Churches and trading
What activities do you church trustees consider a trade? What income types of trading are thereexemptions available? There are two key issues to be addressed; 1. whether the activity is an activity of the church or 2. some other organisation however informally established. A good rule of thumb is that if the activity is under […]Read More
Working throught the NIC maze
NIC’s – why pay it ? You pay National Insurance contributions to build up your entitlement to certain state benefits, including the State Pension. The contributions you pay depend on how much you earn and whether you’re employed or self-employed. You stop paying National Insurance contributions when you reach State Pension age. (If you are […]Read More
Are you ready for the increase in pension rates ?
From the 6th April 2018, auto enrolment pension rates are going to increase. It’s important that you’re ready for these contribution increases so that the correct amounts are deducted from your payroll at the right time if you are employer. If you are an employee, you will be paying higher contributions so you need to […]Read More
Declaration of dividends – what paperwork ?
When you pay yourself a dividend from your company, make sure you; 1. Prepare minutes. This must be completed at each dividend payment. It is the board declaring the dividend. You can pay yourself a dividend as many times as you like during the year. 2. Complete the “Tax voucher”. Don’t be put off by […]Read More
Do Company donations qualify for Gift Aid ?
Companies can make charitable donations under Gift Aid, but those gifts are made without deduction of tax, so the charity does not reclaim tax on the gift. The company’s gift is treated as an expense and deductible from its profits as long as the company has profits for the accounting year in which the gift […]Read More
Capital Allowances for dummies
Lets try to explain “Capital Allowances” simply… Capital equipment are items that are NOT “day to day” expenses. Capital Equipment are “one-off” purchases for equipment that you hope to keep for a while; usually 2 to 8 years. There are 4 main types of capital allowances. 1. Annual Investment Allowance. In this category, you can […]Read More
Gift Aid recommended wording
A common question I get is “what is the correct wording for Gift Aid envelopes”. Well here it is (for past and future gifts; not for one-off gifts)… “I confirm I have paid or will pay an amount of Income Tax and/or Capital Gains Tax for the current tax year (6 April to 5 April) […]Read More
Annual Payroll and RTI (real time information)
Under real time information (RTI) PAYE reporting, a Full Payment Submission (FPS) report is required to be made to HMRC every time an employee is paid, not just once after the end of the tax year as is currently the case. RTI will be compulsory for most employers from the first pay date following 6 […]Read More
“Charities online” – the new Gift Aid claiming system
HMRC is commencing a new service, “Charities Online“. It will make repayment claims faster and easier by filing online. The current R68(i) print and post repayment form will be replaced. From 22 April 2013, churches/charities can sign up to make repayment claims electronically using “Charities Online”. When you submit a claim using “Charities Online”, you […]Read More
Gift Aid small donation scheme
Starting April 2013, HMRC will introduce “GASDS” (gift aid small donation scheme). This is a new scheme to enable Gift Aid style payments on CASH DONATIONS where it is difficult to get a gift aid declaration (such as bucket donations or church “plate” donations.) Charities and amateur sports clubs (CASC’s), will be able to claim […]Read More