The Finance Act 2010 introduced a new regime of regulation for new charities, charity trustees and charity administrators.
The new regime also aplies to existing charities when there are changes to trustees or senior staff.
The new rules require a 'fit and proper' process to be undertaken before a charity can achieve HMRC recognition for Gift Aid and other tax reliefs. Failure to meet the new requirements can prejudice a charity's taxation status, and lead to potential embarassment involving trustees and senior management.
This bundle of documents helps comply with these requirements, and consists of :-
A set of Word documents, fully indexed, together with guidance notes to ensure that a charity properly notifies HMRC of all the changes in trustees and senior managers as is required by the 'fit and proper' rules
- Guidance on why HMRC have introduced the 'fit and proper' regime
- How the regime works
- Forms and letters for a new charity to obtain recognition from HMRC
- Forms for new trustees and new senior employees of both new and existing charities to help with the rquired due diligence
- Standard letter to HMRC to notify them of new authorised officials, responsible persons and nominees
- Simple and easy to use
These documents should make complying with the 'fit and proper' requirements for HMRC recognition simple and straightforward.
If you are an accountancy firm, it should be of great assistance if you want to achieve Quality Assurance approval from the professional monitors.
If you are a charity, it will help you set up procedures to make the required notifications
Given the time, there is nothing included that a competent professional could not draft him or her self - but why bother? For £10, can you afford not to give it a try? Even if it is just to check that your firm or your charity is following good practice
- Manage the required notifications to HMRC
- Maintain the highest professional quality
- Keep the incidence of errors to a minimum.
HMRC are looking very closely at the fit and proper status of trustees and senior managers. It is therefore very important for a charity or their advisors to get the due diligence right, to avoid future embarassment if a trustee or senior officer is held not to be fit and proper.
Monitors carrying out a Quality Assurance visit on a firm of accountants may look very closely at the procedures in this area. Has the accountant reduced the risk to the firm and to the client? Have the legitimate interests of HMRC been protected within the law?
Charities cannot afford to appoint trustees or senior managers who do not pass the fit and proper tests imposed by HMRC. These documents will reduce the risks.
This bundle of documents is not earth shattering - it is not rocket science - but it will help a charity
The manual for this product can be downloaded free of charge. Click here
Word 2003 or above is required to be installed on the user's computer
Prices
Licence fee for 2015 version is £10 . From 1st January 2015, no VAT is chargeable
Expiry and renewal details
- Free upgrades for the life of the 2015 version (to 31/12/15)
- Update to the 2016 version (valid until 31/12/16), can be purchased from January 2016