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At the risk of straying into muddy, political waters, the recent resignation of the Health Secretary has highlighted issues relating to the conduct of those under public scrutiny. One such issue with implications for charity trustees is the perceived conflict of interest.
It is more important than ever for charities to manage their cash reserves for the future.
It has been a tumultuous time for charities looking to protect and maximise the performance of their assets and reserves. Charities are faced with highly volatile investment markets, low interest rates and looming concerns about inflationary pressures.
Despite some welcome steps towards normality, most offices remain closed and virtual meetings are likely to continue to play a big part in our working lives for some time. But charities still need to make valid decisions, even where their constitutional rules could never have foreseen the circumstances in which we find ourselves living.
17 year old Jack Daniels has completed a skydive to support our charity of the year – Children’s Hospice South West. Jack is the son of Thomas Westcott receptionist Michelle Daniels and has raised £550 for the charity.
Wrongful Trading provisions have effectively been off the table since the start of the Pandemic. On 1 March 2020, the Government suspended the Wrongful Trading rules. The suspension is due to come to an end on 30 June 2021. So, what does this mean for Directors and their companies?
On 1 April 2022 the Government will introduce the Plastic packaging tax. That means businesses have under 10 months to prepare for a tax on all plastic packaging produced in, or imported into, the UK which doesn’t contain at least 30% recyclable material and which is predominantly plastic by weight. To avoid an unnecessary administration burden it will only apply to those business which create or import more than 10 tonnes of plastic packaging per year.
Charities must ensure they follow the right procedure before making any changes to their governing documents.
The charity and not for profit sector has faced many challenges in recent months, as a result of the impact of Covid-19. However, the pandemic has also presented charities with many opportunities to support beneficiaries in new ways.
Over the last 12 months, many charities have changed the way they fundraise and deliver services to meet the challenges of the pandemic. This has made it more important than ever for trustees to exercise scrutiny and challenge charities.
Over the last five years, a strategic priority for Thomas Westcott has been to grow and develop our specialist tax team. It’s just one way we’re ensuring we meet the changing needs of our clients across the South West and beyond.
Most people will only think of maximising their tax allowances at the end of the year but, by then, it can easily be overlooked. With careful planning throughout the year you can make use of these valuable allowances and avoid losing them in the run up to the end of the tax year.
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Registered to carry on audit work in the UK and regulated for a range of investment business activities by the Institute of Chartered Accountants in England and Wales, details about our audit registration can be viewed at www.auditregister.org.uk, under reference number C001091748, and details of all audit regulations can be accessed at www.icaew.com/regulations. A list of members can be found under Legal Notices. Thomas Westcott has offices in Axminster, Barnstaple, Bideford, Bridgwater, Burnham on Sea, Crediton, Exeter, Holsworthy, Honiton, Ilfracombe, Okehampton, Plymouth, Seaton, Somerton, Tiverton, Torquay and Weston super Mare.
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