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Online accounting & payroll software for British business & charities

Donor Ledger and Gift Aid Overview

30.09.2017

Liberty Accounts specialised support for not-for-profit organisations provides additional features above the general bookkeeping and payroll. The fully integrated donor ledger is one of features. The donor ledger allows you to set up donors, detail any sponsored events, record donations then prepare and submit the Gift Aid claim. The simplicity of preparing and filing claims allows you to improve your cash flow with regular claims.

 

From: videos

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Making Tax Digital – delayed again!

31.07.2017

This will be welcome news for accountants, bookkeepers, businesses, individuals and software providers. The Government say that Making Tax Digital (MTD) is their plan to make life easier for individuals and businesses. How so? Because it will allow everyone to keep on top of their tax affairs. Others view it differently! Professional bodies, businesses and MPs have all voiced concerns about the scope and pace of the reform. The Government has listened (or they have more pressing issues to deal with at the moment) and announced another delay - the first being when it was dropped from the Finance Bill before the general election. The new timetable for MTD is now as follows: Businesses income over the VAT threshold of £85,000 From April 2019 these businesses will be required to keep digital records and then ONLY for VAT purposes. Businesses will not be asked to keep digital records, or to update HMRC quarterly, for other taxes until at least 2020. Businesses income under the VAT threshold of £85,000 but VAT registered As above although there is ambiguity in the Government statement as to whether these businesses will be required to report for taxes other than VAT come 2020 or whether the fact they are VAT registered is, by definition, an opt-in and therefore requires reporting. Businesses income under the VAT threshold of £85,000 and not VAT registered The government has committed that it will not widen the scope of MTD for Businesses beyond VAT before the system has been shown to work well - stand by for more delays​!​ At the earliest they have said this would April 2020. These businesses may however opt-in to MTD for Business. If you are a business that has to comply or one of those that opts-in what will this mean? You will have to keep digital records, i.e. use software, and provide updates to HMRC. Until 2020 this will only be for VAT purposes. ​So, for the moment, it's as we were and we can relax​ although it would still be prudent for any business that is VAT registered not yet using software to plan ahead and ensure that they have the appropriate tool in place for 2020. References Next steps on the Finance Bill and Making Tax Digital Making Tax Digital Overview

 

From: blog

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Small Charitable Donations

04.04.2017

In December 2016 the Small Charitable Donations and Childcare Payments Bill, designed to simplify and strengthen the Gift Aid Small Donations Scheme, and will come into effect at the start of the this tax year. The Gift Aid Small Donation Scheme (GASDS), introduced in 2013, was originally expected to raise £100m a year but has fallen well short only delivering just over a quarter of that figure currently. With the reforms included in the bill the government estimates the amount of Gift Aid claimed by charities under the scheme will increase by £15m a year. The scheme is intended for occasions where donors don't have time to stop and the provide details required for a gift aid declaration - such as putting money into a charity bucket. Charities are able to claim these repayments on small donations of £20 or less, up to an annual cap. However, as identified on a survey by NCVO, small charities in particular are struggling to make use of the scheme due to complex access requirements which was reflected in the scheme’s usage statistics - only 29% of the number of charities projected to claim in 2014/15 did so (ref: NCVO Briefing). This Bill removes some criteria for charities to access the Scheme, such as the requirement to have made successful gift aid claims in previous years. Also donations made by contactless payment will be covered but this hasn't been extended to cheques, text donations or online payments. A charity’s annual claim under GASDS is capped by reference to its annual claim under Gift Aid (the ‘matching rule’). In addition, a charity that is connected with one or more other charities has to share the annual £8,000 (increasing from the current £5,000) main allowance. Finally, the scheme allows a charity to make an additional claim in respect of donations it has raised as part of its charitable activities in a community building – such as a village hall, town hall or place of worship. The aim of these rules is to allow charities operating in a similar way but structured differently to have the same entitlement to top-up payments. For example, a charity may have several branches but registered as one charity or, alternatively, another charity may have the same structure but each branch may be registered as a separate charity. For further information see Parliament Explanatory Notes

 

From: charity-

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