9th September 2019
News
CHW Accounting
This depends on what type of charity you are and what the level of your gross annual income is.
All Charitable Incorporated Organisations have to be registered regardless of the level of their annual income.
Every unincorporated charity with a gross annual income of £5000 or more is required by law to register with the Charity Commission. Once a Charity reaches the threshold it will be required to register in the next financial year. If its income falls below the threshold in subsequent years it will still remain on the register.
A charity below the threshold may enjoy some of the benefits of being a registered charity without the need to be registered. It can apply to HMRC for tax relief and although unregistered, it is still legally a charity and must comply with charity laws.
Being a registered charity makes it easier for your charity to raise funds from the public, grant-making trusts and local government; represent and help the needs of the community and gives donors and beneficiaries confidence that your charity is legitimate and working within a regulatory regime.
All charities benefit from a number of financial advantages, including exemptions from income or corporation tax on some types of income; capital gains tax stamp duty and inheritance tax on gifts made in wills.
It is important to obtain good advice and to understand the regulatory requirements of being a registered charity. A lot of helpful information is available from the Charity Commission at www. charitycommission.gov.uk
Grab a biscuit and a brew and read our latest news.
8 March 2022
Temporary reduced VAT rate for leisure and hospitality to...
On 8 July 2020, as an urgent response to the pandemic, the government announced a number of VAT measures including a temporary reduction of the VAT…
1 March 2022
National Minimum and National Living Wage changes April 2022
From 1 April 2022, the government is increasing but the National Minimum and National Living Wage rates. The National Minimum Wage is the minimum amount an…
22 February 2022
Dividend taxes to rise from 6 April 2022 –...
The government has confirmed that it will not be backing down on the planned hike in National Insurance (NI) and dividend tax from April 2022. There…
10 January 2022
Late filing and late payment penalties are to be...
HMRC has given self-assessment taxpayers more time to ease COVID-19 pressures. With the self-assessment deadline less than three weeks away, many individuals and agents will be…
7 January 2022
Making tax digital for VAT – April 2022 –...
Since 1 April 2019, VAT-registered businesses with a turnover above the VAT registration threshold of £85,000 have been required to keep their records digitally and provide…
No matter what your challenge is, we’ve probably dealt with it before.