Charities – Did you know?

A charity must maintain accounting records.

A charity must prepare annual accounts.

A charity must make their annual accounts available to the public on request.

A charity must record the name under which it is registered, if appropriate, and any other name which it uses.

A charity must record the address of its principal office.

Many charities have a duty to file accounts and an annual report with the Charity Commission if their gross income exceeds £25,000.

Most non-company charities with a gross income of £250,000 or less may prepare their accounts on a receipts and payments basis.

Most charities with a gross annual income in excess of £25,000 are required to have their accounts independently examined or audited.

An audit will usually be required if the gross annual income exceeds £1,000,000.

An audit may be required for other reasons – for example it is specified in the trust deed.

If you consider we may be able to assist you in operating your charity please contact us for a no obligation meeting. 

Richard Jeffreys, Senior Audit Manager

Tax Returns to be filed four times a year?

George Osborne has indicated that tax information will have to be filed four times a year as part of a “digital revolution” at HMRC.  Business owners, self-employed workers & landlords will be expected to file their information online from 2020 in a move which the Government estimates will raise an additional £600m a year by the end of this Parliament. 

The quarterly submission will bring individuals into line with large corporations who currently have to adopt this policy.  HMRC suggest that taxpayers will be able to submit the information via free apps that will be made available for smart phones, or directly at HMRC’s website. 

The quarterly submission is seen as the first step for tax to be paid four times a year, although this has yet to be confirmed.  Mr Osborne stated: “We’re going to build one of the most digitally advanced tax administrations in the world.  So that every individual and every small business will have their own digital tax account by the end of the decade, in order to manage their tax online” – We will wait & see …

Mike Waterfield, Director