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Charities : Trustees' Responsibilities |
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It is often considered an
honour to act as a trustee for a charity and an
opportunity to give something back to the community.
However, becoming a trustee involves a certain
commitment and level of responsibility which should not
be underestimated. |
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Charities : Substantial Donors |
| Both donors and charities enjoy
substantial tax reliefs. Generally donors will obtain Gift Aid
deductions or other tax reliefs on gifts to a charity, while the
charity will be exempt from tax on most sources of income and
gains. Recent tax changes are aimed at preventing an abuse of
these reliefs. The new tax rules potentially affect all
charities, irrespective of any tax avoidance motivation |
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Money Laundering and the Proceeds of Crime |
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Recent times have seen
tough new rules introduced to crack down on money
laundering and the proceeds of crime. The new rules
affect a wide range of people and in this factsheet we
consider how your organisation may be affected.
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High
Value Dealers |
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New regulations aimed at
preventing money laundering became effective early in
2004. Known as the Money Laundering Regulations 2003
(the Regulations), these placed new onerous registration
and procedural requirements on businesses that deal in
goods and accept large cash payments. These were updated
and replaced with effect from 15 December 2007 by the
Money Laundering Regulations 2007. |
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Limited
Liability Partnerships |
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From 6 April 2001, there is
a business vehicle in addition to companies, traditional
partnerships and sole traders. It is now possible to run
your business using what is known as a Limited Liability
Partnership (LLP). |
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Community Amateur Sports Clubs |
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Since April 2002, many
local amateur sports clubs have been able to register
with the Revenue as Community Amateur Sports Clubs (CASCs)
and benefit from a range of tax reliefs including Gift
Aid. |
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