Sep 14 2018 Updated HMRC guidance on grants versus consideration for a supply Categories: Charities One contentious area in the world of VAT is the treatment of funding received by charities. This matters because grant income is non-business in nature and outside the scope of VAT. Thus, no VAT will be payable but there may also be VAT recovery implications. On the other hand, if the funding is consideration for more
Jul 10 2018 Importance of a reserve and reserve policy Categories: Charities A Charity is duty bound to spend monies received within a reasonable period on its charitable purposes. However, the collapse of some charities is not due to mismanagement or misappropriation of funds but due to not having sufficient reserves or considering a reserves policy. Therefore, good governance would dictate that a charity should retain some more
Jan 8 2018 EQ supports Maggie’s Penguin Parade Categories: CharitiesEQ News We are pleased to announce that we will be sponsoring one of Maggie’s penguins in Maggie’s Penguin Parade, a free and accessible public art and cultural event that will see a colony of colourful, giant penguins invade the city of Dundee and surrounding area in Summer 2018. Maggie’s offer free practical, emotional and social support to more
Jan 24 2017 Community Spirit in Cupar Categories: Charities Our Cupar office volunteered to take part in the Leuchars night of the annual Cupar Rotary community sleigh run just before Christmas, with local residents donating over £400 during a house-to-house collection on the night. Today, the staff involved in the sleigh run, along with John Morrow of Cupar Rotary, presented Age Concern Cupar with a cheque for more
Sep 17 2016 SIS announces increased availability of smaller affordable loans Categories: Charities Social Investment Scotland (SIS) has announced, with continuing funding from the Scottish carrier bag levies, an increase in the availability of smaller affordable loans to even more social enterprises. The “Plastic Bag tax”, which was introduced in October 2014, has enabled SIS to help early stage enterprises, with loans secured by a diverse range of more
Jun 15 2016 Creating a Reserves Policy Categories: Charities Why might you need reserves for the charity to be effective? The basis of a good reserves policy is to think through why some funds may need to be held back as a reserve. For a small charity with a simple structure and uncomplicated activities reasons may include: Risk of unforeseen emergency Covering unforeseen day-to-day more
May 24 2016 Trading Activities Categories: Charities The Charity Commission has published new practical guidance (CC35) on when and how charities may engage in trading. Unfortunately what constitutes as trading in a charity is not straightforward; however, a key feature of trading is the sale of goods or services. The identification of trading activities is important as trading profits may be taxable more
Mar 15 2016 Changes to the Charities SORP Categories: Charities On 2 February 2016, the Charities SORP Committee issued Update Bulletin 1. It was always intended that the Charities SORP (FRSSE), an option for smaller charities issued at the same time as the Charities SORP (FRS102), would only have a life of one year. All indications late last year were that there would be no more