haysmacintyre Arts and Culture Briefing 2015
Welcome to the Autumn edition of haysmacintyre’s Arts & Culture briefing.
In this edition we report on updates from the Charity Commission, lessons learnt from recent inquiries
and the impact on the quality and quantity of financial information that charity trustees should receive. Particularly pertinent given the profile of Kids Company at present. Jane Askew, Arts and Culture Audit Manager, comments on the Centre for Economics and Business Research report on the contribution of the Arts and Culture industry in the UK, a helpful report that enforces the view of many that Arts and Culture contributes a great deal to the national economy.
Our tax team revisit the issue of Theatre Tax Relief following the issue of guidance from HMRC. Although our experience has been that the originally intended ‘Special Purpose Vehicle’ or trading subsidiary route, which was plugged and pushed with so many organisations, is now seen to be more problematic than first thought. Care is required in the implementation of this tax relief and our advice remains that you should approach HMRC with your methodology to gain their input in advance of submitting any claims. The tax team also comment on other relevant tax areas for Arts and Culture organisations, including the Social Investment Tax Relief, the new employment tax reporting requirements from April 2016 and a summary of recent VAT cases in the sector.
We hope you enjoy reading this edition and if you have any queries regarding the articles, please do contact myself or one of our specialist advisers.
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