Arts & Culture Briefing - Spring 2015
Welcome to the second edition of the haysmacintyre Arts & Culture Briefing.
In this edition, we report on updates from the Charity Commission, including a summary of their review into the quality of charity accounts, the introduction of the Arts Impact Fund, the use of Gift Aid on distributable reserves and a brief budget update on matters relevant to arts organisations.
The increase in the audit thresholds to £1million of annual income has been approved with effect for 31 March 2014 year ends. This will benefit many smaller arts and culture organisations.
The Serpentine Gallery case of 2014 has clarified a finer point of VAT regulation relating to membership type arrangements and we include an article on the impact of this decision. The finer detail is becoming even finer.
Theatre Tax Relief continues to be of interest; whilst this is not new, HMRC have yet to release any guidance to organisations on how this tax relief will work in practice and what they will expect to see both within the tax returns and in the supporting information. In conjunction with Bates Wells Braithwaite, we explain the practical considerations of this tax relief.
We hope you enjoy reading this edition and if you have further queries on any of the articles, please do contact one of our specialist charity and not for profit advisers.
Head of Charities and Not for Profit