The VAT treatment of membership organisations is complex and there is the potential for both errors and opportunities. Chantrey Vellacott specialises in membership bodies and our VAT team has helped lots of organisations both stay compliant within the VAT rules and improve their VAT position.

In this issue we highlight the key tax implications of FRS 102, the commencement date for which is fast approaching. The transition to FRS 102 could bring your business a number of planning opportunities as well as challenges.

Welcome to the latest issue of our Charity Briefing, a special edition which focuses on one topic, the long-awaited new SORP.

Are you looking to raise finance for your existing trading company or for your new venture? Are you looking for a tax efficient investment? Are you expecting to pay a large capital gains tax liability in the near future? Have you paid a large capital gains tax liability in the last three years?

Education Fees Planning

August 12th, 2014

The cost of putting children through university or private education can be significant.  Parents and grandparents can make use of company shares to create a tax-efficient fund structure.

According to HMRC, of the 8,720 R&D tax credit claims made in 2011-2012, only 210 (2.4%) were from construction businesses.
This supports the fact that the construction industry are not claiming the tax credits available to them, largely due to the fact that this sector does not believe it is eligible for this relief.

The VAT treatment of membership organisations is complex and there is the potential for both errors and opportunities. Chantrey Vellacott specialises in membership bodies and our VAT team has helped lots of organisations both stay compliant within the VAT rules and improve their VAT position.

The Property & Construction Group works with companies, stakeholders and suppliers to provide tailored advisory services on property and construction matters.

Supporting your accounting, tax and compliance needs.

Patent Box

June 25th, 2014

Got a patent? Claim your 10% tax rate.

In this edition we cover how BEPS is likely to impact on international companies, ‘mansion taxes’, claiming capital allowances and tax avoidance schemes.

Kevin Murphy explains the high profile and politically sensitive intricacies of movement with 1 million members and £1bn in total assets.

Published by, RECOVERY Magazine, R3 Association of Business Professionals

Fraud Risks to Charities

June 10th, 2014

Make sure you do not become another fraud statistic.  Our dedicated Fraud & Forensics team offer a comprehensive range of services designed to minimise the risk you and your organisation face.

You most probably aware of the recent coverage of the zombie businesses – those that can only afford to pay off the interest of their debt, not the debt itself, over the last year.

View our latest Private Client Briefing – keeping you up to date with news and events in the sector.

The Chantrey Vellacott Business Recovery team is committed to finding constructive solutions for accountants and their clients.

Internal Audit

May 14th, 2014

How we can help your business succeed.

Midlands Academies

May 9th, 2014

Providing professional services to academies in the Midlands

Inheritance Tax Planning

May 8th, 2014

Protecting value for the next generation.

How to get the best from the improving economy.

Employment Allowance

May 2nd, 2014

Is your company eligible for a £2,000 reduction in your Class 1 National Insurance Contributions?

View our latest Property & Construction Briefing – keeping you up to date with news and events in the sector

View our latest Charity Briefing – keeping you up to date with news and events in the Charity sector

Lifetime Trusts

April 28th, 2014

An overview of our services in relation to Lifetime Trusts – a useful planning tool to reduce tax burdens and safeguard assets.

Working with Football Clubs

April 9th, 2014

Chantrey Vellacott has advised a number of football clubs, sports organisations and sports personalities over many years.  Our Football and Sports Clubs industry group brings focus to our delivery of tangible benefits to our clients.

 

An infographic on the changes to the taxation of members of limited liability partnerships (LLPs) which will apply from 6 April 2014.

An overview of issues and events in the Property and Construction sector

Budget 2014 Tax Table

March 20th, 2014

Download our table of tax rates or order a free printed diary sized version by emailing info@cvdfk.com

This is our first Owner Managed Business Barometer Report. We surveyed over 200 business owners at the end of 2013 to highlight the challenges facing Owner Managed Businesses (OMBs) in 2014 and their confidence in hitting revenue and profit targets as well as their strategies for growth.

Fraud risks to SMEs

February 26th, 2014

Make sure you do not become another fraud statistic

Supporting new academies

February 25th, 2014

The opportunity to seek academy status is an exciting prospect for many governors and school heads. However, the additional responsibilities, risks and financial implications will be daunting for many. As auditors and advisers to academies, we offer a range of services to support you on your journey.

Keeping data confidential is of upmost importance.  Our Data Protection & Information Governance Health Check will ensure you and your company are compliant.

 

VAT issues for academies

February 18th, 2014

Ensuring compliance with HM Revenue & Customs’ requirements in relation to VAT may appear daunting. But academies that follow a structured approach and take advice as necessary should navigate the process successfully.

The introduction of the General Anti-Abuse Rule (‘GAAR’) in this year’s Finance Act is one of the most potentially far-reaching measures in recent years.

Charity Briefing – Winter 2013

February 12th, 2014

Welcome to the latest issue of our Charity Briefing, highlighting new developments both within our firm and in the wider charity sector.

If you can answer yes to any of the following questions you may qualify for R&D Tax Relief.

Claim your due in R&D tax relief

February 12th, 2014

Could your business benefit from a reduced tax bill or cash refund from the government? If you are not already claiming Research and Development (R&D) tax relief, perhaps you should be.

The following case studies set out examples of previous work by the Research and Development Team and the benefits to our clients.

An infographic looking at R&D tax credits and who qualifies to claim.

The Budget 2013

January 2nd, 2014

Content includes:

  • Tax rates 2013/14

Meet The Capital Markets Team

December 17th, 2013

Content includes:

Our Capital Markets Group is composed of specialists with expertise in advising and servicing quoted companies on a range of financial matters.

Content includes:

The Property & Construction Group works with companies, stakeholders and suppliers to provide tailored advisory services on property and construction matters. Our team is located nationally yet maintains a strong local presence in each region we operate in, with specialists who lead the audit and tax services for property and construction, waste management derived fuel (RDF) and recycling companies.

Content includes:

The CV Capital team has had a busy 2013 so far and we anticipate this continuing during the last quarter and into 2014.

Content includes:

The cost of sending children through university or grandchildren through private school can be very significant and with the recent increase in university fees the problem is only going to get worse over the next few years.

In order to fund their child’s / grandchild’s education a shareholder will often have to withdraw significant sums from the company. A knock-on effect of this is that the withdrawal of money from the company incurs a tax liability on the shareholder. The tax charges on withdrawing money from the company can be up to 36.11% on dividend income or 52% on salary and bonus payments.

Over the course of a child’s education the tax costs can be significant and the problem is magnified if more than one child is put through paid education. We have developed a solution that is designed to mitigate the tax costs under these circumstances.

Support For Legal Firms

September 21st, 2013

Content includes:

Legal practices face many challenges – but handling accounting and tax issues need not be one of them. Chantrey Vellacott DFK LLP provides a range of planning, advisory and compliance services to legal practices. We believe we have the skills to help you succeed.

Content includes:

Professional, efficient support for GPs and their practices.

SRT – UK Tax Residence Status

September 21st, 2013

Content includes:

Until now, determining an individual’s residence position in the UK has sometimes been challenging. But the new statutory residence test (SRT) provides more certainty, enabling individuals to manage their tax affairs more effectively.

Unnatural Developments

September 21st, 2013

Content includes:

Efforts to stamp out perceived tax abuse have substantial implications for many property purchases made through a company.

Selling Your Business

September 21st, 2013

Content includes:

Traditionally there have been two ways to release the capital value locked up in a successful business; sell it to a trade buyer or float.

Content includes:

Construction is a traditional and well-proven trade, and because of this there is a tendency for R&D to be overlooked as a means of tax reduction.

Content includes:

Share incentive schemes offer cost-effective rewards for employees, with tax benefits for both companies and their staff

Property & Construction Briefing

September 17th, 2013

Content includes:

Welcome to the first edition of our Property and Construction Briefing, bringing you advice and guidance on matters of concern and interest within the sector

In this edition we cover:

  • Why a VIMBO may be a way to unlocking value in your business
  • A resarch and development success story
  • The share incentive schemes avilable to you
  • A round-up of Budget changes for high value residential properties

Content includes:

  • New draft SORP
  • 5 key questions the new draft SORP poses
  • How to report on the impact your charitable work is having on your beneficiaries
  • High incidence of fraud int he charity sector

Death-In-Service Payments

March 21st, 2013

Content includes:

A professional trust solution to death-in-service payments.

Management Buy-Outs

March 21st, 2013

Content includes:

Management buy-outs provide a tried and trusted exit route for owner-managers.

Taxation Of Non-Domiciles

March 21st, 2013

Content includes:

The taxation of non-domiciled individuals in the UK has been a hot topic over recent years. In 2011 HMRC issued a consultation on the taxation of non-domiciles and residency in the UK. Outlined below is a brief synopsis of the proposed changes and factors to consider.

Content includes:

A summary of the key VAT issues affecting academy schools including:

  • What changes when a school becomes an academy?
  • To register or not to register?
  • What disadvantages could there be from not registering?

Tax – Efficient Giving

March 21st, 2013

Content includes:

The purpose of this helpsheet is to provide practical suggestions to charities about how to encourage giving by reducing the cost to the donor of making a gift, so leading to a higher level of donations; and how to maximise the value they can get from gifts that individuals and businesses make to them.

Content includes:

Is the construction sector missing out on substantial benefits?

Construction is a traditional and well-proven  trade, and because of this there is a tendency for research and development (‘R&D’) to be overlooked as a means of tax reduction.

Guide To Becoming An Academy

March 21st, 2013

Content includes:

Is academy status for you?

When contemplating conversion to academy status, remember there is no ‘one size fits all’ solution. Converting will create benefits but also has drawbacks, all of which must be carefully considered before a decision is reached.

Content includes:

Has your company claimed all the Research and Development Tax Relief to which it may be entitled?

Many companies have already claimed R&D Tax Relief to some extent and some of these companies may even have had a visit from specialist Revenue Tax Inspectors as a result of the claim.

However there is often more that can be claimed and the R&D Tax Unit at Chantrey Vellacott DFK is on hand to provide a second opinion. We will review claims and submit replacement claims to the Revenue where we believe the previous claims to be understated.

Planning For Lower Tax

March 21st, 2013

Content includes:

The 50% tax rate will reduce to 45% from 6 April 2013. This is a positive step and allows for some planning opportunities.

Content includes:

  • Charities and the budget
  • Fraudulent activities that affect charities
  • Minimising risk within your charity
  • The CIO – was it worth the wait?

Content includes:

In this briefing we consider the current and future affects of the introduction of the Pensions Act 2012 on employers.

Content includes:

If you can answer yes to any of these questions then you may qualify for R&D Tax Relief.

Budget Tax Tables 2012

December 16th, 2012

Content includes:

  • Tax rates 2012/13

Content includes:

  • Opportunity knocks? Seed Enterprise Investment Scheme
  • Plan ahead for the Child Benefit clawback
  • Home is where the heart is – and valuable PPR relief
  • Private education fees: only for the super-rich?
  • Income now or later?
  • Tax? It’s not always child’s play

Maintaining trust, recruiting wisely

  • New head of charities appointed at Chantrey Vellacott
  • Finding new trustees, what you need to know
  • Charities’ role in society, what the people say
  • Charity law proposals stir debate
  • Conference and exhibitions: VAT update
  • FAQs: Finding the right CEO for the job
  • CIOs come a big step nearer
  • Pension auto-enrolment: guiding you through
  • 2013 seminar series – dates and topics annouced

Content includes:

Pension auto enrolment came into force on 1 October 2012. Starting with large employers, it will affect all employing organisations over the course of the next six years.

Chantrey Vellacott DFK has partnered with employee benefits experts Q&A People Matter to produce a guide to pension auto enrolment so that you know what to expect and when to expect it.

Content includes:

  • Enhanced tax incentives for those investing in business
  • Budget 2012 – personal tax summary
  • Losing child benefit – limiting the impact
  • Property investments
  • Understanding a trustee’s duties
  • Proposed cap on tax reliefs

Content includes:

  • Charities Act 2006: An Update
  • Charity websites – Accounting and Tax
  • Website Monitor
  • Fraud – What does it really mean for charities?
  • Public Benefit – the Time of reckoning

Content includes:

  • Budget 2012 – update for charities
  • Keeping a charity’s governing document up to date and ‘fit for purpose’
  • Trustees’ Report – how do you consider your risk statement?
  • FAQ – strategy reviews
  • Charity Commission update
  • response to National Fraud Authority report
  • Charities Act 2011
  • report on charity loan to football club

Content includes:

The opportunity to seek academy status is an exciting prospect for many governors and school heads. However, the additional responsibilities, risks and financial implications will be daunting for many. As auditors and advisors to academies, we offer a range of services to support you on your journey.

This latest edition of our financial services briefing contains articles on:

  • Whole of life cover
  • Lifetime allowance – stick, twist or bust
  • How do you invest in volatile markets?

All articles are written by our panel of IFA firms.

Content includes:

In this special pensions issue of our Financial Services briefing we have included articles written by our panel of IFA firms on:

  • Are you ‘pension healthy’
  • Flexibile drawdown – it’s not too good to be true
  • Maximising pension contributions – carrying forward unused relief

All articles are written by our panel of IFA firms.

Content includes:

Since our first Private Client Briefing there have been a number of changes in the world of tax

Charity Briefing – Autumn 2011

September 15th, 2011

Content includes:

  • Budget 2011 – charity update
  • The Bribery Act 2010 – is your charity ready?
  • Charity VAT update
  • Trustees expenses and payments
  • Update: Learned and Professional Societies Forum

Content includes:

The recent launch of our Panel Firm approach to providing Financial Services to our clients has led to the production of our first Financial Services newsletter.

DFK UK & Ireland Brochure

August 17th, 2011

Content includes:

Information is freely available from the internet and other information systems.

Our Services

August 17th, 2011

Content includes:

Chantrey Vellacott DFK is a long established provider of accounting, taxation and related advisory services.

Content includes:

Gibraltar has entered a new era as an internationally competitive onshore European Finance Centre, having left behind its tax haven status.

Content includes:

  • The Pension Regulator – corporate plan
  • Recession impact on the pensions market
  • Multi employer schemes
  • Scheme Administration initiative

Content includes:

Chantrey Vellacott DFK’s business recovery division is committed to seeking constructive solutions to challenging situations. Assignments are partner-led and our teams are structured to optimise cost and effectiveness whilst providing a personalised and supportive approach.

Content includes:

  • New requirements affecting future audits
  • Trading through the recession
  • VAT news
  • Payments to overseas bodies
  • Website monitor

Pensions Briefing – Autumn 2010

September 15th, 2010

Content includes:

  • CPI vs RPI
  • Pensions Reform
  • Self-investment
  • ECR Update

The Bribery Act

August 21st, 2010

Content includes:

The Bribery Act came into force on 1 July 2011. Its aim is to replace antiquated law on this subject and to ensure that the UK comes into line with the majority of other countries. You need to be aware of this, and we are here to help you if needed

Content includes:

  • The VAT rate rise – reducing its impact
  • Are you compliant with your returns to the Charity Commission?
  • The Equality Act 2010 was passed on 8 April this year
  • Website Monitor
  • CV support for Air Ambulance takes off

Content includes:

  • Fraud – What does it really mean for charities?
  • Public benefit is here!
  • Pre-Budget Report
  • Website Monitor
  • Trustee Training

Contents include:

  • SORP 2007
  • Diversification in Pension Fund Investment
  • Ongoing Covenant Monitoring

Content includes:

  • Budget 2008 Update
  • VAT Update
  • Reaping the Benefits of Reporting
  • Avoiding Financial Distress
  • Annual Report and Accounts
  • Website Monitor

Content includes:

  • The Charities Act 2006
  • The Public Benefit Test
  • Gift Aid Audits
  • Website Monitor
  • Forthcoming Seminars
  • Our Specialists Write Charity Taxes Digest
  • Charity Pensions Survey

 

Content includes:

  • Companies Act 2006: An update
  • The Charity Commission – What and how it is doing
  • Substantial Donors
  • Website Monitor
  • Charities Act 2006 Implementation

Content includes:

  • The Charities Act 2006: An Update
  • The Budget: Charities – the Forgotten Sector?
  • Corporate Partnerships: Don’t Forget the Tax Angle!
  • Website Monitor
  • The Money Laundering Threat to Charities
  • Forthcoming Seminars

Content includes:

  • Age Discrimination
  • Risk Management in Practice – Keep it going!
  • Enhanced Transfers values exercise – who wins?
  • Amendments to FRS 17 ’Retirement Benefits’

Content includes:

  • The Charities Act 2006
  • The Public Benefit Test
  • Gift Aid Audits
  • Website Monitor
  • Forthcoming Seminars
  • Our Specialists Write Charity Taxes Digest
  • Charity Pensions Survey

 

Content includes:

  • The Pensions Act 2004 – one year on
  • The pensions legacy – early warning radar post April 2006
  • Death – clarity at last, at least for individuals
  • Internal controls – what can trustees do?

Content includes:

  • The 2006 budget and charities
  • Livery companies
  • Charity and Trustee Investment (Scotland) Act 2005
  • Strengthening the rights of auditors

Content includes:

  • Threats from the inside – why are security policies so important?
  • Charities and Sage Line 50
  • Tax Update
  • Getting to grips with performance reporting
  • Website monitor
  • Is there anything that can be done about increased energy costs?

Pensions Briefing – Autumn 2005

September 15th, 2005

Contents include:

  • New service for trustees – Employer Covenant Reviews
  • Trustee knowledge and understanding – what it means for the average trustee
  • The impact of pensions in mergers and acquisitions – there’s a new player in town
  • Pensions simplification  – time is running out for action

 

Content includes:

  • Charities Statement of Recommended Practice (SORP)
  • New Director of Charity Services
  • Charities Bill: An Update
  • The Summary Information Return (SIR)
  • Taxation Update
  • Lennartz
  • Website Monitor
  • Volunteers and Charities
  • European Computer Driving Licence (ECDL)

Content includes:

  • Pension Simplification – considerations over the next twelve months
  • The Pensions Act 2004 – Update
  • Financial Reporting of Pension Obligations

 

Content includes:

  • Are You Exceeding Your Authority?
  • Public Benefit
  • Changes to the Business Test
  • Charity Commissioner Visits Chantrey Vellacott DFK
  • Freedom of Information Act
  • “Introducing the Hallmarks”
  • Website Monitor
  • Obtaining Income Tax and Inheritance Tax
  • Relief on Testamentary Gifts
  • Gift Aid on Day Admissions

 

Pensions Briefing – Autumn 2004

September 15th, 2004

Content includes:

  • Issues Around the New Pension
  • Simplification Regime
  • Can’t Pay, Won’t Pay
  • The Birth Of The Pensions Act 2004
  • Proactive Pensions Regulator

Content includes:

  • Trustees: Good Practice Guidance
  • Standard Information Return (SIR)
  • Draft Charities Bill
  • The Cinderella of Fundraising
  • Supporting Trustees
  • Outsourcing – The Payroll Conundrum
  • Website Monitor
  • CVDFK Client Wins National CharityAward

Content includes:

  • A Summary of the Pensions Bill
  • At Last Pension Simplification!
  • Corporate Governance – ‘Comply or Explain’
  • The Occupational Pensions Regulatory Authority’s (OPRA) new approach to Whistleblowing in accordance with the Pension’s Act 1995 (PA1995)

Content includes:

  • Charities and the 2004 Budget
  • Collaboration not Competition – Alternatives to Charity Mergers
  • Transactions in land
  • Charity Milestones
  • Website Monitor
  • CV Aurora Financial Management
  • Controlling Overheads
  • Trustee Details on the Web

Content includes:

  • The Strategy Unit Review – an Update
  • Fundraising – the VAT Perspective
  • Closure of Entrance Charge “Loophole”
  • How to Make a Successful Funding Application
  • Fundraising and Tax
  • Accounting for Fundraising
  • Website Monitor
  • The Investment of Charitable Fund

Charity Briefing – Autumn 2003

September 15th, 2003

Content includes:

  • Charity Reserves: Not Just Something for a Rainy Day
  • Investing for the Long Term – The Importance of a Robust Income Stream
  • Trustee and Management Updates
  • Improve Cost Efficiency
  • Gift Aid Audits
  • Reporting the Activities and Achievements of Charities in Trustees’ Annual Reports
  • The Strategy Unit Review: The Government’s Response
  • 30 September Deadline – New Scheme for Giving to Charity Through the Tax Return
  • Website Monitor
  • Chantrey Vellacott DFK Wins Prestigious Tax Award, …And Achieves IIP Recognition
  • Promotion for Charity Specialists

Content includes:

  • Setting up an Internal Audit Function
  • Accounting and Reporting by Charities – Statement of Recommended Practice (Charities SORP) – Update Bulletin 1
  • ACEVO Issues Investment Guide for Charity Trustees
  • To Shop or not to Shop; That is the Question?
  • Accounting Software for Small Charities
  • Gifts to Charities Making Use of Deeds of Variation – 64% Tax Relief
  • The Strategy Unit Review: What Happens Now?
  • Two Into One Can Go
  • Website Monitor
  • Employees on Fixed Term Contracts