Welcome to 2018
It’s the time of year for making bold/foolhardy predictions about what will happen in the coming year. At SV Towers we have put our heads together on what we believe will be some of the likely financial and related risks facing our clients in 2018.
Our non-exhaustive list includes:
• GDPR (of course) – the May 2018 effective date is fast approaching. Less of a prediction and more of a matter of fact.
• We hope that as the year progresses charities will have more clarity on the impact of Brexit – particularly in terms of available future funding streams. Anyone for a European subsidiary?
• The potential financial implications for social care charities of the retrospective application of the sleep-ins ruling from HMRC will become more apparent. We are expecting a result of the court action being brought by Mencap in March 2018.
• The result of the Charity Commission’s consultation process on the annual return will be announced. We hope that this will not result in any onerous new reporting requirements for charities.
• Also at the Charity Commission – a new chair will be appointed. Might this new appointment shift the tone of the Charity Commission away from some of its more hard-line stances on compliance issues?
• Many charities have already adopted the new disclosure requirements in the trustees’ report on fundraising activities arising from the latest Charities Act (2015?). These will be required for all charities for their 2018 accounts (including Dec 2017 year ends).
• And we expect a final definitive ruling on whether paying up profits from a trading subsidiary should be treated as a donation or a distribution and what the associated implications will be.
A lot more will happen besides and we will keep you informed of these and other key developments as the year progresses through our monthly newsletter. But there is no need to wait for the newsletter – you can get information as it happens by signing up to our Twitter feed and LinkedIn groups.