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Charities: The 2015 Budget

There were many analogies in the Chancellor’s budget to “fixing the roof while the sun shines”, but it appears that we can take him at his word as he announced a trebling of the monies set aside to support church roof appeals. Air ambulance services and charities supporting veterans also look set to benefit from… Read More

Donations by a subsidiary to its parent charity

Many charities have used trading subsidiaries as a vehicle to mitigate corporation tax on trading profits.Taxable profits earned can be reduced by the payment of a donation by the subsidiary to its parent charity. There has recently been new guidance and counsel opinion over the lawfulness and treatment where a subsidiary donates all its taxable profits to… Read More

New Charities SORPs

On 16 July 2014 new versions of the Statement of Recommended Practice (SORP) were published and will apply to accounts of charities for financial years commencing after 1 January 2015. This has resulted in two versions:- –        One based on a new Financial Reporting Standard known as FRS102. The FRS102 SORP. –        One for smaller… Read More

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