Look before you leap

Article Abstract:

There are a number of factors that have to be taken into account in deciding whether to become the trustee of a charity. Prospective trustees should examine the charity's constitution and its accounts. The Charity Commission has set out the requirements for accounts for charities with gross incomes of above 25,000 pounds sterling, and it can appoint an auditor if the charity fails to comply with the regulations. Trustees have to act as unpaid volunteers, and professionals cannot use their indemnity insurance to cover their role as trustees.

Management, Trusts and trustees, Trustees, Trusts (Law)

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Adding value

Article Abstract:

United Kingdom charities often have problems with value-added tax (VAT) in areas such as how VAT applies to real estate and land, registration for VAT, and identifying non-business and business activities for VAT calculations. Charities can register for VAT even if they are below the threshold where they have to register. Real estate letting is exempt from VAT, though VAT can be charged and recovered if it is a commercial property let. VAT reliefs are available for building work, but they have to be claimed in advance.

Tax Management, Taxation, Laws, regulations and rules, Tax accounting, Value-added tax

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