The following Trusts and Inheritance Tax guidance note Produced by Tolley in association with Speechly Bircham LLP provides comprehensive and up to date tax information covering:
The specific reporting requirements of a charity are dependent on:
whether the charity is registered, and
the charity's income in each financial period
There are special requirements for ‘excepted’ or ‘exempt’ charities and registered charitable companies. For the detailed requirements see The Charities (Accounts and Reports) Regulations 2008 SI 2008/629 and Charities Act 2011, s 144–146.
The required documents should be submitted to the Charity Commission online no later than ten months after the charity's financial year end.
Much of the information reported in a charity’s accounts and filed with the Charity Commission is accessible on the Commission’s public register of charities. Bank account details and the trustees' addresses, telephone numbers and dates of birth are not made available to the public.
Links to specimen forms can be found on the Charity Commission website.
Charities with income of under £5,000 are not generally required to register with the Charity Commission. The exception is CIOs, which are registered with the Commission regardless of annual income. There are no specific reporting requirements for trustees of unregistered charities.
The trustees of a registered charity must prepare an annual report and accounts and make copies available to the public on request. The requirement to prepare accounts and an annual report also applies to trustees of charities with income under £5,000 who have registered voluntarily.
There is a legal obligation on the trustees of all registered charities to keep the charity’s details up to date on the Charity Commission's public register . Any changes to the charity’s details must be recorded in either an Annual Update form (for charities with income up to £10,000) or Part A of the Annual Return (for those with income over £10,000 and up to £25,000).
The duty to file accounts and the annual accounts with the Charity Commission applies to the trustees of register
**Free trials are only available to individuals based in the UK. We may terminate this trial at any time or decide not to give a trial, for any reason.
Access this article and thousands of others like it free for 7 days with a trial of TolleyGuidance.
Read full article
Already a subscriber? Login
IntroductionUK tax must be withheld on UK payments including:•interest•royalties•rental incomeWithholding tax may be reduced under double tax treaties (DTT) or European directives, both of which may be subject to making a formal claim.This guidance note outlines the rules for UK withholding tax, and
From 6 April 2015, an individual can elect to transfer 10% of the personal allowance (£1,250 in 2020/21 and 2019/20) to the spouse or civil partner where neither party is a higher rate or additional rate taxpayer. The legislation calls this the ‘transferable tax allowance’ but the GOV.UK website
Time for paymentTwo statutory rules apply on death:•tax is ‘due’ six months after the end of the month of death and carries interest from the ‘due’ date until paidThere is a possibility of payment by instalments, but this applies to certain types of property only ― see the ‘Availability of
What is structures and buildings allowance (SBA)?From 29 October 2018, expenditure on constructing a non-residential building or structure, or in certain cases, expenditure on acquiring such a building or structure, qualifies for an SBA. The following note has been updated for the changes announced
To view our latest tax guidance content, sign in to Tolley Guidance or register for a free trial.