A quick reminder to book your place at the next Finance Network Meeting on February 23rd from 11:00 – 12:30. This session will focus on the topic “VAT”.
A reminder that the February Finance Network Meeting will take place on Wednesday 23 February 2022 from 11am – 12:30pm and will cover the topic “VAT”. Our Age UK VAT Helpline support provider Crowe LLP, will be updating us on all things VAT, focussing on areas which have affected many charities over the past eighteen months. Find out full details of the meeting, including how to book your place, below.
Research commissioned by the Charity Tax Group (CTG) and published in November 2020 found that the VAT levied on charities when they purchase goods and services (input VAT) stands at around £3.1 billion per year – of which, £1.8 billion (57%) is believed to be irrecoverable. This compares to previous estimates of irrecoverable input VAT ranging from £1 billion to £1.4 billion (Charity Tax Group and Nuffield Foundation, 2011), a notable increase and significant burden on the charity sector.
Whatever the size of the organisation, managing the charity’s VAT position requires a proactive and strategic approach to identifying opportunities and reducing risk. For example, are you confident, if your charity and any trading subsidiaries are not registered for VAT, that this is correct? Have you considered the VAT impact of any changes to your operations? Have you planned and budgeted for a regular review of your organisation’s VAT position? In certain circumstances VAT registration can be a financial benefit to the organisation such as charity shops for example.
Finance Network Meeting – 23rd February
To this end we would actively encourage all Local Age UKs, whether VAT registered or not, to attend our next Finance Network meeting on the 23 February 2022 (11am-12:30pm) when Crowe UK LLP, our Age UK VAT Helpline support provider, will be updating on all things VAT focussing on areas which have affected many charities over the past eighteen months including:
- Covid-19 Partial Exemption Special Method
- VAT Reliefs for Charities
- VAT Grouping
- Provision of Welfare Services
- Grant vs Contract
A list of all the topic areas to be covered can be found here. However, if you have any particular questions that you would like answered or other areas of interest that you would like covered (subject to time allowing on the day), please send them to John.Fox@ageuk.org.uk. It would be helpful to receive these in advance, no later than close of play on Wednesday 16th February, and we will flag with Crowe so they can prepare appropriately.
Book your place
To book your place, and / or to subsequently receive a copy of the recording of the event and the slides, please email John.Fox@ageuk.org.uk with: your name and role title; the name of the Brand Partner you are representing; and the email address to which the follow-up material should be sent. We would be grateful if you could confirm in your email whether you will be attending on the day or just requesting access to the meeting recording and supporting slides – thank you.
Please share this information with colleagues in your organisation who you feel would be interested in attending and encourage them to do so.