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haysmacintyre Schools Briefing 2016

24th May 2016

Welcome to this special ISBA Conference edition of the Schools Briefing.

We are on the way to approving 2016/17 budgets, fee letters have been sent and it is the lull before the year end storm.

For this conference edition we have put together a selection of articles that we hope you will find interesting and thought provoking.

At our Independent Schools Conference earlier this year we were delighted to have with us Dave Waters from Coutts & Co. Dave guided us through how lending decisions are made, which was great timing as many of you are currently looking at the funding of some major development projects. His article presents a great summary.
We ask the lawyer, John Clarke from Stone King, whether a school is to blame for things it would never approve? John tackles the tricky topic of vicarious liability.

We hear again from David Williams, this time on how in these challenging times, getting the right bursar is pivotal to a school’s success. He provides useful insights on how Governors might approach this important appointment.

The Chancellor’s Budget 2016 had minimal impact for schools. Our tax team have provided updates on some of the wider issues that will affect the sector in the years to come, including the replacement of the P11D Dispensation Agreement with the Business Expense Payments Exemption (BEPE) and the Apprenticeship Levy. Nick Bustin who heads our Employment Tax team explains what has changed and what we need to consider.

Many schools carry out their non primary purpose trading through a trading subsidiary and profits are donated to the charitable parent company. The ICAEW and HMRC have issued updated guidance on this arrangement and Louise Veragoo, NFP Tax Director, explains the changes.

Phil Salmon, Head of VAT, takes us through the major changes to the way VAT will apply to cross border transactions and while there may not be a direct impact on independent schools it is worth keeping an eye on how the VAT landscape is changing.

In the last edition we included a summary of the guidance issued regarding the People with Significant Control Register and it has raised a number of questions in the sector. This edition I have included a comprehensive factsheet which I hope you will find useful. We have also provided a very simple flow diagram to help you to start trying to identify what you need to do. There are also articles from David Sewell, Richard Weaver and Tracey Young on reserves, policies and procedures and our own management survey.

I hope you enjoy this edition. We value your feedback and suggestions for the future. As advisers to you and the sector it is important that we continue to challenge and support you.

Sam Coutinho, Audit and Advisory Partner,
Independent Schools
T 020 7969 5548 E scoutinho@haysmacintyre.com

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