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All charities across the UK who do not prepare receipts and payments accounts should adopt the accounting principles set out in the Statement of Recommended Practice for Accounting and Reporting by Charities (‘The SORP’) when preparing their financial statements. The SORP is based upon FRS102, The Financial Reporting Standard applicable in the UK and Republic of Ireland, being ...

Chancellor Rishi Sunak has extended the Coronavirus Job Retention Scheme (CJRS) until the end of April 2021. Businesses adversely affected by the coronavirus (COVID-19) can make use of the CJRS until the end of April, with the government continuing to pay 80% of employees' salaries for hours not worked. Employers will only be required to pay wages, national insurance contribut ...

The deadline for submitting your 2019/20 self assessment return is 31 January 2021. The deadline applies to taxpayers who need to complete a tax return and make direct payments to HMRC in respect of their income tax, Classes 2 and 4 National Insurance Contributions (NIC), capital gains tax and High Income Child Benefit Charge liabilities.   There is a penalty of £100 if a taxp ...

Increased minimum wage rates have been announced to take effect from 1 April 2021. The government has announced that the National Living Wage (NLW) will increase by 2.2% from £8.72 to £8.91, and will be extended to 23 and 24 year olds for the first time. For workers aged under 23, Commissioners recommended smaller increases in recognition of the risks to youth employment, whic ...

It may not feel like it at times, but the pandemic has not been the only news story of 2020. The Black Lives Matter protests that followed the death of George Floyd in the United States showed that race equality remains a major issue in the UK as well, and perhaps one where there is renewed impetus to make lasting changes for the benefit of all. The charity sector is not immun ...

It may sound surprising, but a large number of charities struggle to spend their income on meeting their charitable objectives for the public benefit. Working in conjunction with the UK Community Foundations Network and the CCEW, the ‘Revitalising Trusts’ programme seeks to assist inactive or ineffective charities by helping them to identify beneficiaries and spend their income ...

Anyone who has used the CCEW register of charities since early September will have noticed that it has undergone a major transformation. As well as a more modern look and feel, the range of information that is presented has also been increased with a view to enhance public understanding of how the charity operates and improve transparency.  Additional information that is now p ...

The Chancellor, Rishi Sunak, has announced the furlough scheme is being extended for an extra month, until the end of April 2021. The government will also continue to pay 80% of wages until the end of the scheme, i.e. that the government contribution will not be reduced at the end of January. More information can be found on the government website: https://www.gov.uk/governm ...

The COVID-19 pandemic will have a significant impact on the independent examination of charity accounts, both on the nature of the work that will need to be performed and the practical difficulties involved. To address these issues the charity regulators have published supplementary guidance for independent examiners for the work they perform during times of national emergency. ...

Some employers may wish to give a small gift to their employees. As long as the employer meets the relevant conditions, no tax charge will arise on the employee. A tax exemption is available which should help employers ensure that the benefits provided are exempt and do not result in a reportable employee benefit in kind. In order for the benefit to be exempt it must satisfy t ...