FOREWORD
By Adrian Wild
We have entitled this briefing 'new beginnings', in recognition that we have a new system for Gift Aid claims, as well as the long awaited new accounting standard for the UK. (I won't say that this was eagerly awaited – I think that most people consider that this standard is a bit like a trip to the dentist: not something to look forward to but hopefully not as a bad as feared). However, the new Gift Aid system is genuinely helpful to charities; payments are faster and submissions can be made electronically. At last, it seems as though HMRC are moving in the right direction and using the connectivity that the internet offers to help.
We also have a fairly technical article about recognising when a charity is trading. This is an important area as it has implications for both VAT and direct taxes – get it wrong and it could cost you serious money. In the case considered, the charity has – for now – prevailed. However, there are a number of charities which
