The Charity Commission has launched a new public register for charities – making information more transparent. Using the below link, anyone can search for details of a charity which includes data such as financials, who the trustees are, and whether the charity fundraises from the public. The Charity Commission wants members of the…
Due to the pandemic, many Companies and businesses are receiving support from the government in the form of grants, loans and reliefs. Most of these businesses would not have accounted for something like this previously. UK Accounting Standards have different accounting rules for these types of transactions. Based on the latest guidance available, we have…
Many of the charities we support have been concerned about the impact of Coronavirus, and have understandably had many questions with regards to support and how to manage the charity. Below is some of the latest government guidance (as of 26th June 2020) with regards to some of the most frequently asked questions that…
Many companies have been receiving financial support from the government during the Coronavirus pandemic, either through the furlough/job retention scheme, rates relief or grants. The technical advice Under UK accounting standards, income from the government should be recognised under one of two models, based on the nature of the grant as follows: …
The spread of Coronavirus is being exploited by criminals to carry out fraud and cybercrime. Latest data from police shows there has been an increase in Coronavirus related scams. Any charity is at risk, but especially those providing services to the local community during this crisis. Common frauds and cybercrimes to be aware of…
Companies that require their accounts to be audited, and hold significant levels of stock at their year-end, expect a visit from their auditors annually to perform test counts of their stock. However, during the current lockdown, auditors are considering other ways to gain the assurance they need over the stock levels held. Some suggestions…
All companies must file their accounts with Companies House every year, and there is an automatic penalty applied if they are filed late. Companies House have today released guidance regarding coronavirus. If you are unable to file your company accounts due to the virus, you must make an application to extend the filing deadline…
A successful legal case claiming that grain silos should be treated as plant and machinery for corporation tax purposes – rather than land and buildings – has resulted in a successful tax refund claim by Whitings. The claim was submitted following precedent set in the legal case, and resulted in a substantial tax refund…
Whether unincorporated, a charitable company or a CIO (charitable incorporated organisation), charities are required to have certain levels of assurance over their financial statements depending on their size. The limits are much smaller than companies, meaning that many charities require some sort of external scrutiny. The requirements by size are as follows: Income up to…
On 8th May, friends and colleagues got together for a Paint Night in aid of East Anglian Air Ambulance. Rosey Hancock, a local artist, taught the class step-by-step how to paint a wonderful lion on canvas. All attendees thoroughly enjoyed the event and…