“Freeing up” restricted funds
Charities now have access to a new means of “freeing up funds” for charitable purposes. The “Charities Restricted Funds Reorganisation (Scotland) Regulations 2012” came into effect on 1 November, allowing charities to apply to OSCR to “unlock assets” that cannot currently be used, due to outdated restrictions. “Restricted funds” are assets which someone has given […]Read More
Not in Scotland please !
Australia is looking at setting up a similar Government body to the Scottish OSCR (Office of Scottish Charity Regulator). But some alarm bells are ringing. The Aussie equivalent is thinking of taxing charity income “of unrelated commercial activities that are not directed back to their altruistic purpose”. What does that mean ?. How long will […]Read More
The Euro problem in simple terms.
Here is my take on why the world is in an economic mess ATM (at the moment). Beware…I am Australian “trained” and living in Scotland…so you know I will be right !. The Euro was created to remove transaction costs, administration barriers and competitive devaluations. In classic Keysian terms, the weaker economies of The Union […]Read More
A quick question regarding mileage payments
Here is a common question: I am employed by a charity that provides me with a car less than 1400 cc. They pay for all the petrol, but the charity reimburses me for work related journeys at .15 pence per mile. This rate has not changed since June 2011, although the price of petrol […]Read More
Capital gain or trade ?
How do you know if a sale is subject to capital gains tax, or if it is a routine trade ? If you buy and sell a property or 2, is your profit a capital gain, or a trade sale ? A simple way of getting an answer to this common question is found in […]Read More
More on compulsory workplace pensions
The Compulsory Workplace Pension (CWP) which the Government is introducing, is a good way of ensuring we can afford retirement…..and allowing the Government to relieve “pension pressure”. You can opt out if you like, but you will missing out on an opportunity to help yourself. Here’s why; – everytime you put money in your CWP, […]Read More
Compulsory workplace pensions
Starting from October 2012, employers will enrol workers into a workplace pension. When you pay into your pension, your employer and the government will contribute too. I previously lived in Australia where they have had this system for some years. The Australian experience shows that this works and is a step in the right direction. I […]Read More
Trustees Annual Report
OSCR would like your Trustees Annual Report to be more than a “box ticking” exercise. At a recent conference I attended, a session with OSCR highlighted the following; – does your “Trustees Annual Report” (TAR) show the passion of the Trustees in the report ? – make it interesting by putting photos and graphs in […]Read More
How Gift Aid works.
There has been a lot of coverage in the press recently about tax relief for charitable donations. When you make a donation to your church, or charity or to a community amateur sports club you can make a declaration that your donation is made under Gift Aid. This declaration can be made in writing, online or over […]Read More
New financial product – “MIDIs”
Not another one !. A new financial product !. I haven’t met one person who fully understands all the financial products and risk tools that exist in the maze called “the finance world”. So here us another newie to add to the maze. It is called “MIDIs”. “MINIs” are a form of warrant. That is […]Read More