Robinson Reed Layton Charity Newsletter Autumn 2016

Robinson Reed Layton Charity Newsletter Autumn 2016

Fundraising Regulator Levy – The Postman is on his way!

You may well have heard of a new regulator in the charity sector. The Fundraising Regulator (FR) came into being in July 2016 and is now responsible for the Code of Fundraising Practice.

Winter 2016 Newsletter

Click Here to Read the Winter 2016 Newsletter in Full. A Busy Time Ahead For Our Tax System New Tax-Free Childcare Scheme – Launch Date Is Nearly Here Dealing With Distractions New Tax Relief for Investors Rental Income Splits Inheritance Tax Receipts Continue To Rise Financial Accounts For Small Companies – Time To Choose All …

Independent Examination in England and Wales

With the increase in audit thresholds to £1,000,000 of income, significant numbers of additional charities will now fall within the bands which permit independent examination of their financial statements.

Automatic Data Exchange

The Common Reporting Standard (CRS) is an information standard for the automatic exchange of information and requires certain institutions to collect and report data to HMRC for exchange with other countries.

Power to Disqualify – Consultation

The CCEW have the statutory power to disqualify individuals from acting as a trustee, which would also disqualify such individuals from holding senior management positions within the charity or charities concerned. The power enables the CCEW to disqualify, for a proportionate period, individuals who are unfit to be a trustee so as to protect an individual charity, charities in general or other trustees and the public.

Official Warnings – Consultation

The CCEW is consulting on how they propose to use new powers to issue an official warning where they consider there has been a breach of trust or duty or other misconduct or mismanagement within a charity.

Report Matters of Material Significance

Auditors and independent examiners in England and Wales, Scotland and Northern Ireland have a duty to report to the relevant Regulator matters of material significant which they discover in the course of carrying out their audit or examination work.

Update Bulletin 1 and Early Adoption

The Update Bulletin 1 was issued early in 2016 and allows for small charities, those with income under £500,000 to exclude a statement of cash flows when preparing accounts under the SORP 2015 (FRS 102).