Charities and Sports Clubs
HMRC has continued to update the content on its website and has now added new material relevant to charities and Community Amateur Sports Clubs (CASC’s).
This new material is intended to help those involved with charities or sports clubs to claimthe reliefs they are entitled to and to pay the right tax. It includes information on:
· Obligations and reliefs – there are a number of tax exemptions and reliefs for income and gains of which entities with charitable status should be aware. There are also special VAT reliefs and exemptions for registered charities.
· The Gift Aid scheme – information on how charities and CASCs can claim basic rate tax from HMRC on donations made by Gift Aid.
· Details of how charities and CASC’s should complete tax returns.
· Guidance on claiming specific reliefs on charitable expenditure.
· The tax and VAT implications of charities trading and carrying out business activities.
HMRC will be providing further updated content over the coming months on other topics including PAYE and Stamp Duty.