombsAcc
