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Wednesday 27 June 2018

Accounts monitoring: double default class inquiry 2016-17

Charities with an income above £25,000 and all Charitable Incorporated Organisations (CIOs) must file copies of their trustees’ annual report, accounts and external scrutiny report (audit or independent examiners’ report) with the Charity Commission.

As part of its aim to ensure that charities comply with this requirement, the Commission undertakes a programme of work to identify and follow up on charities that have not provided the required information for two years or more.

These ‘double defaulting’ charities are given the opportunity to file these documents within a certain time period. If they do not comply with this request, they are put into a class inquiry, opened under section 46 of the Charities Act 2011. 

You can read the Charity Commission Double Default Class Inquiry 2016-17 key findings here.

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What is reasonable care and why is it so important for VAT?

HMRC state that “Everyone has a responsibility to take reasonable care over their tax affairs. This means doing everything you can to make sure the tax returns and other documents you send to HMRC are accurate.” If a taxpayer does not take reasonable care HMRC will charge penalties for inaccuracies.

HMRC will take a taxpayer’s individual circumstances into account when considering whether they have taken reasonable care. Therefore, there is a difference between what is expected from a small sole trader and a multi-national company with an in-house tax team.

It is worth repeating a comment found in HMRC’s internal guidance “People do make mistakes. We do not expect perfection. We are simply seeking to establish whether the person has taken the care and attention that could be expected from a reasonable person taking reasonable care in similar circumstances…”

If you need advice on VAT etc do contact us here at WYCAS

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New charity trustee welcome pack released

The government has released a new Charity trustee welcome pack. The information is useful for new trustees to help them understand their role and responsibilities, as well as existing trustees who are looking to refresh their knowledge. The pack:

• outlines the basics of trusteeship
• summarises what they can expect
• raises awareness of their duties and responsibilities
• explains what needs to be sent to the Charity Commission
• provides reference to more detailed guidance and information

A link to the information can be found here.

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Keeping your Charity Commission details up to date

The Charity Commission are reminding charities of the need to keep their details up to date.  You can use their change charity details service to keep your details, including contact information and the names and email addresses of your current trustees up-to-date.  Acess the online service here.

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Our services

WYCAS provides a range of specialist services designed to meet the needs of the third sector:

• One to one support and training
• Preparation of year-end accounts
• Independent examination
• Financial training courses and workshops
• Computerising accounts
• Bookkeeping and management accounts
• Advice and information
• Bespoke consultancy projects

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