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Comments Off on Budget 2014: HMRC outreach teams to help small charities benefit from gift aid

Budget 2014: HMRC outreach teams to help small charities benefit from gift aid

Budget 2014: HMRC outreach teams to help small charities benefit from gift aid

The government will encourage more donors to use gift aid and help ensure smaller charities are registered for the reliefs they are entitled to. Documents released as part of the latest Budget say this will include “targeted outreach work”, a simpler application process and work to understand donor behaviour. The Budget report also restates the … Continued

Comments Off on Budget 2014: £10m in Libor fines to be awarded to youth charities

Budget 2014: £10m in Libor fines to be awarded to youth charities

Budget 2014: £10m in Libor fines to be awarded to youth charities

Funding worth £10m made up from Libor fines will be awarded to charities and organisations who deliver social action opportunities, Chancellor George Osborne announced in the latest Budget. The fines, which originally were only to go to military charities, will be delivered through the Youth United Network, a network of voluntary youth organisations. The charity … Continued

Comments Off on Budget 2014: Treasury to review rules on benefits for charitable donors

Budget 2014: Treasury to review rules on benefits for charitable donors

The government will review the rules around the benefits charities can give to donors, the Treasury announced in the latest Budget document. Current rules mean that donors can only receive benefits worth 5 per cent of the value of their donation, or £2,500, whichever is lower, in exchange for a donation. A donor receives a … Continued

Comments Off on Budget 2014: Rate of social investment tax relief to be 30 per cent

Budget 2014: Rate of social investment tax relief to be 30 per cent

Budget 2014: Rate of social investment tax relief to be 30 per cent

The Chancellor of the Exchequer announced on the 19 March that the new social investment tax relief will be set at a 30 per cent rate, and will be worth £35m a year to social investors by 2018/19. The relief will offer an income tax rebate to those making unsecured investments in asset-locked bodies – charities, … Continued

Comments Off on Budget 2014- A comprehensive summary

Budget 2014- A comprehensive summary

Budget 2014- A comprehensive summary

To download our comprehensive summary of this week’s budget please follow this link BWM 2014 Budget Report

Comments Off on Budget 2014- Pensions News

Budget 2014- Pensions News

Budget 2014- Pensions News

Pensions will always be a long term planning issue for the country and increasingly, Government policy has aimed to pass the responsibility for pension funding onto individuals. The wide ranging reforms announced in the 2014 Budget for the taxation of Defined Contribution pension schemes will provide some much needed encouragement for pension savings. The reforms … Continued

Comments Off on Budget 2014- Trust simplification

Budget 2014- Trust simplification

Budget 2014- Trust simplification

As announced in the 2013 Autumn Statement, legislation will be introduced in Finance Bill 2014 to simplifying filing and payment dates for IHT-relevant property trust charges. Legislation will also be introduced to treat income that has arisen in such trusts but which remains undistributed for more than five years as part of the trust capital … Continued

Comments Off on Budget 2014- Seed EIS relief to be permanent

Budget 2014- Seed EIS relief to be permanent

Budget 2014- Seed EIS relief to be permanent

Seed EIS was introduced in 2012/13 to provide tax relief for individuals investing in small start-up companies and was originally scheduled to end on 5 April 2017. It was announced in the Budget that the generous tax breaks would now be made permanent: – A 50% tax reducer on up to £100,000 invested each tax … Continued

Comments Off on Budget 2014- VAT registration limit £81,000

Budget 2014- VAT registration limit £81,000

Budget 2014- VAT registration limit £81,000

The VAT registration limit has been increased by £2,000 to £81,000 from 1 April 2014. The de-registration limit also increased by £2,000 to £79,000. If you have any queries please contact Sue Stephens or John Elliott. For the full 2014 Budget Summary please click this link BWM 2014 Budget Report

Comments Off on Budget 2014- New tax-free childcare scheme

Budget 2014- New tax-free childcare scheme

This new scheme which starts in Autumn 2015 was originally announced in 2013 as being worth up to £1,200 per child. It has now been announced that the Government support will be even more generous with the limit being increased to £2,000 per child per year. The parents will be required to open a special … Continued