News – 02.12.24
2024 US tax year end planning for Americans in the UK
The 2023 US tax year ends on 31 December 2023, so now is a good time to consider whether there is anything that you can do to minimise your US tax exposure for 2023 and begin preparing for 2024. … Read more
Insight – 02.12.24
Budget 2024: Reform to the taxation of carried interest
Find out more about the changes coming for capital gains tax and carried interest. … Read more
Upcoming event – 10.12.24
Funding innovation in the technology sector: Are the government doing enough?
Join us for an exclusive roundtable breakfast to explore the question of whether the government are doing enough to support innovation in the technology sector. … Read more
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While it is disappointing not to see any specific tax measures introduced to support charities, it is reassuring to the charity sector that important reliefs such as Charity Rates Relief and Gift Aid continue in full effect against a challenging backdrop for the wider economy. Additionally, a range of new public spending measures announced could see many charities and not for profits stand to gain.
As a response to the Coronavirus, the Chancellor announced a £12 billion plan to support those affected through measures aimed at public services, individuals and business. These measures are welcome and go beyond what was expected.
Of direct interest to the charity and not-for-profit sector is the government refund of Statutory Sick Pay to businesses with less than 250 employees as well as a 100% business rates discount for 2020/21 in respect of properties with a rateable value of less than £51,000 (now extended to cover the leisure and hospitality sectors as well as retail). Additionally, the Government are introducing small business grants of £3,000 for those already receiving Small Business Rate Relief and Rural Rate Relief.
Other spending and tax measures introduced follow the Government agenda of 'getting things done', 'levelling up the country' and 'investing in our public services'.
Read more on the Budget here.
While it is disappointing not to see any specific tax measures introduced to support charities, it is reassuring to the charity sector that important reliefs such as Charity Rates Relief and Gift Aid continue in full effect against a challenging backdrop for the wider economy. Additionally, a range of new public spending measures announced could see many charities and not for profits stand to gain.
As a response to the Coronavirus, the Chancellor announced a £12 billion plan to support those affected through measures aimed at public services, individuals and business. These measures are welcome and go beyond what was expected.
Of direct interest to the charity and not-for-profit sector is the government refund of Statutory Sick Pay to businesses with less than 250 employees as well as a 100% business rates discount for 2020/21 in respect of properties with a rateable value of less than £51,000 (now extended to cover the leisure and hospitality sectors as well as retail). Additionally, the Government are introducing small business grants of £3,000 for those already receiving Small Business Rate Relief and Rural Rate Relief.
Other spending and tax measures introduced follow the Government agenda of 'getting things done', 'levelling up the country' and 'investing in our public services'.
Read more on the Budget here.
If you have a query about any of the topics mentioned in this article, please fill in the form below and one of our experts will be in touch.
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