Good news sandwich for the new financial year

Just in case you've been busy and are not aware of a few changes kicking in, which will impact on your charity's finances...

GOOD NEWS (bottom slice).  The Gift Aid Small Donations Scheme amount that can be claimed is being increased from claiming on £5,000 of small donations to £8,000 (ie the gift aid reclaimable increases from £1,250 to £2,000) from April 2016.

BAD NEWS (filling).  Unity Trust bank are going to start charging £6 per month for a current account plus 15p per transaction.  The account does have an electronic dual (or triple) authorisation facility, which is very advantageous to many charities and groups.

GOOD NEWS (top slice).  Employer's NI Allowance increases to £3,000 from April.  ie, the first £3,000 of the NI bill for the charity will be given as an allowance (increasing from £2,000 in 2015-16).

Happy new tax year!

 

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