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In response to the COVID-19 pandemic the UK’s regulators all announced measures designed to ease the administrative burden on charities and provided extra time to file their annual reports. As we slowly return to a more normal way of operating, these measures are being withdrawn and charities will need to ensure that wherever possible they report in accordance within the usual ...

Businesses that deferred VAT payments last year have less than a month left to join online and pay in monthly instalments under the VAT Deferral New Payment Scheme, HMRC has warned. The online portal for the new payment scheme will close on 21 June 2021. Over half a million businesses deferred £34 billion in VAT payments due between March and June 2020 under the VAT Payment D ...

There are no changes to the Charity SORP to report on in this edition of Charity News, but those preparing charity accounts might be interested to know that the model accounts published by the SORP Committee have been updated. These provide examples of how charity accounts should be presented in order to comply with the latest reporting requirements for charities, including the ...

Although we now have a roadmap out of lockdown, it looks likely that charities will need to hold AGMs on a closed basis until at least 17 May and possibly until at least 21 June. Affected charities may find it helpful to refer to latest guidance published by The Chartered Governance Institute (ICSA) on the holding of remote meetings, which although primarily aimed at business s ...

Following the 2021 Budget, HMRC have announced reforms to the late filing penalty regime applicable to Self-Assessment tax returns. The new regime will be implemented for those with business or property income over £10,000 from 6th April 2023 and all other taxpayers, from 6th April 2024. How will the new regime work? Rather than the usual fixed financial penalty, each time a ...

HMRC have proposed that MTD for income tax will be introduced from 6th April 2023 for taxpayers who have gross business or property income over £10,000. The rules will also apply to partnerships and trust with business or property income. Individuals will now be required to keep records electronically (either using a spreadsheet or suitable software) and file quarterly returns ...

Late last year the NCVO published an updated version of the Charity Governance Code as part of its commitment to review the Code every three years to ensure that it reflects any changes in society. Following consultation, two key areas of the Code have been updated. Firstly, the focus of Principle 3: Integrity has been broadened. Previously it was primarily concerned with prot ...

The fourth Self-Employed Income Support Scheme (SEISS) grant is now live and HMRC has set out the penalties for abuse of the scheme. An overclaimed SEISS grant includes any amount of grant which the self-employed individual was not entitled to receive or was more than the amount HMRC said the applicant was entitled to when the claim was made. Overpayments must be notified to ...

A new helpsheet has been published by CCEW, the Fraud Advisory Panel and others that aims to highlight some of the key areas where charities may be vulnerable to fraud as a consequence of the COVID-19 pandemic. It identifies the following headline risks for 2021 to be aware of: Cybercrime Insider (or Staff/Volunteer) fraud Procurement fraud Financial statement fraud. T ...

Employees who are working from home will need to make new claims for tax relief for the 2021/22 tax year, HMRC has stated. From 6 April 2020, employers have been able to pay employees up to £6 a week tax-free to cover additional costs if they have had to work from home. Employees who have not received the working from home expenses payment direct from their employer can apply ...