The Charities Act 2011 has recently been updated to increase the audit threshold for charities. For accounting periods ending on or after 31st March 2015 charities with income over £1 million will now require an audit.
For accounting periods ending prior to this date the audit threshold was £500,000.
If the charity’s constitution, however states that the charity requires an audit, this will take precedence over the changes in legislation.
If the charity’s income last year was in excess of £500,000 but less than £1 million, subject to the constitution the accounts may no longer be required to be audited. The trustees can still decide whether they require the additional assurance of a full audit under the Charities Act which many trustees may feel they need as it is charity funds they are responsible for.
We remind all trustees that charities with an income in excess of £25,000 require a formal Independent Examination.
“Exeter’s aspiring professional community are getting together to create relationships in the community and build lasting connections. Thomas Westcott is proud to hold the event for what will hopefully be the next generation of Exeter business leaders. The event aims to attract a wide spectrum of professions and has had outstanding take-up, filling up in less than 2 days.”
If you are interested in attending a future event please contact Mark Johnstone: firstname.lastname@example.org
Following today's Budget Announcement by the Chancellor George Osborne, here is an 'easy to understand' summary http://www.thomaswestcott.co.uk/images/publications/budget-briefings/2015-Budget-Summary-2015.pdf
With the 2015 budget just days away independent accountancy firm Thomas Westcott has issued a wish-list it believes will help businesses.
But, with a General Election looming, the experts at Thomas Westcott fear the budget announcement will be a “benign affair” focused on what has been achieved, rather than measures to further stimulate business growth.
Decision sets precedent and paves way for further claims from World Bank pensioners, say Thomas Westcott
Former World Bank employees resident in the UK can now claim partial exemption from income tax on their pensions following an important precedent set by the Tax Tribunal.
In the case of Macklin v HM Revenue and Customs (2015) the Upper Tribunal, which has equivalent status to the High Court, overruled an earlier decision by the First Tier Tribunal.
The independent firm of Thomas Westcott, chartered accountants, which has 13 offices across Devon, has recruited experienced farming consultant Sally Nicholls to join its Agricultural team.
Agricultural and farming businesses across the South West can now access expert advice about a broad range of practical issues, from important legislation changes to grant funding opportunities, at Thomas Westcott.
1 April 2015
Payment of corporation tax liabilities for SMEs account period ended 30 June 2014 where payment not made by instalments.
Reduction in main rate of corporation tax to 20%. Small profits rate is abolished except for ring fence profits.
Change to emission thresholds for business cars (zero rate ends).
Application to defer Class 2 or 4 NICs for 2014/15 or claim exception for 2015/16.
Multiple contractors to advise HMRC that they wish to be treated as a single contractor for 2015/16.
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