UK Election Manifestos – what will they mean for tax and education?
Release Date: 07/01/2024
Larking Gowen Insights
The Chancellor Rachel Reeves' made a fiscal statement on Monday including making announcements on VAT and independent schools on 29 July 2024. The announcement states that VAT will be applied to school fees starting from January 1, 2025. VAT specialist Gillian McGill chats to Not for Profit partner Giles Kerkham in this episode, discussing the implementation date, types of schools and services affected, the impact on parents and guardians, strategies to mitigate the financial impact, and the possibility of potential failure of independent schools. GET IN TOUCH! If you have...
info_outlineLarking Gowen Insights
Medical specialists Louise Dean and George Crowe discuss the new pay offer for NHS consultants in England. The key changes proposed include a minimum 6% pay rise for all consultants, a new pay progression system based on skills and experience, changes to the Clinical Excellence Award schemes, and modifications to the doctors and dentists review body. They also explore the potential impact of the pay rise on take-home pay and tax burdens, particularly in relation to annual allowance charges. GET IN TOUCH! If you have any questions on today’s episode, and would like us to get in...
info_outlineLarking Gowen Insights
In this episode, specialists Gilly McGill, Giles Kerkham and Dominic Carter dive into the latest election manifestos from the main UK political parties, exploring their key proposals and common ground in relation to tax and funding. VAT Director Gilly and Tax Partner Dominic explore the fiscal strategies of the parties, highlighting their promises not to raise income tax, corporation tax, VAT, or national insurance contributions. Instead, they plan to increase revenue by addressing the tax gap and tackling tax avoidance, and abolishing the current regime for non-domiciled individuals, and...
info_outlineLarking Gowen Insights
This week, VAT Director Gillian McGill and Not for Profit Partner Giles Kerkham discuss the challenges faced by colleges in the UK in relation to finances and VAT treatment. They consider the recent recategorisation of colleges, new requirements and financial controls, difficulties with borrowing and refinancing, challenges with capital funding and the campaign for changes. They also reflect on the complexities that the sector faces in managing VAT reporting, and compare this with the position for other education providers. For further information on today’s topic, and how we...
info_outlineLarking Gowen Insights
Legal experts and independent members of gathered recently to reflect on the conclusion of the 2023 SRA Account Rules period and analyse the latest trends they have seen emerge. Their discussions included the move towards automation, the decline in pink slips and clerical errors, changes in interest rates, partial VAT exemption, reconciliation challenges, and the potential for more training. They also reflected on the adaptations made since the 2019 alterations, considering the impact of the pandemic and the resulting shifts in work patterns. Join Claire Watkins from Buzzacott, Veronique...
info_outlineLarking Gowen Insights
In this conversation, Emma Walker, Jamie Butcher and Laura Clayton discuss the basis period reform and explain the historical taxation of sole traders and partnerships based on their year-end profits and the double taxing of profits (overlap profits). They address the changes in the basis period reform to simplify and make the taxation process fairer, and also cover the calculation of business profits, treatment of losses and the options available for spreading of transition profits. They also highlight the importance of changing accounting year ends and cover the tax issues farmers and those...
info_outlineLarking Gowen Insights
In the last episode in the Charity FUNdcast mini series, Emma and Giles explore the value of Gift Aid to charities; the decline in the number of charities claiming it; and the relationship between payroll giving and Gift Aid. They explain how it works, the Gift Aid Small Donation Scheme, and the rules and common errors in claims. They also discuss corporate Gift Aid donations, cash donations, auctions, gifts to donors, and the future ways to maximise its benefits. #TicktheBox GET IN TOUCH! Click to contact Emma, or for Giles, or find out more about how our team of specialist charity...
info_outlineLarking Gowen Insights
In this episode, Emma and Giles discuss the impact of how new AI and cryptocurrency is impacting charities. They explore the definition of cryptocurrencies and how they’re used for transactions and donations; look at examples of charities that have accepted crypto donations; and highlight the benefits and challenges associated with them. They discuss the risks and considerations for charities when accepting crypto, including transparency, volatility, and environmental impact. They discuss the guidance provided by the Charity Commission and how AI technologies, specifically Chat GPT, and its...
info_outlineLarking Gowen Insights
In this episode, Emma and Giles discuss the best legal structure for a new not-for-profit enterprise, focusing on the differences between Community Interest Companies (CICs) and Charitable Incorporated Organisations (CIOs). They go through the practical differences, how to access funding, tax reliefs, remuneration and changing from a CIC to a CIO. They also outline the setting up processes, governance requirements, and social aims to be considered. GET IN TOUCH! Click to contact Emma, or for Giles, or find out more about how our team of specialist charity advisors can help you and your...
info_outlineLarking Gowen Insights
In this special Charity FUNdcast miniseries, Not for Profit specialists, Emma Hayward and Giles Kerkham, will deliver a series of updates for those working in or aspiring to work in the charity sector. Whether looking for technical updates or inspiration, there’ll be something for everyone, covering topics such as AI, myth busting, maximising gift-aid, social enterprise alternatives and more. In this first episode, not-for-profit experts Emma and Giles discuss the common myths surrounding charities and how to combat them. They address misconceptions about overheads, executive salaries,...
info_outlineIn this episode, specialists Gilly McGill, Giles Kerkham and Dominic Carter dive into the latest election manifestos from the main UK political parties, exploring their key proposals and common ground in relation to tax and funding.
VAT Director Gilly and Tax Partner Dominic explore the fiscal strategies of the parties, highlighting their promises not to raise income tax, corporation tax, VAT, or national insurance contributions. Instead, they plan to increase revenue by addressing the tax gap and tackling tax avoidance, and abolishing the current regime for non-domiciled individuals, and Gilly is thrilled that VAT is finally in the headlines!
As Not for Profit and Education Partner, Giles discusses the voluntary sector's need for stability, government consultation, and access to multi-year sustainable settlements.
They also discuss education, where the parties present robust programs. The Conservatives focus on expanding Academy trusts and safeguarding independent and grammar schools. Meanwhile, Labour aims to recruit more teachers and provide free breakfast clubs, with both parties acknowledging the importance of special educational needs (SEN) support. Funding remains a crucial topic, with Labour proposing VAT on independent school fees.
Join us for an insightful discussion on the election manifestos currently shaping the future of the UK.
Show notes
You can listen to Giles and Gilly discussing the implications of a Labour government on independent schools in more detail on a previous episode – click here to listen.
For further information on today’s topic, and how we can help support you and your business on all tax related matters, click here.
You can get in touch with our presenters directly through the Our People section of our website here.
GET IN TOUCH! If you have any questions on today’s episode, and would like us to get in touch, email us at [email protected].
We would also love it if you could rate us 5 STARS on Apple Podcasts or Spotify, this really helps people find us!
You can find more episodes from this series on our website larking-gowen.co.uk/LGI
© Larking Gowen LLP