Not for profit enews - June 2011
Welcome to our monthly e-newsletter - designed to keep you informed of the latest news for charities, voluntary organisations, small businesses and individuals. We hope you will find it useful - suggestions are always welcomed. Do let us know if your email contact details are incorrect, and please contact us if you have any questions. Remember, we're here to help.
Contents
- Voluntary Sector Finance
- Voluntary Sector Governance
- Other News
Voluntary Sector Finance
HMRC revises guidance on Gift Aid audits
HM Revenue and Customs (HMRC) has revised its guidance on the audits it does of charity Gift Aid claims. In particular, the pages on 'putting things right' have been modified "in response to feedback from customers".
Electronic VAT returns from 2012
The latest VAT Notes update from HMRC reminds any organisation that was VAT-registered before 1st April 2010 and has an annual turnover of less than £100,000 that they are required to submit their VAT returns online from April 2012. The guidance provides further information on how to register for VAT online services and links to new and revised VAT publications.
Implementing the charitable legacies incentive
HMRC is in the process of consulting on proposals around implementing a lower rate of inheritance tax when leaving at least 10% of an estate to charity, as announced in the Budget earlier this year. Responses to the consultation, for which the deadline is 31 August 2011, will be used to develop the detail of the policy.
Voluntary Sector Governance
Using technology to be more effective trustees
The National Council for Voluntary Organisations discussion site has published guidance on how trustees can use technology effectively. The round-up includes tips ranging from how to find the optimal date for a meeting to sharing papers.
Updated model governing documents from Charity Commission
The model governing documents issued by the Charity Commission (Articles of Association, Constitution and Trust Deed), have been updated. The Charity Commission has also reviewed and harmonised trustee benefit provisions, which are now consistent with the newly formed Charitable Incorporated Organisation models.
Progress report on the mutualisation of the public sector
At the heart of the government’s Big Society agenda lies a partial mutualisation of the public sector. By 2015, Francis Maude, Minister for the Cabinet Office, has said that he hopes there will be one million public sector workers in independent, mutually owned social enterprises, once a part of the state. David Ainsworth tracks the fortunes of the twenty-one potential mutuals in this article.
Other News
Additional filing costs for charity trading subsidiaries
Third Sector magazine has reported that the software available from HMRC, which enables companies with annual incomes under £6.5 million to file accounts online, will not work for particular types of organisations. The software, which converts accounts into the iXBRL format, will not work for companies like trading subsidiaries covenanting profits to a parent charity. This will result in extra filing costs as organisations such as these are forced to buy additional software or make use of professional services. Further detail can be found on the Third Sector's website. MacIntyre Hudson can prepare iXBRL format accounts for clients in return for a modest one-off fee.
Researching the sector's role in moving to a low carbon society
The Third Sector Research Centre has recently published a paper entitled 'Low-carbon practices: a third sector research agenda'. The paper looks at how voluntary organisation might play an important role in the transition to a low carbon society and outlines a social practice framework to aid research in the area and help understand the barriers that could be met during the process.
Contact us
To discuss your charity accounting needs, please contact a member of our Not for Profit sector team, email charities@mhllp.co.uk or send us an enquiry online.
