Although we now have a roadmap out of lockdown, it looks likely that charities will need to hold AGMs on a closed basis until at least 17 May and possibly until at least 21 June. Affected charities may find it helpful to refer to latest guidance published by The Chartered Governance Institute (ICSA) on the holding of remote meetings, which although primarily aimed at business s ...

Following the 2021 Budget, HMRC have announced reforms to the late filing penalty regime applicable to Self-Assessment tax returns. The new regime will be implemented for those with business or property income over £10,000 from 6th April 2023 and all other taxpayers, from 6th April 2024. How will the new regime work? Rather than the usual fixed financial penalty, each time a ...

HMRC have proposed that MTD for income tax will be introduced from 6th April 2023 for taxpayers who have gross business or property income over £10,000. The rules will also apply to partnerships and trust with business or property income. Individuals will now be required to keep records electronically (either using a spreadsheet or suitable software) and file quarterly returns ...

Late last year the NCVO published an updated version of the Charity Governance Code as part of its commitment to review the Code every three years to ensure that it reflects any changes in society. Following consultation, two key areas of the Code have been updated. Firstly, the focus of Principle 3: Integrity has been broadened. Previously it was primarily concerned with prot ...

The fourth Self-Employed Income Support Scheme (SEISS) grant is now live and HMRC has set out the penalties for abuse of the scheme. An overclaimed SEISS grant includes any amount of grant which the self-employed individual was not entitled to receive or was more than the amount HMRC said the applicant was entitled to when the claim was made. Overpayments must be notified to ...

A new helpsheet has been published by CCEW, the Fraud Advisory Panel and others that aims to highlight some of the key areas where charities may be vulnerable to fraud as a consequence of the COVID-19 pandemic. It identifies the following headline risks for 2021 to be aware of: Cybercrime Insider (or Staff/Volunteer) fraud Procurement fraud Financial statement fraud. T ...

Employees who are working from home will need to make new claims for tax relief for the 2021/22 tax year, HMRC has stated. From 6 April 2020, employers have been able to pay employees up to £6 a week tax-free to cover additional costs if they have had to work from home. Employees who have not received the working from home expenses payment direct from their employer can apply ...

On 19 April, a government-backed mortgage scheme to help people with 5% deposits get on to the housing ladder was made available to lenders. First announced at the 2021 Budget, the scheme will help first-time buyers or current homeowners secure a mortgage with just a 5% deposit to buy a house worth up to £600,000. The government says this will provide 'an affordable route to h ...

CCEW has published a series of simple, easy to understand ‘5-minute’ guides designed to help trustees understand their responsibilities for the management of the charities they are involved with. Five guides have been published, which cover the basic requirements of: Financial oversight Achieving a charity’s purposes Good decision making Addressing conflicts of interest ...

Since the introduction of the new 30-day window for capital gains tax (CGT) reporting and payment in April 2020, HMRC has issued over £1.3m in late filing penalties. The new law that was introduced on 6 April 2020 means that anyone selling a second home must declare and pay any CGT that is due, via HMRC’s new ‘CGT on UK property account’, within 30 days of completion or face p ...