Advice and assistance of a consistently high standard
Dr Peter Collett
Public Benefit, Fraud and Budget Update
Public Benefit
Does your trustees report do you justice? Anecdotally, we know of a grant making charity which has found the public benefit criteria to be useful in assessing charities to which it makes grants and in challenging some of the issues that have arisen with grantees. It will also be using the public benefit criteria in assessing future applicants.
Fraud
In February 2009, The Fraud Advisory Panel published a research paper on Fraud in Charities – see www.fraudadvisorypanel.org It is likely that triggers for fraud will increase as funding cuts take hold. Does your charity have a fraud policy and procedure? Is there a sensible whistle blowing policy and procedure?
Budget Update
VAT
We all know that VAT will be increasing to 20% on 4 January 2011.Charities will need to consider the extent to which this impacts on their Budgets. Bringing forward expenditure prior to the rate change is possible, but there are anti-forestalling rules to prevent certain artificial pre-payments for goods or services to be delivered after 4 January. For more on how the VAT increase may affect charities in 2011 click here
If you’d like to discuss any VAT matter in more detail, please contact Steve Chamberlain, Director of VAT Consultancy, on 01865 261100 or via schamberlain@critchleys.co.uk
Income tax
Don’t forget that high net worth supporters may find that a charity donation can help them to keep out of the top rate band of income tax. Not all indiviudals (or it would seem charities) are aware that such donations attract relief at higher as well as basic rates
Please contact Tim Keeley for more tips on income tax on 01865 261100 or via tkeeley@critchleys.co.uk
Capital gains tax
With the increase in the CGT rate, high net worth supporters could consider the advantages of gifting assets rather than the proceeds from the sale of these assets
Please contact Gerry Jackson for more information on mitigating Capital Gains Tax on 01865 261100 or via gjackson@critchleys.co.uk