New Forest

30/10/2019

Register of charitable trusts

Earlier in the year HM Treasury consulted on its proposals on how to implement the EU’s Fifth Money Laundering Directive into UK law. One of the proposals is to extend the existing registration requirement for UK tax-paying trusts to all UK trusts whether they pay tax or not, including charitable trusts which have not generally been required to register under the current system. There would be no exceptions and no minimum registration threshold.

As part of the proposals it has been suggested that existing registration services could be used for particular trust types to avoid duplication, so those charities already required to register with one of the charity regulators should not need to register again. However, charitable trusts which currently have no obligation to register with a regulator, generally because of their small size, would now need to register.

The consultation ended in June and the outcome is awaited.

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Many partners & the self-employed may have spent a few days a month working from home before the current crisis, but now almost everybody is working from home. There are a few small tax breaks for this, where you can claim tax relief on work related expenditure incurred.

SELF-EMPLOYED INCOME SUPPORT GRANTS
The amount of the grant is 80% of average profits for 3 years to 5 April 2019. The grant is capped at £2,500 a month for the initial 3 month period. This scheme has been extended for 3 months from 1 June but reduced to 70%, capped to £6750.

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