Laptop
Stay Updated & Subscribe To Our Newsletter

Be the first to know about our regular updates, latest resources and news. To receive our great newsletter all you need to do is enter your details and submit !

 

Sage
Bookkeepping
Training

Learn More Small

Services

Learn More Small

IHT & Estate
Planing

Learn More Small

Tax
Planning

Learn More Small

Charities and tax

Newsletter issue - April 2015.

If you help to run a charity you need to keep on top of the tax and audit regulations that apply to charities, and the gift aid scheme.

A person with earnings or pension income of less than £10,600 and interest of up to £5,000 will pay no income tax in 2015/16. These individuals should not make gift aid declarations for donations made on or after 6 April 2015, as they do not pay the income tax which the charity reclaims in respect of that donation.

As a charity you can reclaim tax online which has been deducted from bank interest, or is due back under the gift aid scheme or gift aid small donations scheme (GASDA). The charity needs to register with HMRC's online services and opt to use the Charities Online service. Details of the donations it receives can be reported on a spreadsheet for up to 1,000 donations at a time. HMRC provide example spreadsheets to help with this process.

Charities generally have to have their accounts audited, which can be a costly undertaking. To allow charities to spend more of their income on their charitable aims the Government has raised the threshold above which an audit is required to £1 million of income per year, for accounting periods that end on or after 31 March 2015. The charity can opt to have a less costly independent examination of its accounts carried out in place of a full audit, to reassure the charity's trustees that all is well financially.

 

Charities & Not For Profit

We have been providing charity clients with high quality, specialist advice and service for many years, and our charity clients range from small village halls to large national organisations...

Learn More Small

Farming Industry

The largest industry sector that we deal with is farming, as you would expect in a rural practice. This means that we have developed considerable expertise in this field...

Learn More Small

 

Back to the top