Blog

Back to Blog

What is Independent Examination of Charity Accounts?

The trustees of all registered charities must produce a trustees’ annual report and accounts each year.  Where a charity’s annual income is over £25,000, the trustees must also arrange for an independent person or accountancy firm to carry out either an audit or an independent examination of their charity’s accounts. The purpose of the Independent Examination is to give the charity’s trustees, supporters, beneficiaries and the wider public, some independent assurance that the chari...

UK VAT Temporary Change for the Hospitality & Tourism Sector

Last week the chancellor announced a temporary cut in the VAT rate for certain supplies in the hospitality and tourism sector. The standard 20% rate is being reduced to 5% from 15 July 2020 until 12 January 2021.  The reduced 5% VAT rate applies to: Supplies of food and non-alcoholic drinks from restaurants, pubs, bars, cafés and similar premises across the UK.Supplies of accommodation and admission to attractions across the UK. Please visit the gov.uk website for more details about the c...

Changes to Corona Virus Job Retention Furlough Scheme

To date, employees that were placed on furlough could not undertake work for you. Originally, the scheme was only for employees who were not working, and while on furlough, an employee could not undertake work for or on behalf of the organisation. However, from 1st July, employers will be able to bring furloughed workers back to work on a part-time basis while still being able to claim under the CJRS for hours not worked.The government will continue to pay 80% of furloughed employees wages for a...

Furlough scheme portal opens for claims on 20 April

HMRC announced plans to open the online Coronavirus Job Retention Scheme (CJRS) service on 20 April with the first claims being paid 10 days later. The good news is that we will be able to access the system for our clients.Since the scheme was announced on 20 March, many clients  have been concerned whether the HMRC will pay CJRS grants soon enough to save oranisations  before it is too late.  The scheme is due to go live on 20 April with first payments being made 10 day...

What is a social enterprise?

Why is Michael Sheen holding a spanner? and what exactly are social enterprises?Luckily Chris Addison (and Michael Sheen!) are on hand to explain it all in this video.This video contains a comprehensive, simple and fun explanation of what social enterprises are, how they are part of an inspirational sector making a positive difference to people and the environment, and how they differ from charities and traditional businesses...

What is a Community Interest Company?

Community Interest Companies (CICs) are limited companies, with special additional features, created for the use of people who want to conduct a business or other activity for community benefit, and not purely for private advantage. This is achieved by a "community interest test" and "asset lock", which ensure that the CIC is established for community purposes and the assets and profits are dedicated to these purposes. Registration of a company as a CIC has to be approved by the  Community ...

Minimum Wage and the Real Living Wage

The government sets a minimum amount workers must get paid on average for the hours they work. This is called the National Minimum Wage (NMW) or the National Living Wage (NLW) if you’re aged 25 or over.  It is a statutory obligation to pay your staff at the following levels:...

What is Making Tax Digital for VAT?

From 1 April 2019 all VAT registered businesses (including charities) with a taxable turnover above the VAT threshold (£85,000) are required to keep their VAT business records digitally and send their VAT returns using Making Tax Digital (MTD) compatible software.  HMRC has published VAT Notice 700/22: Making Tax Digital for VAT, which provides full guidance on how MTD will work in practice.  Organisations with a VAT threshold over £8...