standard page

It is of little surprise that there will be renewed focus on going concern at present, given the continued impact the COVID-19 pandemic is having on charity finances. In a recent report undertaken by Pro Bono Economics in conjunction with Charity Finance Group and the Chartered Institute of Fundraising, the loss of income was made clear, with one in five charities reporting tha ...

The forms P11D which report details of benefits and some expenses provided to employees and directors for the year ended 5 April 2021, are due for submission to HMRC by 6 July 2021. The process of gathering the necessary information and completing the forms can take some time, so it is important that this process is not left to the last minute. Employees pay tax on benefits pr ...

It is a legal requirement for charities in England and Wales with gross income of over £1 million to include disclosure of their fundraising activity as part of their trustees’ report. Charities based elsewhere in the UK may like to include equivalent disclosure on a voluntary basis to provide transparency over their fundraising activities. A recent review undertaken by the Fu ...

HMRC has confirmed that the fifth Self-employment Income Support Scheme (SEISS) grant covering the period May 2021 to September 2021 will open to claims from late July. To be eligible for the grant, an individual must be self-employed or a member of a partnership. They must have traded in the tax year 2019/20 and submitted their tax return on or before 2 March 2021, and also h ...

In response to the COVID-19 pandemic the UK’s regulators all announced measures designed to ease the administrative burden on charities and provided extra time to file their annual reports. As we slowly return to a more normal way of operating, these measures are being withdrawn and charities will need to ensure that wherever possible they report in accordance within the usual ...

Businesses that deferred VAT payments last year have less than a month left to join online and pay in monthly instalments under the VAT Deferral New Payment Scheme, HMRC has warned. The online portal for the new payment scheme will close on 21 June 2021. Over half a million businesses deferred £34 billion in VAT payments due between March and June 2020 under the VAT Payment D ...

There are no changes to the Charity SORP to report on in this edition of Charity News, but those preparing charity accounts might be interested to know that the model accounts published by the SORP Committee have been updated. These provide examples of how charity accounts should be presented in order to comply with the latest reporting requirements for charities, including the ...

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 ...