Newsletters

Summer 2016 Newsletter

Summer 2016 Newsletter

Charity SORP – Further Changes

The SORP (FRSSE) has been withdrawn for years ending 31 December 2016 onwards. This leaves only the FRS102 SORP.

The Budget

It has emerged since the Budget that the government has decided not to withdraw or reduce the 80% business rate relief for charities, which will be a relief for many organisations.

THE REGISTER OF PEOPLE WITH SIGNIFICANT CONTROL (PSC REGISTER)

Charitable companies will need to be aware of the impact of the Small Business, Enterprise and Employment Act 2015 (SBEE). The aim with this Act is to increase transparency over who controls companies.

Charity Commission

The Charity Commission has launched a new online registration service. It is currently being treated as a prototype via the “beta” service and the old registration service will remain whilst testing takes place.

Legacies

Legacy giving in England and Wales increased by 8%, from £2bn in 2013 to £2.2bn in 2014.

Taxation

NCVO, the Institute of Fundraising and the Charity Finance Group have responded to a HMRC consultation on the Gift Aid Small Donation Scheme, saying that it has not lived up to expectations. The scheme has raised £27m against projections of £135m and the three organisations have argued that the scheme needs to be “clearer, simpler and broader”.

VAT – Local Museums and Galleries

The s33a VAT refund scheme eligibility criteria has been extended to include local museums and galleries. These organisations must have free admission for at least 30 hours per week (with no exceptions).

Relaxation of Lottery Rules

From 6 April 2016 it is possible for charities to benefit from small-scale work lotteries, residents’ lotteries and incidental non-commercial lotteries. Previously this was prohibited.