and product updates
Be informed about statutory changes that may effect your organisation
Find out about new features and how you can benefit from them.
The right tool for the job
Charities face the same regulatory pressures as commercial organisations but, in addition, must also deal with complex sector-specific reporting requirements intended to demonstrate good stewardship to supporters and regulators alike.
MTD - What you need to know
We've all heard about it and after some delays Making Tax Digital (MTD) will now come into effect from 1st April 2019 and apply for your first VAT period starting after that date.
Accounting basis selection
Charities with a gross income below £250,000 and who are not registered as a company have the option, as long as their governing document does not require their charity's annual accounts to be prepared as accruals accounts, of preparing receipts and payments accounts.
MTD - Is your business caught?
HMRC are changing the mechanism by which you file your VAT Return and, for your first Return after 1 April (i.e. for those filing quarterly the VAT period ending 30 June onward), you must file under Making Tax Digital (MTD).
Budgeting made easy
If you dislike budgeting as much as we did you will understand why we have developed a tool that makes your budget creation so simple you will look forward to it.
Easy Gift Aid claims
The Gift Aid scheme is well known in the charity sector and provides a welcome 25% boost to donation income. There is no limit to how often you can file your claim with HMRC so, if you have processes in place to be able to claim regularly.
VAT Refund Scheme
HMRC has updated VAT Notice 1001 on the VAT Refund Scheme for qualifying charities.
This year saw the optional payrolling of benefit and expenses by HMRC which, according the HMRC website, - allows you to payroll tax on benefits and expenses without having to submit a form P11D after the end of the tax year
theFSI exclusive offer to members
Liberty Accounts have been delighted to work with theFSI for a number of years and would like to offer a fantastic saving to their membership.
New Flat Rate VAT rules
From 1st April 2017 new rules regarding Flat Rate VAT will be applied that may affect your business.
Gift aid small donation scheme
In December 2016 the Small Charitable Donations and Childcare Payments Bill was enacted. It was designed to simplify and strengthen the Gift Aid Small Donations Scheme, and will come into effect at the start of the the 2017/18 tax year.
Local Charity Day
The government, thanks in no small part to the work of organisations such as Foundation for Social Improvement which provides the voice for smaller charities with policy makers and the public: is keen to encourage more giving to small and local civil society organisations.
From 6th April 2016 the Dividend Tax Credit will be replaced by a new, tax-free, Dividend Allowance. The new Dividend Allowance means that you won't have to pay tax on the first £5,000 of your dividend income.
Where is your data held?
The EU's highest court ruled, on 6th October 2015, that a legal mechanism enabling companies to transfer personal data between the EU and the US is invalid. The Court of Justice of the EU (CJEU) said the “safe harbour” regime does not provide adequate data protection, as required by EU law when personal data is sent outside of the European Economic Area.
HMRC issues first in-year penalty notices
Shortly a number of businesses with fewer than 50 employees, who missed their deadline for sending PAYE information to HMRC, will receive their first in-year penalty notices.