From next month, the annual registry fees will be abolished for the vast majority of co-operative societies and community benefit societies – the only exception being those that are providing authorised financial services. So if your organisation is a society then you will no longer need to pay that annoying annual FCA fee which is so much higher than the …
If you are a director you may not need to do a tax return any more
HMRC has always insisted that all company directors should do tax returns, even if they only had income under PAYE. This is relevant to many co-operatives, particularly those that are companies limited by guarantee. Often, all members are directors and only receive money from the company under PAYE. The good news is, the Revenue have finally realised (after losing several …
Making Tax Digital for VAT
What does it mean? Making Tax Digital (MTD) will mean that you cannot log on to HMRC’s website and file the VAT return. You have to file the VAT return directly from your accounting software. The accounting software must contain all your transactions in digital form, or must be digitally linked to other software that contains all your transactions. When …
The budget: how does it affect the Third Sector?
Here’s a few things we thought might be relevant to our client base. Off-payroll working The public sector off-payroll rules will be extended to the private sector from April 2020. This means that if you are engaging someone on a freelance basis you will be obliged to assess their employment status. If you deem them to be employed, then you …
Opportunities at Third Sector Accountancy Limited
We are a unique firm of chartered accountants and registered auditors organised as a workers co-operative. Although we only started in April 2017 we are growing very fast and there may be opportunities to be involved. We would be particularly interested to hear from you if you are already a qualified accountant (ACA or ACCA), but the most important qualification …